chainlink bandBand Protocol & $BAND, A Deep Dive!

chainlink eth leaderboard chainlink socks chainlink band Band Protocol & $BAND, A Deep Dive!

hey guys so who here has heard of band protocol yet if you havent this is a very hot project that many people call the next chain link and we all know how amazing chain link has done beating most all other coins out there obviously bitcoin and a ton of other all coins performing super well in the past two years and band protocol itself is also in the same space and has rocketed quite a bit in 2020 so in this deep dive video im gonna cover everything from start to finish and also just touch on all the little details that you might be curious about so if you want to learn more you know what to do sit back relax and just keep on watching okay so i want to rewind a bit right band protocol is all about decentralized oracles and this is the same thing as chain link oracles are essential for many smart contracts or d-apps or decentralized apps to function right for games for betting for d5 all of them need reliable oracles and we all know chain link offers this but theyre not the only ones there are other ones that are up and coming so one of them that you guys our community requested us to take a deeper look at its called band protocol token ticker symbol is b-a-n-d or band so lets dive in and start out with first and foremost what an oracle is and what it does for us so in the blockchain space blockchains are great for immutable storage and deterministic verifiable computations but these things can only access data thats within the blockchain network that is secured and verified by the network itself however they cannot interact or access data outside of these blockchain networks not by themselves at least and this includes things like centralized web data sources like coin market cap coin gecko or news sources espn for sports scores things like that they cant talk to smart contracts or dapps in the blockchain space but thats important right if we want to expand functionality so thats what oracles come into play and help with these are data sources that feed external data from the outside world into the blockchain network smart contracts and dapps so that they can make calculations with it interact with data that comes out of there and just execute scripts stored inside the smart contracts from that data so some popular examples can be like crypto prices stock market prices interest rates sports results political results and much more it can be anything that your curiosity and imagination says it can right but the challenge is that the data is needed to be secure reliable free from error and not tampered with so centralized data sources may not be as fitting for these requirements because if you feed incorrect info into a smart contract which has guaranteed execution that can be catastrophic when youre dealing with money and sending funds to one place or the other depending on the logic thats being executed right and so the solution is decentralized censorship resistant oracle protocols to avoid manipulation and chain link and band protocol both provide their own solutions for such challenge from the band protocol website i just want to quote them a little bit they are a cross-chain data oracle platform that aggregates and connects real-world data and apis to smart contracts band protocol enables smart contracts applications in the d5 space prediction markets games and much more to be built on chain without relying on a single point of failure of a centralized oracle if you think about it regular smart contracts basically only can do simple token transfers like your ico contracts that everyone just clones and uses over and over again smart contracts though enhanced with banned protocol or other types of data oracles can now communicate with external info or data sources so they can get high quality market data real world events enterprise service data and so forth that is super valuable and increases the amount of use cases that you can tackle in the blockchain and with smart contracts and now i want to dive a little bit deeper into the intricacies of band protocol they use the tendermint core consensus method which is based on the cosmos ecosystem this means that its more optimized it has improvements on something called the practical byzantine fault tolerance algorithm or pbft that you might have read around the crypto space before the benefits of this is that its much faster than proof of work or proof of stake and data can be fed into these smart contracts much more quickly and efficiently this is done so by having less computations cheaper in terms of gas particularly compared to ethereum which has super high gas these days as you might know four main differentiators of band protocols oracle first is decentralization because they have a lot of redundancy built into this process they have their own blockchain called the band chain and this is operated by a global pool of validators whose performance and actions can be easily monitored by anyone and these validators fetch the results of the request that was made so these results can be taken from multiple different data sources like if you want a sports event result theyll grab it from different data sources and the validators will bring that into the system per se number two is flexibility there is really maximum freedom as to the data that can be requested as well as the computations that can be made on that data its super flexible the set of data sources how you aggregate the data the oracle script is made with multiple different programming languages everything is flexible and can be easily integrated number three is scalability the average flock time