Band Protocol

What is Band Protocol (BAND)?

Band Protocol is a groundbreaking data oracle platform that facilitates the transfer of real-world data to on-chain applications, while also connecting APIs to smart-contracts to enable seamless information exchange between off-chain and on-chain data sources.

By providing accurate, verifiable data from the real world, Band Protocol enables developers to tap into various new use cases, as it allows them to incorporate different types of real-world data into their decentralized application (DApp) logic. This includes sports, weather, random numbers, price feed data, and more.

Initially launched as an ERC-20 project on the Ethereum blockchain in September 2019, Band Protocol transitioned to the Cosmos network in June 2020 with the rollout of Band Protocol 2.0. The updated protocol is built on BandChain, utilizing the Cosmos SDK. Oracle nodes on BandChain play a dual role, as they not only relay data but are also involved in block production/validation.

BAND it's native token, serves as the collateral for validators involved in fulfilling data requests. Its also the primary exchange token on BandChain.

If you are looking to invest in the project, you can check out Band Protocol price on Binance, OKX, Deepcoin, Bitrue, and Bybit.

Band Protocol Founders and Team

Established in 2017, Band Protocol was founded by Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn. Soravis Srinawakoon, who currently serves as the CEO of Band Protocol, has a background in software engineering at Ericsson and management consulting at The Boston Consulting Group. The CPO of Band Protocol Paul Chonpimai, was a former developer on Turfmapp and a former engineer at Tripadvisor. Sorawit Suriyakarn is the current CTO of Band Protocol and a gold-medalist competitive programmer.

In addition to the founding team, Band Protocol's LinkedIn page lists a total of 20 other employees, primarily located throughout Asia, including designers, developers, and engineers. The platform is also backed by prominent global investors such as Sequoia Capital, Dunamu & Partners, Spartan Group, and Binance.

What Sets Band Protocol Apart?

Band Protocol stands out for its speed and efficiency compared to other Oracle solutions, and its compatibility with a wide range of blockchain and smart contract development frameworks. This ensures that reliable data can be shared across multiple blockchains.

To enable cross-chain data transfer, Band Protocol plans to utilize Cosmos' still-in-development Inter Blockchain Communication (IBC) protocol. The timeline for the IBC to become operational and ready for use remains uncertain.

Band Protocol enables anyone to start servicing data requests as it uses permissionless oracle creation. It also provides easy smart contract integration, allowing developers to quickly access data from Band Protocol oracles by calling on a predefined interface with just a few lines of code.

Securing the Band Protocol Network

BandChain was created and built on the Cosmos SDK. They also use a Byzantine Fault Tolerance (BFT) consensus algorithm for their security protocols. This works jointly with a delegated proof of stake (dPOS) system, that can safeguard the network's oracles and allow BAND holders to earn staking rewards by assigning their stakes to nodes.

Band Protocol Pros and Cons

Pros:

• Faster & more efficient than competing oracle solutions.
• Compatible with the majority of blockchain and smart contract development platforms.
• Offers permissionless oracle creation.
• Easy smart contract integration.

Cons:

• Dependency on the still-in-development Cosmos IBC protocol for cross-chain data transfer.
• Uncertain timeline for IBC becoming operational.
• Code is not open source.
• Contract owner can change anyone's balance.
• Hidden owner found.
• Mint function detected.

Band Protocol Review

Overall, Band Protocol is an innovative cross-chain data oracle platform that aims to provide accurate, verifiable real-world data to on-chain applications. Its compatibility with multiple blockchains and its focus on speed and efficiency make it a promising platform in the decentralized oracle space.

However, our security analysis has uncovered major risks and potential drawbacks to the project.

Our review has seen that the code on one of the contracts is not open-source which is a major risk. We've also detected a hidden owner, which can change the contract's code even after ownership is relinquished and can be a potential point of risk.

Aside from that, other potential risks we've detected are that the contract owner also can edit and change anyone's balance on the block, and multiple mint functions are also detected on the project's contracts.

Is Band Protocol a Scam?

Band Protocol doesn't seem to be a scam. It is backed by a solid team and reputable investors such as Sequoia Capital, Dunamu & Partners, Spartan Group, and Binance. The platform has a clear use case and provides valuable services to developers and decentralized applications.

However, potential investors should always conduct thorough research and seek professional advice before making any investment decisions. Scams permeate the crypto sphere, and one mistake can lead you to get your funds stolen. We strongly advise being mindful of the latest news and updates to help you stay ahead of the curve.

Related Pages

If this review was helpful to you, you might also want to check out our review on Biconomy - an innovative multichain relayer protocol designed to enhance user onboarding and transaction experiences on dApps.

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