Frequently Asked Questions
Last updated
Last updated
To be secure and useful, it is imperative that smart contracts have access to reliable real-world data. For example, all prominent decentralized finance projects rely on a price oracle to function and receive precise time-sensitive data. Betting dApps determine payouts based on a verifiable random number or real-world event from an oracle. To ensure complete decentralization, there must be a secure bridge between trustworthy off-chain data and dApps.
Band Protocol strives to become the go-to decentralized oracle for dApps across multiple blockchain networks by ensuring maximum security, speed, and low cost.
Although there have been multiple attempts to solve this problem, most projects either (1) are insufficiently decentralized by design, (2) are difficult for developers to integrate with or (3) lack economic incentive for data providers to sustainably feed high-quality information.Illustration: Band Protocol as a bridge between Web 2.0 and Web 3.0
Band Protocol provides a cheaper, faster, and easier-to-integrate decentralized oracle that solves all the problems above.
Official website: https://bandprotocol.com/
Medium: https://medium.com/bandprotocol
Whitepaper & technical spec: https://github.com/bandprotocol/bandchain/wiki
Developer doc: http://docs.bandchain.org
Telegram: https://100x.band/tg
Discord: https://100x.band/discord
Reddit: https://100x.band/reddit
Github: https://100x.band/github
BandChain is a high-performance blockchain built for data oracle. Based on Cosmos state-of-the-art SDK, BandChain can process thousands of transactions per second with instant finality and the ability to send oracle data across multiple blockchains.
BandChain will be rolled out in 4 phases with incremental supports on features:
Phase 0: Enabling token transfer and staking
Phase 1: Enabling data request via data oracle scripts
Phase 2: Enabling private APIs and on-chain payment
Phase 3: Enabling access to enterprise services and APIs
A decentralized application (dApp) sends a request to BandChain and specify the Data Oracle Script it needs to make a query.
The Data Oracle Script contains information that BandChain validator nodes need to fetch the data, such as data sources, aggregation method, and the cost associated with the query
A randomized set of validators is then selected to query the data from the sources.
The results are then aggregated and recorded on the BandChain, making them available for dApps to use.
The dApp fetches data and the proof of validity from BandChain
Data and proof are batched with smart contract call details. The oracle data is then used in the contract in a trustable and verifiable manner.
Building BandChain on Cosmos enables the oracle to have a fast block confirmation time and instant finality, which drastically improve the UX of the dApps using oracle. Cosmos also allows BandChain to significantly lower the cost of transaction, and thus allows the oracle to offer a significantly lower price comparing to other oracles built on Ethereum.
2-3 seconds per block
The inflation rate varies from 7%-20%, with the targeted staking rate of 66%.
Staking on CosmoScan (Ledger required): https://medium.com/bandprotocol/ec3da0ee92dd#b143
Staking on Binance and other exchanges/wallets: Guides coming soon
After completion of stage 2 of the Mainnet roll out, we will be publishing the guide on how to run validator nodes for the Mainnet. In the meantime, anyone can run a validator node on the testnet. Please follow the instruction here: https://medium.com/bandprotocol/76bc4180ddd7.
BAND tokens will exist on both BandChain and Ethereum. The token swap happens through either exchange or a manual swap process. Please read here for more info: https://medium.com/bandprotocol/f4254c80853
There are 2 use cases for BAND tokens on BandChain:
Staking for validators
Paying for gas and data request fees
Band Protocol currently supports EVM-compatible blockchains and Cosmos SDK. See latest supported blockchains at https://docs.bandchain.org/dapp-developers/supported-blockchains.
Please read the developer docs: https://docs.bandchain.org.
Bridge smart contract performs light-client verification and validate that an oracle data is constructed currently on BandChain.
Please send us email at: developer@bandchain.org.
The best channel to ask for any technical questions is over developer channel in our discord.
