Band Protocol (BAND) is a cross-chain platform dealing with exchanges of information between blockchain networks that aren’t required to be in the form of coins, but can also be datasets as well.
BAND acts as a bridge between networks, bringing data from the real world into the blockchain system or smart contracts. This can be beneficial to users as real world data would be able to be transported onto the blockchain network without the need for an intermediary, preventing corrupt acts and increasing transparency, further strengthening the Band Protocol and fixing the aforementioned problems.
Band Protocol's co-founder is Sorawit Srinawakul (Man), 28 years old, graduated with a bachelor's degree in computer engineering and a master's degree from Stanford University. Sorawit funriased through an ICO with the Ethereum platform to issue a token to fund the development of BandChain, which is based on the Framework Cosmos SDK in 2017.
Band Protocol is categorized as an Oracle or a database management program, which acts as an intermediary for collecting and verifying data before entering it into a Decentralized Applications (dApps), where an intermediary is not required, like the Bitcoin system where all nodes can access data to verify its validity.
For this reason, Band Protocol plays an important role in collecting valid data to automatically feed the verified data from the validator to the application on the blockchain. It can be said that Band Protocol is another layer to ensure that information on the network is consistently accurate and reliable.
In terms of processing, Band Protocol is a network that prioritizes processing speed, while also being based on its own blockchain network (Bandchain), which is written using the Cosmos blockchain infrastructure. As a result, it can speed up the network’s transmission speed. Additionally, each data request is processed in only around 3-6 seconds and costs less as the network is not as large as Ethereum, meaning the demand for transaction processing is not as in abundance.
Band Protocol recently underwent a systematic upgrade, called the BandChain Phase 2 Mainnet Upgrade, in which users are now able to create revenue on the platform, as well as the network’s protocol.
Additionally, BAND holders can now vote on the system in accordance with the amount of BAND staked on the platform. If proposals are approved, it essentially means that it received a landslide approving vote, which is required to be more than all other opposing votes combined.
Lastly, Band Protocol has enhanced the system’s stability and speed, to serve their goal of creating a data oracle that can handle processing immense amounts of data and transactions to meet the increasing demands of users.
According to Coinmarketcap, as of October 12, 2021, BAND is trading at 270 and made an all time high of 722 baht. BAND is the 185th most popular coin on the cryptocurrency exchange Coinmarketcap, as of August 2, 2021, with a combined market capitalization of $284 million, or about 9.5 billion Baht. There is a total supply of 100,000,000 BAND, with around 35,191,821 in circulation.
Band Protocol is indeed an interesting Thai Cryptocurrency. It is important to the blockchain industry in removing key weaknesses such as transparency and It also stands out from its competitors in terms of technology that uses its own blockchain network, Bandchain, which is written utilizing the Cosmos blockchain, resulting in faster data transmission and processing capabilities.