💰Reward: about 10$ worth of BAND
🚩Rate :🌟🌟🌟🌟🌟
Tutorial
1. Signup here: https://coinmarketcap.com/
2. You must have a Band wallet address, for that signup here: www.binance.com
3. Now go to this page: https://coinmarketcap.com/earn/project/band-protocol
4. Watch the 3 videos and solve the Quiz.
Quiz Answers:
1. Why is Band Protocol important for DeFi and smart contract use-cases?
Ans: It reliably connects smart contracts to any external data-source or API
2. What is an example of decentralized finance (DeFi) using Band Oracle?
Ans: All of the above.
3. What does Band Protocol offer in comparison to native blockchain-based oracle services?
Ans: Low cost, real-time data, support for any data type, customizability, scalability and cross-chain compatibility
4. How is the BandChain decentralized oracle network incentivized to fulfil oracle requests?
Ans: Validators and underlying stakers receive a data request fee and block reward
5. Why are validators who fulfil data requests on BandChain required to stake BAND?
Ans: Align economic incentives for validators…
6. What can BAND token holders do to help secure the network and earn a portion of data request fees?
Ans: Delegate or stake Band for choosen validators(s).
7. The BAND token is used to pay for transaction fees on BandChain , similarly to ETH on Ethereum. If there is a higher usage of Band oracles then …*
Ans: more fees are generated through the network, rewarding validators and stakers
