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Band Protocol BAND

Band Protocol header image

1. Summary

Fundamental Rank
98
Developer Rank
85
Social Rank
97
Coinrank
94
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.

It is important to note that the Band Protocol originally ran on the Ethereum blockchain, however, ov...

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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.

2. Price

$BAND / USD

2.1. Market Performance

How does Band Protocol's (BAND) performance compare to assets of a similar market capitalization?

30 Day Return

-42%

BAND

-23%

Similar Market Cap

60 Day Return

-71%

BAND

-54%

Similar Market Cap

1 Year Return

278%

BAND

180%

Similar Market Cap

3. Developer Activity

We're monitoring 56 Github repos for the Band Protocol project.

Commits vs. The Market

  • Past 4 weeks: 23 commits vs. an average of 58
  • Past 12 weeks: 200 commits vs. an average of 244
  • Past year: 2,745 commits vs. an average of 1,512

Top Repos by Code Commits

Past week 0
Past 12 weeks 13
Past year 1966
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Past year 225
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Past 12 weeks 30
Past year 141
Past week 13
Past 12 weeks 76
Past year 76
Past week 0
Past 12 weeks 0
Past year 33
Past week 0
Past 12 weeks 0
Past year 27
Past week 2
Past 12 weeks 2
Past year 24
Past week 1
Past 12 weeks 1
Past year 22
Past week 1
Past 12 weeks 14
Past year 14
4. Social Activity
Reddit Subscribers (bandprotocol) 5,394
Active Reddit Users 42
Telegram Users 11,166
Twitter followers 98,058
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