BandChain Phase 0 Mainnet Genesis Ceremony: Stage 1 Completed
⛳️ BandChain Phase 0 is now LIVE!
The BandChain mainnet launch is LIVE and fully functional with 17 professional genesis validators onboarded consisting of the top blockchain infrastructure, DevOps/security firms and industry-leading validator services.
This marks the successful completion of Stage 1 and the beginning of Stage 2 where public staking will be rolled out gradually with community node and our ecosystem partners such as exchanges and wallets.
While this marks an important milestone for Band Protocol, we are still operating in Day 1 mode and there are many more works to be done for the next stages of Phase 0, which leads to Phase 1 (oracle functionality) launch in the coming months.
As decentralized finance grows, so does the importance of security in the underlying protocols that potentially hold billions of dollars in funds. Moving forward, Band Protocol will be dedicating a specific focus to aid DeFi projects with oracle and protocol security to secure the next generation of finance.
Band Protocol began as a small project to create key infrastructure solutions for the blockchain industry by our three co-founders and since then Band Protocol has grown to over 10,000+ community members of developers, investors, validators, and supporters around the world.
We would like to thank everyone for their support of our journey so far, without all of your contributions, we will not stand tall today.
With that said, let’s hear from some of our most vocal supporters!
What Does This Mean For BAND Token Holders?
As discussed in the token swap guide, only the BandChain native token will be used for staking and must be swapped from ERC20 BAND. We will also enable the process of swapping BandChain native tokens back to ERC20 to maintain our integration with DeFi and other dApps on Ethereum.
The manual token swap guide below is designed for technical token holders who wish to swap BAND tokens directly. Token swapping guides for smaller amounts and non-technical users can be done through supported exchanges such as Binance.
Here’s what BAND token holders will be able to do:
✅ Stake BAND Token Through CosmoScan via Ledger Wallet
BAND token holders will be able to interact with BandChain directly through CosmoScan, the official block explorer for the mainnet. Anyone can stake BAND tokens for a chosen validator by following our staking guide here:
✅ Transfer BAND Tokens
Token transactions such as transferring BAND tokens to other BandChain wallets will be enabled.
We will be working closely with partnered exchanges and wallets to support BAND token swaps and staking functionality. Binance will be supporting deposits and withdrawals for both BAND mainnet and ERC20 tokens.
What Does This Mean For Validators?
Our initial genesis validators on BandChain have been onboarded successfully (Stage 1) and we are now opening registrations for community validators who wish to be among the first batch to join the network in the upcoming Stage 3 of the launch.
To a community validator, you must be running a node on the Wenchang Testnet #2 (chain-id: band-wenchang-testnet2) by following the guidelines below:
The genesis file is available here and the recommended release is v0.2.4.
After running a node on the testnet, sign up using the form below:
👉 https://forms.gle/Giubtm8LCZwcHQnz9
NOTE: Registrations are reviewed on a rolling basis so make sure to get signed up as soon as possible to increase your chances of being a community validator first.
Band Foundation will be running validator nodes (Dijkstra, Hamming, Knuth, Kruskal, and Tarjan) with a 100% commission fee initially to help secure the network. We will gradually delegate the Band Foundation staking to community validator nodes once that Stage 3 has been rolled out.
Looking Ahead
With the completion of BandChain Stage 1, we are currently in Stage 2 where staking is enabled and ecosystem partners such as wallets and exchange roll out their support for the token swap and staking.
We will be focusing on enrolling community node participation on BandChain to achieve the highest degree of decentralization come Stage 3. Upon the completion of Stage 3, the official Mainnet Launch of BandChain Phase 0 will be complete and all efforts will be converged towards the launch of Phase 1 (Guan Yu) that will enable oracle functionalities on-chain.
We are now one inch closer to creating a fully decentralized, scalable cross-chain oracle solution to power DeFi and smart contracts with real-world data and APIs.
Onwards and Upwards,
Soravis Srinawakoon
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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