What is Band Protocol (BAND)?
Band Protocol (BAND) is a protocol for decentralized data governance. It allows developers, companies, brands and celebrities to issue personalized public tokens. These tokens are used to manage data in their specific community. Band Protocol provides an open-source standard and framework for managing decentralized data in Web 3.0 technology repositories.
Band Protocol’s primary function is to bridge the gap between decentralized applications and real-world data while ensuring accurate and reliable data through economic incentives. The protocol was originally built on the Ethereum platform but due to limitations with this platform it is more widely applied, supporting all leading smart contract platforms.
Band Protocol was born to solve problems that cause difficulties for existing data infrastructure and decentralized technologies in general. This protocol creates a community-based data management ecosystem, which is very secure and reliable.
How does Band Protocol work?
The basic unit in Band Protocol’s operation is Dataset Governance Groups. There are many Data groups in the Band Protocol protocol, each of which will own its own Dataset token. Holders of this token will be able to participate in the community governance mechanism. At the same time, they receive rewards from their donations.
There are two types of tokens in Band Protocol operation: Dataset and BAND token.
Dataset token: Built according to ERC-20 standard by governance group. When you own the Dataset, you can participate in community activities. Here are two ways to own Dataset tokens:
- Become Data Providers_the person responsible for the quality of the data sent to the smart contract.
- Join the community to vote for Data Providers: at this point, both Providers and voter or staker will receive a reward of BAND.
BAND Token (mortgage token): BAND token must be used to purchase Dataset tokens if you want to own it.
Features of Band Protocol
- Store the value of all Dataset tokens: As mentioned, you must use BAND or in other words, mortgage BAND to own Dataset. When the demand for ownership increases, it is time to buy BAND. Therefore, the value of Dataset and BAND also increased. Since then, access to Dataset Tokens has become difficult and, therefore, more secure for all Data Governance Group.
- Participate in future governance mechanisms: Participate in voting for future system upgrades.
- Pay the Data Governance Group and guarantee the value of the token.
Integrated Band Protocol for blockchain layer 1
Launches events, on-demand, and supplies of identity data on Band Protocol
Release BandChain separate testnet
Management portal Revamp Band on Web and mobile platforms
Release of public testnet BandChain
Complete the BandChain security audit
Integrate existing applications and data providers into BandChain
Release BandChain mainnet
Complete the token migration to BandChain
Soravis Srinawakoon (CEO): Former management consultant at BCG, and Forbes once honored him.
Sorawit Suriyakarn (CTO): Used to be a developer at Hudson River Trading, Software Engineer at Quora and Dropbox.
Paul Nattapatsiri (CPO): Former web developer at Turfmapp, engineer at Trip Advisor. He has a bronze medal in the Asia-Pacific Informatics Olympiad.
In addition, many talented people have also been mobilized to become a soul part of the project.
BAND Protocol is a blockchain protocol that enables developers, companies, brands, and celebrities to issue personalized community tokens. This token is for data management in their own community.
The main functions are to bridge the gap between decentralized applications and real-world data and ensure accurate, reliable data through economic incentives. BAND Protocol will be built initially on Ethereum, but the protocol itself is not restricted on the Ethereum infrastructure. If the protocol is more widely adopted, it will support all leading smart contract platforms.
You can check BAND price here.