Saturday, October 23, 2021

What Does Band Bring To Blockchains

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What Is Band Protocol Defi Oracle

What to bring to Band Camp!!

Blockchains are public digital ledgers organizing and storing data. But, without blockchain oracles like Band Protocol , they can’t communicate with the outside world.

As you can imagine, the world outside of blockchain is, well, pretty big. Everyday real-world data like weather, events, asset prices, and much more produced over 2.5 quintillion data bytes per day in 2020 alone.

The importance of bringing off-chain data onto the blockchain can’t be overstated if blockchain is ever going to have widespread utility and mainstream adoption. That’s what makes Band Protocol an essential piece of blockchain infrastructure for feeding smart contracts with real-world data.

This guide to Band Protocol covers everything you need to know about BAND token along with how the data oracle works. At the very end, you’ll find a quick chart comparing Band Protocol with Chainlink.

Why Now Why Tokens

Data in the online communities is often misguided and unreliable. In a centrally curated data such as Asias 50 Best Restaurants, curators can be biased from paid reviews or sponsors. In many cases, data is valuable so private curators do not provide access to general public . On the other hand, data in public communities is unreliable because there is no inherit incentive for general public to curate and monetize good information. This becomes more apparent with fake news in recent presidential election, spam account on Twitter, or bot upvote on Reddit to further ones own agenda. There is now a way to fix this with blockchain technology.

Crypto asset is a new asset class which acts as an economic incentive for network participants to trustlessly coordinate around a similar objective. We now have an incentive for people to curate good data in the open communities without any centralized parties. Band Protocol is a protocol to create such token-curated registries and communities. People can now gather around a specific topic, stake tokens to submit and validate data, and ultimately benefit from tokens value appreciation if they are able to build good community with many followers. Tokens make it economically irrational for bad data to exist in the community and instead incentivize curators to contribute positively to the communities.

Why Does Band Have Value

Notably, the Band Protocol applies an inflation schedule to its BAND cryptocurrency, meaning that over time, the value of each BAND token gets reduced.;

The reason for this is to encourage users to deposit their coins with validators. When a user deposits coins with a validator, they earn tokens to offset the inflation rate.;

Bands inflation rate ranges from 7% to 20%, and it fluctuates depending on the total amount of BAND deposited with validators. The target amount is to have two-thirds, or 66% of all BAND tokens, deposited with validators. ;

Depositing coins with a validator is also known as staking, and users who stake BAND earn both newly minted tokens from the protocol as well as fees from applications that use its service.;

Additionally, BAND holders who stake their funds can enjoy bonus tokens from an ecosystem fund that rewards early users. The fund offers 3.16 million bonus tokens in the first year, down to 315,000 tokens in the fourth year.;

These mechanisms mean that Band Protocol rewards BAND holders for their participation in maintaining the system and ensuring that its delivering accurate external data to users.;

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What Can You Do With Band Protocol

Band Protocol is used by dapps to access real-world data from outside the blockchain. For the average user, however, there may be an incentive to owning and using the BAND token. BAND is used to pay for transactions on the blockchain, for governance, and also to reward validators for generating new blocks. Anyone can stake BAND and delegate it to a validator to earn rewards.

BAND implements an inflationary model on tokens that is designed to gradually decrease their value. This is done to encourage users to take part in network staking to earn more tokens through staking rewards, with a goal of having 66% of all BAND tokens staked at any given time. The annual inflation rate changes based on that target percentage.

Band Protocol is launching at and in the iOS and Android apps within the next 15 minutes. You may need to update your app to properly buy, sell, convert, send, receive, or store BAND. We will update when BAND is fully live.

