Band Protocol BAND

1. Summary

Ranks

Liquidity

97

Developer

67

Social

95

Momentum (beta)

72

Stack Rank™

86

Price

$1.54 -9.1%

Market Cap

$216.05M (#263)

Supply

138.77M / 143.17M

Tags

DeFi Near Protocol Ecosystem Business Services Oracle Cosmos Ecosystem Polygon Ecosystem Fantom Ecosystem Ethereum Ecosystem Binance Launchpad

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Price
52W High price	$2.24
52W High date	21st Feb 2023 (1 year ago)
All Time High (ATH) Date	15th Apr 2021 (3 years ago)
ATH Price	$22.83
% From ATH	-91.62%
All Time Low (ATL) Date	25th Nov 2019 (4 years ago)
ATL Price	$0.20
% From ATL	839.66%

Supply & Trading Volume
Trading Volume (24h)	$10.66M
Total Supply	143.17M
Circulating Supply	138.77M

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Description

The Band Protocol can be defined as software that is developed with the intention of incentivizing a network of users to provide real-world data to decentralized applications or dApps which run on varying blockchains.

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The Band Protocol can be defined as software that is developed with the intention of incentivizing a network of users to provide real-world data to decentralized applications or dApps which run on varying blockchains.

It is important to note that the Band Protocol originally ran on the Ethereum blockchain, however, over time it managed to build its own blockchain using Cosmos to relay data across different blockchains.

The BAND Token Explained

Discussing the BAND token, the Band Protocol actually has an inflation schedule implemented to the cryptocurrency and over time the value of each token gets reduced. This is created this way due to the fact that it wants to encourage users to deposit their coins with validators. Furthermore, whenever a user deposits coins with a validator, they earn tokens that offset the inflation rate. This rate can be from 7% to 20% and it fluctuates depending on the total number of BAND which is deposited across validators. The target amount is to have two-thirds of all BAND tokens deposited with validators.

Moving this along, depositing coins with a validator is called staking and users that end up staking BAND earn newly minted tokens and fees from applications that end up using the service. BAND holders can stake their funds and get bonus tokens from an ecosystem fund. In other words, the Band Protocol rewards BAND holders that participate in maintaining the system.

Features of Band Protocol

The Band Protocol software is intended to handle requests for data from decentralized applications or dApps and relays the information through the usage of data fees from the rest of the internet and does so through its own blockchain. This also ensures that all of the transactions can be checked and validated publicly.

Discussing the validators, they are responsible for checking each transaction on the Band Protocol, specifically, their accuracy. Furthermore, they can add new transactions to the Band Protocol Blockchain. A validator can be in control of a number of BAND tokens that they can buy themselves or be delegated from another user. The top 100 candidates with the most BAND tokens are selected by the network and they become validators. The important thing to note here is the fact that they have to follow rules, such as ensuring that they do not go offline, responding to specific events, and most importantly of all, confirming the transactions with a high level of accuracy. This is due to the fact that if they do not follow these rules, the network can confiscate some of the BAND tokens that they hold, which could potentially make them lose their role as a validator.

Founders of Band Protocol (BAND)

Discussing the founders of the Band Protocol, it was founded by Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn in 2017.

Specifically, Soravis Srinawakoon serves the role of the CEO of the Band Protocol and is a former software engineer at Ericsson.

Furthermore, Paul Chonpimai is the CPO and is a former web developer at Turfmapp.

Additionally, Sorawit Suriyakarn fills the role of the CTO and formerly worked as a software engineer at Dropbox.

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