Band Protocol (BAND)
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Modified on: Thu, 28 Sep, 2023 at 3:42 PM
BAND is the native token of the Band Protocol network and is used to secure and power its decentralized oracle network. BAND is used as collateral by validators to increase their odds of being picked to fulfill oracle requests and earn data query fees, as a medium of exchange, and participate in BandChain governance. BAND is available as both an ERC20 and BandChain native token.
Band Protocol is a decentralized cross-chain data oracle platform that aggregates and connects real-world data and APIs to Smart contracts and on-chain applications. By facilitating the exchange of data between on-chain and off-chain sources that can draw data from the real world, Band unlocks a myriad of potential use cases for DApp developers to explore.
The Band protocol runs on BandChain, an independent Delegated Proof of Stake (DPoS) blockchain built using the Cosmos SDK, which allows Band to be faster and more efficient than competing Ethereum-based oracle solutions and facilitates cross-chain data transfer via Cosmos’ Inter Blockchain Communication (IBC) protocol.
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