Coinbase

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Depending on your experience with decentralized applicationsessentially programs that run on a blockchainyou may have already seen the benefits of oracles first hand. Right now, theyre being used to enable a huge range of services, some of the most popular include:

  • This is a new range of that provide services similar to those typically offered by regular financial institutionslike insurance, trading services, and lending/borrowing.;
  • Price feeds: Some oracles are used to provide reliable price data, allowing smart contracts to easily query the price of an asset to work out exchange rates for things like regular currencies, commodities, stocks, and cryptocurrencies.
  • Synthetic assets: Synthetics are cryptocurrency tokens that represent another asset, like a stock or commodity. Oracles are needed to ensure their value closely matches that of the underlying asset.;

For an in-depth look at some of these, see Chainlinks recent report. But be warned, it does get a little technical.;

Oracles are quickly becoming a cornerstone technology for the blockchain industry, so odds are we have only scraped the surface when it comes to seeing their true potential and utility.;

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What Is An Oracle Chainlink And Band Explained

ExpertFeb 23, 2021 · 3 min read

Key Takeaways:
Oracles are services that are used to securely supply reliable data from the real world to smart contracts. Chainlink and Band Protocol are the two most well-known blockchain-based oracle providersboth were founded in 2017. Information from oracles is currently used in a massive range of applications, many of which fit squarely into the niche.

When you think of the word oracle, what comes to mind? An ancient soothsayer draped in silk that provides counsel to the kings and queens of old? Or maybe simply a person with great wisdom to share?

Well, when it comes to cryptocurrencies and blockchains, these descriptions arent too far from factalbeit a bit less dramatic.

What Is The Purpose Of Band Protocol

Band protocol seeks to provide a completely secure, decentralized, and blockchain-agnostic oracle framework for Web 3.0 applications. This will serve as a golden source of data which smart contracts are reliant upon for their execution by using economic incentives to ensure that all information is verified and legitimate.; This will build a platform to evolve devices from Web 2.0 to 3.0.

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Band Crypto Price Analysis

BANDs price history is a sight for sore eyes and tells a tale of a little engine that could. BAND was introduced to the market in the middle of the cryptocurrency bear market in late 2019. Its price remained flat at around 20-30 cents USD for months. This was just under its ICO price of 30 cents USD per token.

BAND Price Performance. Image via CMC

In April of this year, the BAND token price slowly began to climb, eventually exploding to over 17$USD on August 10th, exactly 2 months after its main net launch. This is a whopping 56x gain from its ICO price, and in the last month alone BAND token saw a 10x move as it was successively listed on reputable exchanges. Although there has been a slight correction over the past few days, BAND prices remain sky high compared to previous lows.

Icon Blockchain Signs Long

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ICON, one of the worlds largest decentralised networks, has signed a long-term deal with Band Protocol to support data-driven DApp development on its blockchain.;

Band Protocol is a data oracle platform that aggregates and connects real-world data and APIs to smart contracts, providing the tools for blockchain developers to connect to any external data source. The company is backed by top investors including Sequoia Capital and Binance.;

Band Protocol recently completed a successful integration with ICON to provide secure, decentralised oracles for DApps. Developers can use these oracles to integrate high-quality, off-chain data to their applications, such as financial data for DeFi protocols or sports data for betting apps. Band Protocol can even enable oracle feeds for things like weather and flight tracking, creating new opportunities for powerful DApps on the ICON network.;

This extended partnership ensures that Band Protocol will continue to service the specific needs of DApps in the ICON ecosystem. Through this collaboration, ICON and Band Protocol will also operate validator nodes on each others networks to support the long-term success of both ecosystems.;

Band Protocol has been an excellent service provider thus far, answering developer questions and building custom solutions, says Min Kim, ICON project founder. We look forward to the continued alignment of our respective communities to achieve data-driven blockchain solutions on the ICON network.;

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The Blockchain Revolution Time Will Tell

Whether blockchain technology does, in fact, become a part of everyday life remains to be seen. While inflated expectations raised the possibility of an end to central banks and their responsibilities as we know it today, an end to the centralized financial system is perhaps a step too far for now.

The current system which the banking systems and the global economy function on a daily basis are still founded in our social life. Removing the oversight responsibility of central banks and handing it over to the general public is an unthinkable step, but this doesnt mean that certain qualities of blockchain technology and the ethos of decentralization cannot be adopted.

The realms of possibilities are endless and alongside corporations and the banking system, central banks are now exploring the possibilities and how blockchain technology can be incorporated into the financial system. The fact that central banks are exploring the technology suggests that there is an open mind to embrace blockchain technology.

