Band Protocol update: BAND Live price, price chart, news and markets

The Band Protocol is a decentralized data oracle platform across various blockchains that aggregates and connects real-world data and APIs to smart contracts. This protocol operates on BandChain, an independent Delegated Proof-of-Stake (DPoS) blockchain constructed using the Cosmos SDK. BandChain is explicitly designed for oracle computations, including settlement, data sourcing, and aggregation. Validators, who stake the network's native token called BAND, secure the network and receive a portion of the protocol's generated fees.

The creation of Band Protocol was driven by the need for smart contract applications to access real-world data. It also seeks to provide fast and scalable transactions, cross-chain compatibility, and data flexibility. Originally launched on the Ethereum blockchain in 2019, Band Protocol eventually developed its own blockchain using the Cosmos SDK to facilitate data relay across different blockchains.

The full release of BandChain's mainnet occurred in four phases:

• Phase 0 represents the foundational version of BandChain, allowing BAND token transfer and staking for validators. The Phase 0 Mainnet was launched on Jun. 6, 2020.
• Phase 1 facilitates the permissionless creation of customizable data oracle scripts. These scripts can query public and permissionless data sources. The Phase 1 Mainnet migration was completed on Oct. 15, 2020.
• Phase 2 aims to enable API providers to commercialize their data on-chain in a trustless manner and collect revenue on-chain.
• Phase 3 supports private/identity oracle scripts and offers more payment options in the ecosystem. Consequently, developers gain the ability to pay using their preferred tokens or subscription models. The focus on this release is to complete the decentralization of the BandChain oracle network, allowing seamless interoperability between smart contracts and traditional enterprise services.

In 2020, Band Protocol experienced significant growth as it transitioned to Band Protocol v2.0, also known as BandChain, departing from the community token and bonding curve model employed in v1.0. This shift led to over 50 planned oracle integrations, with Band providing price feeds for these protocols, and the addition of 15 new genesis validators for Band Protocol v2.0. Furthermore, Band Protocol became the first blockchain firm to join the OpenAPI Initiative in December 2020, a group that includes notable names such as Google, Microsoft, and IBM. The aim of this initiative is to establish a common API standard, enabling blockchain applications to easily utilize APIs and data.

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