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– TIMESTAMPS –
1:50 What are Blockchain Oracles?
3:48 What is The Band Protocol?
5:42 Benefits of Cosmos
7:30 BAND Tokenomics
11:14 BAND Price Dynamics
12:39 BAND Investor Demand
13:30 Team & Investors
16:38 Band vs. Chainlink
⛓️ 🔗 Useful Links 🔗 ⛓️
► Band Protocol Website: https://bandprotocol.com/
► Band Blog: https://medium.com/bandprotocol
► Band Developer Docs: https://docs.bandchain.org/
► Staking via Ledger: https://medium.com/bandprotocol/guide-to-stake-band-on-bandchain-wenchang-mainnet-ec3da0ee92dd
► Staking via Atomic Wallet: https://medium.com/bandprotocol/band-staking-guide-on-atomic-wallet-for-ios-android-web-8202ce89c54a
🤔 What is an Oracle? 🤔
Oracles are off chain data resources that blockchains use in order to execute smart contracts.
Blockchains are decentralised networks that operate on parameters within their environment. They are generally secure because all of the information that forms this decentralised database can be verified on-chain.
However, in order for these blockchains to be useful in the real world, they need to get access to information that is external to them.
Therefore, it is essential that these smart contract platforms are able to reference secure offchain resources that are not only censorship resistant but decentralised.
💻 Band Protocol Overview 💻
While Chainlink was built on the Ethereum blockchain, the Band Protocol was built on the Cosmos network using their SDK.
Cosmos has described itself as an “internet” of blockchains where different tokens and blockchains can communicate and transfer value from one another. They have even developed an Inter-blockchain Communication protocol (IBC) that handles these cross chain communications.
The Band Protocol is Blockchain agnostics and can serve data to most of the publicly available blockchains.
📈 Benefits of Cosmos 📈
Because Cosmos uses the Tendermint core consensus engine, it is fast. This means that it could be quick and easy for the Band protocol to send information and data. It is also scalable which means that they can reach out to a whole host.
Given the efficiency of the Tendermint core, it also means that data processing is cheaper. Those projects that are currently hampered by the high gas costs would be interested in alternatives that can provide this data with less computational cost.
💰 BAND Tokenomics 💰
BAND is the native token on the BandChain. There is a total of 100 million BAND in supply with a circulating supply of just over 20 million.
There are a number of different use cases for the token. These include:
– They can be used by token holders to run their own validator nodes (staking)
– They can be delegated to other validator nodes who pay a percentage of returns earned
– They can be used to participate in on-chain governance
– Validators will earn a fee in BAND as a reward for processing the transactions
⚡️ Price Impact ⚡️
Each of these will impact on BAND in different ways. Firstly, staking takes coins off of the market which decreases supply. If you couple this with the extra demand to hold BAND then you have a decreasing supply and increasing demand – price positive.
You then also have utility demand. If more people use the band network then there is more demand for gas in order to pay for computations. This increases the price of BAND holding all else equal.
⛓ Band Next Chainlink? ⛓
Firstly, you have to ask yourself where you think DeFi is going in the next year. If you think that it is likely to expand to other blockchains and ecosystems then the Band protocol is likely to be a great recipient of that.
If you think that it is likely to remain an Ethereum based ecosystem, then I don’t see Band been able to cut into Chainlink’s market share.
Of course, the Band protocol does not have to replicate the success of chainlink to be an incredibly good investment. There is still considerable growth even if it only captures a portion of that.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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