cross: News of Band Protocol (BAND) - July 2024 Price Update - 7% Breakout Crypto News and Analysis

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Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources.

Explore the Core.

Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APls to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources.

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Explore the Core.

Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources. By supplying reputable, verifiable real-world data to blockchains, Band Protocol unlocks a range of new use cases for developers to explore — since they can now use any type of real-world data as part of their decentralized application (DApp) logic, including sports, weather, random numbers, price feed data and more. Band Protocol initially launched as an ERC-20 project on the Ethereum blockchain in September 2019, but transitioned to the Cosmos network in June 2020 with the release of Band Protocol 2.0. The new protocol is built on BandChain using the Cosmos SDK. Oracle nodes on BandChain not only relay data but are also involved in block production/validation, giving them a dual role. BAND is the native token of the Band Protocol ecosystem and is used as collateral by validators involved in fulfilling data requests, as well as the main medium of exchange on BandChain — being used to paying for private data.

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Explore the Core.

Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources. By supplying reputable, verifiable real-world data to blockchains, Band Protocol unlocks a range of new use cases for developers to explore — since they can now use any type of real-world data as part of their decentralized application (DApp) logic, including sports, weather, random numbers, price feed data and more.

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Band Protocol is proud to share an integration with Cronos, the scalable EVM-compatible layer-1 chain developed by the Crypto.com team, to integrate Band Oracles for decentralized and end-to-end customizable oracles for all applications on Cronos. The deep collaboration also extends into creating a custom oracle script for the Cronos price feed and having the Band Standard Dataset integration-ready for Cronos developers. In a similar fashion to Band Protocol, the Crypto.org chain is also built based on the Cosmos-SDK which will be able to relay Band Oracle data via IBC. This enables a seamless transition for DeFi DApps built on Cronos using Band Oracles to function on a cross-chain level if they are to launch on the Crypto.org Chain as well as over Cosmos-based blockchains

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Band Protocol: Bridging the Gap Between Blockchains and Real-World Data Band Protocol tackles a critical challenge in the blockchain space: the disconnect between blockchains and real-world data. Here's a deeper look into their essence, the problems they address, and the innovative use cases they offer. Essence: Band Protocol functions as a cross-chain data oracle platform. It acts as a bridge, allowing smart contracts on various blockchains to access secure and reliable external data feeds from the real world. Problems Addressed: Limited Data Access: Blockchains, by design, are isolated environments. Smart contracts rely on data internal to the blockchain, which can be limiting. Band Protocol addresses this by enabling access to external data sources. Oracle Manipulation: Centralized oracles, which were the initial solution for feeding external data into blockchains, are vulnerable to manipulation. Band Protocol offers a decentralized approach for more secure data delivery. Scalability Issues: Early iterations of oracles faced scalability limitations. Band Protocol's architecture aims to provide a scalable solution for handling large volumes of data requests. Innovative Use Cases: Decentralized Finance (DeFi): Many DeFi applications (e.g., lending protocols, synthetic assets) rely on real-world data like market prices and exchange rates. Band Protocol provides a secure and reliable way to feed this data into DeFi smart contracts. Prediction Markets: Accurate and reliable data is essential for prediction markets. Band Protocol allows these platforms to access external data feeds for various events, enabling users to make informed predictions. Gaming and NFTs: Data from the real world can be integrated into blockchain games and NFTs. Band Protocol allows for features like dynamic in-game events based on real-world data or NFTs with verifiable attributes linked to external sources. Insurance and Supply Chain Management: Real-world data plays a crucial role in these sectors. Band Protocol can facilitate secure data integration into blockchain-based applications for these industries. Additional Advantages: Cross-Chain Compatibility: Band Protocol supports various blockchains, allowing developers to leverage its functionalities across different platforms. Decentralized Network: The Band Protocol network relies on a decentralized network of validators, reducing the risk of manipulation compared to centralized oracles. Incentive Mechanism: The network utilizes a token-based incentive structure that rewards validators for providing accurate and timely data. Overall, Band Protocol offers a robust solution for connecting blockchains with the real world. By providing secure and reliable access to external data, it empowers developers to build a wider range of innovative decentralized applications across various sectors.

Student, Crypto Enthusiast

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Band Protocol is a decentralized oracle project that connects the world’s data to the blockchain ecosystem. It uses a public blockchain — dubbed the BandChain — which allows any entity to request data from application programming interfaces (APIs) or other traditional web services. Band Protocol’s main focal points are speed and scalability, cross-chain compatibility, and data flexibility. Band Protocol seeks to provide reliable data to a wide variety of public blockchains — with response times measured in seconds.

To God be the Glory

Explore the Core.

Band Protocol is a decentralized cross-chain data oracle platform designed to connect real-world data and APIs to smart contracts. Operating on BandChain, an independent Delegated Proof of Stake (DPoS) Blockchain built using the Cosmos SDK, Band Protocol provides efficient oracle computations, including data sourcing, aggregation, and computation. Validators in the network stake BAND tokens to secure the network and earn a share of the fees generated by the protocol. The main goal of Band Protocol is to solve the issues faced by smart contract applications that lack access to real-world data. The protocol offers scalability to handle high-volume data requests with reliable transaction speeds and minimal latency, cross-chain compatibility, and data flexibility

Professional Author and Crypto Trader

Explore the Core.

Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications, while also connecting APIs to smart-contracts to facilitate the exchange of information between on-chain and off-chain data sources. The project first launched on the Ethereum Blockchain network but later moved on to the Cosmos ecosystem in the year 2020. They have been able to launch their own network through the Cosmos SDK.

Explore the Core.

Band Protocol is a decentralized cross-chain data oracle platform designed to connect real-world data and APIs to smart contracts. Operating on BandChain, an independent Delegated Proof of Stake (DPoS) Blockchain built using the Cosmos SDK, Band Protocol provides efficient oracle computations, including data sourcing, aggregation, and computation. Validators in the network stake BAND tokens to secure the network and earn a share of the fees generated by the protocol. The main goal of Band Protocol is to solve the issues faced by smart contract applications that lack access to real-world data. The protocol offers scalability to handle high-volume data requests with reliable transaction speeds and minimal latency, cross-chain compatibility, and data flexibility

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