What is BAND protocol token?

People who deal with cryptocurrencies have most likely heard about token the Band. It is the native token of the eponymous ecosystem that was created to feed data to applications. The fact that the token is backed up by a forward-thinking technological solution gives it a significant competitive edge. In this review, we will analyze the objective pros and cons of the project and explain how you can acquire it.

Band protocol coin

Band protocol is an oracle platform. It operates on a cross-chain principle and provides on-chain applications with real-world data. Plus, it facilitates the exchange of information between off-chain and on-chain data sources thanks to connecting APIs to smart contracts. Software developers gladly use this technology when creating apps for all spheres of activity: entertainment, transportation, medical monitoring and so forth.

The protocol is based on BandChain and employs the Cosmos SDK. Its oracle nodes perform a dual function: they relay information as well as produce and validate blocks.

The validators that fulfill data requests use the Band token as collateral. Also, they use it to pay for information, so it becomes the primary medium of exchange on BandChain.

If compared to its competitors, Band Protocol is more productive and operates more rapidly. It is easy to integrate it with other blockchain and smart contract systems.

Band token review

DPOS

It uses the fastest and most scalable Delegated Proof of Stake (DPOS) algorithm and solves all current problems with the speed, cost and reliability of data on the blockchain

Soravis Srinavaku

Band Protocol creator is Soravis Srinavaku programmer

Decentralized finance (DeFi)

Band Protocol is built to bridge the gap between dApps and the real world to ensure data integrity

Trust in third party data sources

Band Protocol solves the most important problem of the blockchain industry - the trust in third-party data sources necessary for the functioning of dApps and the mass distribution of the blockchain

Fast processing speed

The unique Band mechanism provides data along the chains, so when a smart contract needs access to data, it can do it with one call to the option

Native token BAND

It is needed to create a dataset, carry out transactions and conduct various disputes / votes

Band token price

At the moment of this review being written, the price of the Band protocol crypto equaled $17.07. The market capitalization of the coin reached $351,068,449. Its circulating supply was 20,494,033 BAND, its maximum supply remained unknown and its total supply equaled 100,000,000 BAND.

The price of the coin skyrocketed in mid-2020. It happened due to the release of Band Protocol 2.0 and the transition to the Cosmos network. Initially, the coin was launched on the ERC-20 standard of the ETH blockchain.

The token is traded in over 100 market pairs on centralized and decentralized platforms. However, large stocks of it remain out of circulation. Less than ⅓ of its total supply was distributed in three rounds of the initial sale in 2019. 20% belong to the team of the project. 5% were paid to advisors. ¼ of the emission is used to maintain the Band Protocol ecosystem. The circulating supply is expected to catch up with the total supply in 2025 at best.

BAND protocol wallet

Band protocol wallet

Once you purchase the Band protocol coin, you need to store it in a safe place. Preferably, it should not be your trading account on an exchange. An exchange might get hacked or turn out to be a scam — in this case, you risk losing all your savings.

Instead, you might want to store your tokens on a Band protocol wallet. This might be a physical device that resembles a USB — these are also known as cold wallets. Their primary merit consists in the fact that third parties cannot hack them as long as you keep them disconnected from your computer and the Internet. The bad thing is that they are prone to physical damage, sometimes beyond repair. Online wallets, on the contrary, cannot be broken — but they might be hacked. So please weigh up all the risks sensibly.

Trezor, Ledger, Atomic, Trust and MyEtherWallet are just a few examples of worthy wallets that you might want to consider. Make sure you remember your password — not all devices allow the user to restore it!

Price Band protocol on P2B

Price Band protocol

If you want to buy Band protocol coin, consider doing it at the P2B centralized exchange. You can easily purchase this coin using USD from your bank card. The Band protocol price always remains at a reasonable level and there is always enough supply.

The team behind P2B realizes that not everyone might want to trade every day. This is why they offer their customers a chance to earn passive income. To enjoy it, do the following:

Sign up for the system.
Log in to your account.
Generate a unique invitation link.
Share this link in private messages and on resources that approve this type of content.

Your aim is to encourage your peers to create an account at P2B, using your invitation link. After that, you will receive a fee for each transaction they make. It will not matter which coin they use. You will not need to carry out any transactions yourself. The platform pays you simply because you spread the word about it and help it to attract new clients.

buy BAND on P2B

Conclusion

Hopefully, this article came in handy and now you have a better vision of the protocol Band. Follow the Band protocol news to check the updates on this project — it has an impressive potential! Investing in this token now seems to be a forward-thinking decision that should help you to make money in the future. At P2B centralized exchange, you can purchase token Band at a fair price, either for cash or crypto. Also, feel free to use this platform to receive passive income!