Time will tell how blockchain evolves, but one thing looks to be certain today. Status quo is no longer an option and change is needed.

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Staking As A Delegator

If you don’t have the knowledge or resources to become a Band validator, you can become a delegator instead. Anyone can be a delegator by simply delegating your BAND tokens to a validator.

As a delegator, you let the validator do the heavy lifting and collect a portion of the rewards for providing your BAND token stake. Right now, staking rewards for BAND delegators are around 11% APY.

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Staking As A Validator

You can earn a decent passive income by staking BAND tokens as a validator node. However, becoming a BAND validator requires technical know-how and a large amount of BAND tokens. Only the top 100 BAND wallets qualify for becoming validators.

As a validator, you’re responsible for adding new blocks to BandChain and participating in consensus. In return, you earn around 13% APY paid in BAND tokens.

Coinbase Listing Of Band

 Respuestas cuestionario BAND Coinbase

On Aug. 5, Zach Segal, the head of listings at Coinbase, said Coinbase Pro would list Band Protocol. The official Coinbase Pro account said it would list BAND by August 10, as long as liquidity conditions are met. The Coinbase Pro team said:

Mon, Aug 10, our BAND-USD, BAND-BTC, BAND-EUR & BAND-GBP order books will enter transfer-only mode, accepting inbound transfers of BAND in supported regions. Orders cannot be placed or filled. Trading will begin on/after 9AM PT the following day, if liquidity conditions are met.

Within one hour, the price of BAND surged from $5.6 to $8, after the Coinbase Pro listing was announced. Many cryptocurrencies have seen strong rallies in the run up to Coinbase listings. But after the listing, as seen in the case of Compound , they tend to see take-profit pullbacks.

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Band Protocol : Band Token Bandchain Features

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  • Direct Partnerships With Defi Platforms

    On Aug. 4, Band Protocol and Elrond announced a partnership to use Bands oracles to fetch off-chain data feeds. At the time, Elrond CEO Beniamin Mincu said:

    Cross-chain data availability will accelerate DeFi applications being built on Elrond, while off-chain data will open the door for a multitude of potent business applications.

    According to CoinMarketCap, Elrond has a market capitalization of $278 million and is the 43rd cryptocurrency by market cap. Backed by Binance Labs, it is a proof-of-stake blockchain network built for large-scale decentralized applications .

    Based on the recent trend of BAND, early investors have expressed optimism towards the project. Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Black, said:

    Congrats to the BAND team. Well deserved recognition for a team that works super hard and has proven that it can go against the odds. I expect more partnerships and exchange listings to come on the back of this.

    Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, pointed out that tokens launched from the Binance Launchpad has generally performed well. He said:

    We’ve seen some amazing runs on the IEO’s of Binance. Strongest movers are; KAVA, ERD and BAND as they all pulled a move of more than 10x. Recently, $PERL also joined the party with a big breakout. I think CELR, ONE and BRD can still join.

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    How To Send And Receive Crypto Blockchai

    Proof of Stake. Take part in the future of blockchain consensus! With Proof of Stake, blockchains scale transaction speed and capacity, all while staying energy efficient and completely decentralized. Staking Partners Next test would be $9,700, a close above there and I will move to bull bias. $10k is still the holding ground. Source: Josh Rager/Twitter Meanwhile, John Bollinger, a technical analyst who invented the Bollinger Bands metric, says Bitcoin is at a critical juncture after its move above $9,400 While the vast majority will never be profitable trading crypto, to find out if you have what it takes is to use a Bitcoin demo account and give it a go! If you can multiply a crypto paper trading or demo demo several times over, then perhaps you have the right skills and mindset to grow a small account into a fortune Which Blockchain Does Quant Take So Long To Generate A New Dogecoin Address? by admin on .-elon musk. when compared to many hypocrite who loved it when my 20 bnb initial investment my brain sees boy band. Assume that every project posted is a joke than end as a test run on a gaming infrastructure., this token is on. Band Protocol 24h $ 8.05-6.21%. Band 8 Blockchain Projects Enlist Early to Test Secret Enigma Contracts. Not only does Enigma’s protocol allow such data to be run through Colendi’s.

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