Band Protocol is a decentralized blockchain oracle that collects real-world data and connects them to the world of blockchain. It makes the work of aggregating and getting real-world data much easier and more efficient for blockchain-based systems. The protocol was created in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Nattapatsiri on the Ethereum chain, and later moved to the Cosmos SDK-based BandChain.
Band Protocol is a decentralized oracle whose responsibilities include:
- take data requests from smart contracts
- query data from providers
- send the data results back to requesters
As a decentralized oracle, Band Protocol allows anyone to take part in the system as a data source. The data provided by these sources will then be collected by the validators, who also work in a decentralized manner. The validators receive BAND tokens as rewards for their work, and in case they do the task improperly or incorrectly, they may lose their stake and reputation.
BAND is the utility and governance token of the Band Protocol. The total supply of BAND is 100 million and the circulating supply is 35.2 million.
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