Review Band Protocol
Band Protocol is a cross-chain oracle data platform that collects and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations. However, they cannot access trusted real-world information available outside their network. The Band Protocol enhances the functionality of smart contracts by giving them access to reliable data without a central point of failure. Decentralized Finance Application requires a price feed on token exchange and loan guarantee process.
With Band Protocol’s built-in price oracle, developers can build Defi with absolute peace of mind that the price feeds they use are robust and tamper-resistant. Band Protocol’s flexible oracle design allows developers to use any data including real-world events, sports, weather, random numbers, and more.
Developers can create custom-built oracles using WebAssembly to link smart contracts with traditional web APIs in minutes. Band is designed to be compatible with most smart contracts and blockchain development frameworks. It does the heavy lifting of pulling data from external sources, combining it, and packaging it into a format that is easy to use and efficiently verified across multiple blockchains.
Band Protocol X CoinMarketCap | Step By Step Join Airdrop
- Register first at CoinMarketCap
- Copy the memo address and the coin band address on binance and for those who don’t have it, please register here
- Learn about the Band project at this page
- After watching the three videos, answer trivia quiz
- Submit and Done
For those who have difficulty answering questions, I will give seven questions and their answers
- Why is Band Protocol important for DeFi and smart contract use-cases? Ans: It reliably connects smart contracts to any external data-source or API
- What is an example of decentralized finance (DeFi) using Band Oracle? Ans: All of the above
- What does Band Protocol offer in comparison to native blockchain-based oracle services? Ans: Low cost, real-time data, support for any data type, customizability, scalability and cross-chain compatibility
- How is the BandChain decentralized oracle network incentivized to fullfil oracle requests? Ans: Validators and underlying stakers receive a data request fee and block reward
- Why are validators who full data requests on BandChain required to stake BAND? Ans: Align economic incentives for validators
- What can BAND token holders do to help secure the network and earn a portion of data request fees? Ans: Delegate or stake Band for choosen validators(s).
- The BAND token is used to pay for transaction fees on BandChain , similarly to ETH on Ethereum. If there is a higher usage of Band oracles then …* Ans: more fees are generated through the network, rewarding validators and stakers