Band Protocol Mainnet Launch
Band Protocol is aiming to become the universal data query layer for all future decentralized web 3.0 applications. To do this Band is providing protocols and applications the ability to connect with trusted off-chain information and securely utilize oracles — with a framework that eventually have universal interoperability across all smart contract platforms.
Today we officially announce the launch of the first version of Band Protocol on Ethereum Mainnet! This past year has seen many milestones including the successful fundraising on Binance Launchpad earlier this month, and we are very pleased to deliver this next milestone as initial capabilities of Band Protocol go live on the Ethereum network.
With the protocol now live and operational, the following tools are available for everyone to use and participate in our community:
- Kovan Testnet: experiment and get an understanding of Band data feed operation, how applications using those data feeds behave and observe community governance processes.
- Testnet faucet: Receive testnet BAND tokens for testing purposes and get familiar with the data governance portal.
- Band Protocol docs: Our latest developer documentation, including how to integrate a Band oracle in just four lines of code.
- Data Governance Portal: Setup a Band wallet, acquire dataset tokens and elect data providers through staking of the dataset tokens — allowing users to earn cash flow rewards and ensure the overall quality of data is maintained.
All BAND token holders can now buy dataset tokens such as the Financial Dataset Token (XFN), through the Data Governance Portal. Initially, the data providers will be a number of trusted provider nodes, working in partnership with Band Protocol. The initial cost per data query is set at 0.002 ETH which will be paid directly to the data providers and stakers.
With quality dApps curated by the team already utilizing Band Protocol such as BitSwing — which already has generated $11,500 USD equivalent in query fees providing over $10M in value for the network, the future is looking bright.
What’s next?
Currently, we are working to integrate Band into DeFi applications as well as other base protocols — expanding our capability and reach to new developers. With dApp developers able to integrate critical price information such as BTC/USD and ETH/USD into their systems easily with just 4 lines of code, we believe it is only a matter of time before Band is widely used across the blockchain industry.
We will now focus on onboarding more dApps and data providers to ensure maximum utilization and security of our protocol, with a large list of signed on data providers and integration partners to be announced soon.
This launch is a culmination of hard work by many people and just another step along the road (see roadmap) in our ultimate aim to provide the best possible infrastructure for decentralized applications of the future to flourish. We’d like to say a big thank you to all the supporters and community that have participated so far, especially those that have participated in testing the protocol and providing valuable feedback such that the best products possible are made. Stay tuned for more to come!
-Onwards,
Soravis Srinawakoon, CEO, Band Protocol
About Band Protocol
Band Protocol is a decentralized oracle framework for Web3.0 applications. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers. Blockchains are enabled to connect to any web API with assured data integrity through dPoS economic incentives through one simple function call. Developers using Band Protocol will be able to easily build and manage off-chain oracles, reputation scores, identity management systems and much more.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github
