About

Band Protocol is a decentralized cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. The protocol runs on BandChain, an independent Delegated Proof-of-Stake (DPoS) blockchain built using the Cosmos SDK. BandChain is custom-built for oracle computations including settlement, data sourcing, and aggregation. Validators stake the network's native token, BAND, the secure the network and earn a portion of the fees generated by the protocol.

History

Band Protocol was created to solve the problem of smart contract applications lacking access to real-world data. It also intends to provide reliable transaction speed and scalability (ability to serve a large quantity of data requests to multiple public blockchains with minimal latency), cross-chain compatibility (blockchain-agnostic), and data flexibility (ability to support both public and private data). Originally released on the Ethereum blockchain in 2019, Band protocol eventually built its own blockchain using the Cosmos SDK to relay data across different blockchains.

BandChain's mainnet is being fully released across four phases:

• Phase 0 is the foundational version of BandChain that enables BAND token transfer and staking for validators; Phase 0 Mainnet was launched on Jun. 6, 2020.
• Phase 1 supports permissionless creation of customizable data oracle scripts that can query public and permissionless data sources; Phase 1 Mainnet migration was completed on Oct. 15, 2020.
• Phase 2 aims to enable API providers to commercialize their data on-chain in a trustless manner and collect revenue on-chain.
• Phase 3 supports private/identity oracle scripts and more payment options in the ecosystem, allowing developers to pay in a token of their choice or subscription model. The focus upon this release will complete the BandChain decentralize oracle network, ready to drive interoperability between smart contracts and traditional enterprise services.

Band Protocol saw rapid growth in 2020 as it transitioned to Band Protocol v2.0 (also known as BandChain) from the community token and bonding curve model in v1.0. Band Protocol's new direction led to over 50 planned oracle integrations (where Band will provide price feeds to these protocols) and 15 new genesis validators for Band Protocol v2.0. Band Protocol also became the first blockchain firm to join the OpenAPI Initiative alongside names such as Google, Microsoft, and IBM in December 2020. This group aims to create a common API standard enabling blockchain applications to easily leverage APIs and data.