Buy Band Protocol in India — Step by Step Guide for Beginners
BuyUcoin listed Band Protocol (BAND) for direct buy/sell and trade with a credit card, debit card, net banking, UPI, many more in India. Let's see How to buy band protocol in India? in this complete guide for beginners.
What is Band protocol?
Band Protocol is a cross-chain data oracle platform aiming at aggregating and connecting real-world data and APIs to smart contracts. To achieve this mission, Band Protocol provides a secure, blockchain-agnostic, decentralized oracle framework for Web 3.0 applications.
With BAND added to the BuyUcoin, users can now purchase it at true cost with no fees — credit card and bank transfer both supported. As BuyUcoin also offers the MCO Visa Card, this adds additional utility to BAND as users can easily convert cryptocurrencies into fiat currencies and spend at over 60m merchants globally.
Key elements of Band Protocol include:
1. Decentralization
First is decentralization. Our oracle infrastructure is built for maximum redundancy on two separate layers. One, our blockchain, BandChain, is operated by a globally distributed pool of validators, whose performance and actions can be easily monitored and verified by anyone. Finally, the entire data request flow and validator performance are publically available to be viewed, verified, and audited by anyone.
2. Flexibility
Next is flexibility. Band’s oracle is built to allow maximum freedom in terms of the data that can be requested, as well as the computations and mutations that can be done on that data. This is made possible through our data sources and oracle scripts. Data sources are the most fundamental unit in BandChain’s oracle system. It specifies the primary source from which BandChain’s validators will retrieve data.
3. Scalability
Then there’s the benefit of BandChain’s scalability. Unlike general-purpose blockchains, BandChain is specifically designed for oracle data requests and computation. This is clearly reflected in the benefits it provides. For one, an average block time of only 3 seconds, compared to Ethereum’s 10–15 and Bitcoin’s 10 minutes means that data request transactions are both received and resolved very quickly.
4. Cost
Finally, there’s the issue of cost. Band’s oracle allows anyone looking to request data to do so only when they need to, and pay the associated fees on a per-request basis. This is significantly more economical than having to say, update the price of an entire set of assets when in fact you might currently only need the latest price of one.
How to Buy Band Protocol?
BuyUcoin supports Band Protocol (BAND) at buyucoin and in the BuyUcoin Android and iOS apps. Please note, we will only support ERC-20 BAND tokens at this time. BuyUcoin customers can now buy, sell, convert, send, receive, or store BAND.
Buy Band Protocol in India — Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and to Sell Band Protocol in India as well as other cryptocurrencies. Below is a step by step guide to Band Protocol via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet is where you hold your cryptocurrencies and interacts with others via blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is BuyUcoin.
Step 2 — Register & Open an Account
Once you enter buyucoin/signup, register and open an account that can provide you with their service. Select the type of your account either individual or corporate. Select your country and agree on the terms and conditions register your account for crypto trading.
Step 3-KYC
KYC and AML are mandatory for Indian jurisdiction. Your data is saved and encrypted and is stored in Indian data centers only. You will be redirected to a different URL to complete your KYC. Please be ready with your recent selfie. You will need the images of your pan card. You will need the mobile number with you which is linked with your Aadhar.
Step 4-Google 2 step Verification
To use 2FA you will have to install an Authenticator app on your smartphone or tablet. Once enabled you will be asked to provide an additional six-digit one-time password along with your email and password every time you login to your BF account. This works only when signing in with email and password. When using Facebook or LinkedIn you can enable 2FA with your social media provider settings.
Step 5-Add Bank details
Add the credentials of your bank name, holder account name followed by account number, and IFSC code details.
Trade Band Protocol
There are currently 38 Band Protocol exchanges where you can buy, sell and trade Band Protocol (BAND) with a total 24-hour volume of $ 101.28M.You can buy Band Protocol with USD, EUR, GBP, and 1 more fiat currencies. Band Protocol can be exchanged with 6 cryptocurrencies. You can also buy Band Protocol with Tether and HUSD stablecoins. The best Band Protocol exchange for trading is BuyUcoin, with the current price of BAND in India.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Band’s flexible oracle design allows developers to query any data including real-world events, sports, weather, random numbers, and more. Developers can create custom-made oracles using WebAssembly to connect smart contracts with traditional web APIs within minutes.
Our blockchain, BandChain, is designed to be compatible with most smart contract and blockchain development frameworks. It does the heavy lifting jobs of pulling data from external sources, aggregating them, and packaging them into the format that’s easy to use and verified efficiently across multiple blockchains.
Can I Use Regular Money to Buy Band Protocol?
There is no direct way to buy BAND with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
But in the case of BuyUcoin crypto, exchange Band Protocol can be bought using INR within a fraction of seconds as it is compatible with an exchange over cash with no transaction fees and hidden charges.
Getting a Band Protocol Wallet
BuyUcoin Wallet is one of the largest cryptocurrency wallets on both mobile and desktop to integrate full support of the BAND token to allow secure storage and staking. After opening the application, you can choose to import an existing wallet from backup or create a new wallet.
Clicking on “New Wallet” will initiate the creation of various cryptocurrency wallets including a personal BAND mainnet token address which we’ll be using. Creating a new wallet will prompt the creation of a password used to access the wallet and a backup mnemonic phrase.
If you do not have any BAND in your account, you will need to deposit BAND to your address before staking or making transactions with your account. Search for ‘BAND’ and click on Band Protocol. The asset denominated as BAND* is the ERC20 wallet for BAND which is not used for staking.
After opening your Band Protocol wallet, click on ‘Receive’ where you’ll be able to scan the QR Code or paste this address to send BAND from another personal wallet of exchange address.
With BAND in your new BandChain address, you can now delegate to validators of your choice to start earning block rewards on the Band Protocol ‘Staking’ tab on the left. Clicking ‘Band Protocol’ you’ll open the staking interface which displays the yearly yield, available balance for staking, staked amount, and rewards.
Band Protocol Exchanges
BandChain is designed to be compatible with most smart contract and blockchain development frameworks. It does the heavy lifting jobs of pulling data from external sources, aggregating them, and packaging them into the format that’s easy to use and verified efficiently across multiple blockchains.
Band Protocol Mining
Blockchains are great at immutable storage and deterministic, verifiable computations. However, they cannot access trusted real-world information available outside their networks. Band Protocol enhances smart contract functionalities by granting them access to reliable data without any central points of failure.
Band Protocol cloud mining data provided by IQMining. Band’s unique multi-token model and staking mechanism hope to ensure that data is free from manipulation. By making data readily available and reusable on-chain Band Protocol offers a cheaper and faster solution compared with alternatives all without compromising security.
It has many leading cryptocurrency platforms for mining and trading. Developers using Band Protocol will be able to build a wider range of dApps with integration to off-chain financial data reputation scores identity management systems and much more bringing blockchain closer to mass adoption.
Conclusion
Over 71+ million BAND tokens staked already across 33 active validator nodes, the Band Protocol decentralized oracle network is another step closer towards hyper-connecting DeFi and all smart contracts with real-world data.
