Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated data providers.
Band Protocol offers a decentralized data oracle by making data readily available to be queried on-chain, using delegated proof of stake (“dPoS”) to ensure data integrity.
Band Protocol aims to be the go-to data infrastructure layer for Web 3.0 applications by providing decentralized, curated off-chain data to smart contracts through oracles managed by its dPoS consensus mechanism.
Problems & Solutions
Smart contracts cannot access data by themselves – there is no simple and intuitive query interface for decentralized applications to receive real-world data. Until decentralized applications can interface real-world external data inputs into simple function calls, there will be significant barriers in adoption of the technology and the accessibility for developers to realize new applications.
Existing data availability solutions for blockchain smart contracts either depend on highly critical central points of failure or are subject to asynchronous interactions, which cause delays and complicate the smart contract logic.
Band Protocol’s main functionality is to bridge the gap between decentralized applications and real-world data while also ensure that data is accurate and trustworthy through economic incentives. Band Protocol will initially be built on the Ethereum network, but the protocol itself is not restricted to Ethereum infrastructure. As the protocol gets more widespread adoption, it will support all leading smart contract platforms and power the new generation of decentralized applications.
Features & Highlights
Decentralized economic incentive: Band Protocol is designed to let data providers have economic and reputation at stake to remain honest.
Low-cost: Band’s smart contracts are optimized for gas usage.
Scalable: Costs for data providers remain constant regardless of how many dApps are using their data. Once a datapoint is put on-chain, multiple smart contracts can consume the data without added cost to data providers.
Fast data query: Logic can be processed within one transaction, requiring no blockchain confirmation. Data is readily available on blockchain so consuming data can be done synchronously within the same transaction.
Easy deployment: dApps can integrate with Band Protocol using a few lines of code with no major modification. Querying data on Band dataset requires only a function call on a predefined interface.
Token Sale & Economics
- Project website: https://bandprotocol.com/
- Project whitepaper: https://bandprotocol.com/whitepaper-3.0.1.pdf
- Token sale start time: 2019-09-16 00:00 UTC
- Ticker: BAND
- Token type: ERC-20
- Total hard cap: $10,850,000
- Total supply: 100,000,000 BAND
- Initial circulating supply: 17,083,333 BAND
- Public sale token price: 1 BAND = $0.473
- Public sale allocation: 12.37% of total supply
- Private sale token price: 1 BAND = $0.400
- Private sale allocation: 5% of total supply
- Private sale vesting period: Locked first 2 months, then 25% each 3 months
- Seed sale token price: 1 BAND = $0.300
- Seed sale allocation: 10% of total supply
- Seed sale vesting period: Locked first 2 months, then 25% each 3 months
Token Release Schedule
Token Utility & Use Cases
Band ecosystem has two token types: BAND token and Dataset token.
The BAND token is the native token of Band Protocol with a fixed supply. It represents the collective value of all datasets in the Band Protocol. The use cases intended for BAND include but are not limited to:
Collateral to issue Dataset tokens: The BAND token is used as collateral to issue Dataset tokens.
Governance: The BAND token is used as a voting token for network governance decisions.
Participation in BandChain consensus algorithm: After Band's cross-chain compatibility upgrade, the BAND token will be used as the staking token to secure the network through delegated proof-of-stake consensus mechanism.
The Dataset token represents the ownership stake in a particular dataset in Band. The use cases intended for Dataset tokens include but are not limited to:
Stake to acquire data provider slots: Data providers are required to maintain certain amounts of Dataset tokens to earn slots to provide data.
Stake for data provider curation: Token holders can participate in the curation of data providers by staking using Dataset tokens.
Voting: Dataset token can be used as voting tokens to collectively decide dataset configurations, such as number of data providers, cost of data query, or minimum stake requirement of data providers.
Soravis Srinawakoon, CEO. M.S. in MS&E and B.S. in CS from Stanford. Former Management Consultant at BCG, Forbes 30 Under 30. Linkedin.
Sorawit Suriyakarn, CTO. Former Developer at Hudson River Trading, Software Engineer at Quora and Dropbox. M.Eng./S.B. in EECS from MIT. Linkedin.
Paul Nattapatsiri, CPO. Former Web Developer at Turfmapp, Engineer at Trip Advisor. Asia-Pacific Informatics Olympiad Bronze Medalist. Linkedin.
Kevin Lu, DeFi Business Development. Linkedin.
Bun Uthaitirat, Chief Fun Officer and Developer. GitHub.
Kanisorn Thongprapaisaeng, Developer. GitHub.
Prin Rangsiruji, Developer. GitHub.
Atchanata Klunrit, Operation and legal office. Linkedin.
Sequoia Capital - Sequoia Capital is an American venture capital firm. The firm is located in Menlo Park, California and mainly focuses on the technology industry. It has backed companies that now control $1.4 trillion of combined stock market value. Sequoia manages multiple investment funds including funds specific to India, Israel, and China.
Dunamu & Partners - Founded in 2018, Dunamu & Partners is an investment copmany based in Seoul, South Korea. It is looking for passionate and dedicated entrepreneurs. Its parent company Dunamu operates UPbit and kakaostock—two businesses that have revolutionized South Korea’s financial landscape. Its investment is agnostic to industry, size, and geography.
SeaX Ventures - SeaX Ventures - Southeast Asia Exponential Ventures is a venture capital firm investing globally in early-stage companies with game-changing “exponential” technologies. They deliver a unique access to a highly selective group of innovative companies from around the globe.
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