in this band chain is just three seconds as compared to ethereums 10 to 15 and bitcoins 10 minutes the average data request to ban chains oracle can be completed or resolved in less than 6 seconds which is pretty fast and the cost is low because they allow data requests to be charged on a per request basis rather than on the whole data set so next i want to talk about the tokenomics because for those who want to invest that is important right and so they have 100 million total supply of ban tokens about 20 million circulating currently 84 million bonded among 67 active validating nodes and the annual inflation rate is from 7 to 20 and is adjusted to target around 66 percent of the total supply of banned token state and lastly 27 was sold in seed round private sale and the finance launch pad sale now with these ban protocols what can you use them for well a few different things right token holders can become validators they can delegate their holdings to other validators to earn a portion of the collective fees and rewards they can also participate in the chains governance if theyre a token holder and lastly as validators they can set a fee for processing transactions which acts as a reward for performing your duty and helping the network operate properly now one reason why you guys might have chosen ban protocol for us to dive deep into is because of the recent price surge and speculators might have been thinking of this as the next chain link and wanting the same like 50 to 100x gains and front running that with the band tokens price they also had a surprise coinbase listing that really blew up their price like massively but i do want to say buyers beware because after coinbase hype the price might correct temporarily at least which it has already been doing since its high of several weeks ago i dont want to dive into all of their major investors but they are backed by some of the top investors in the world like sequoia binance and other ones their team is really impressive thailand based a lot of people in forbes 30 under 30 all very techie from mit from stanford so forth right speaks for themselves they also have some major partnerships in the crypto space that will integrate bands protocol lran icon waves gravity protocol bet protocol you might have heard of a lot of these before big name users that will adopt band protocol before i dive into band versus chain link which a lot of you guys are curious about i want to say if you like these deep dive videos please support us by smashing like subscribing hitting that notification bell to catch future ones well try to put out one a week for you in these super deep dive formats anyways back to chain link versus banner protocol the key difference is interoperability chain link is built on ethereum and can easily interact with most ethereum based apps smart contracts and so forth and chain link can interact with other networks but has more complex work around and hassle required ban on the other hand is based on cosmos which has more interoperable capabilities between other blockchains and can communicate values and tokens with other blockchains easily so band is blockchain agnostic and they claim that they can for any blockchain protocol integrate things less price and event feeds into your dapps with less than 10 lines of code i am not a coder i havent looked into that claim but if true thats very easy to use and very impressive another thing is that banned protocol is built on its own native chain while chain link does exist on ethereum at least currently another way to look at it is that if d5 goes big on other platforms besides just ethereum banned protocol seems to be the better candidate to succeed in that case now if d5 remains largely just on ethereum then chain link already has a dominant market share there on the other hand some projects are already integrating both band and chain league so thats good for both right its good for redundancy for them another thing to note is that chain link does have a longer track record which is important in the crypto space and lastly i do want to point out that band is inherently more decentralized than chain link chain link does require kyc while band is flexible and permissionless if you want it to be so it depends on what the project needs as to if this is good or not in conclusion band does need to mature further but it seems super promising has a solid project with decent fundamentals because of key differences in their approach i wont say right now which one i think will succeed in the long run and they might both right theres room for big fishes in this decentralized oracle space but i am decently confident that it will play a substantial long-term role in the oracle space i am kevin with bitcoin for beginners here with this weeks deep dive video subscribe to catch more i hope you let me know if you have any more comments down below ill definitely get back to you and ill catch yall next time Band Protocols $BAND token has rocketed ~50x in 2020, mirroring Chainlinks insane rise in price as well. This shouldnt be surprising as Band Protocol is in a similar niche as $LINK — tackling the decentralized oracles for smart contracts space. In this video, Im going to cover this project for you from start to finish. Talking about their approach, their ties to Cosmo, how they stack up against Chainlink, their tokenomics, their team, and their future prospects. If you want an easy to understand deep dive into BAND then look no further, this video is for you! Would also love to hear any questions or comments you have and let me know what other Bitcoin or crypto topic youd like to see a DEEP DIVE on next!Pictures and graphics in and around: Timestamps: Intro Hook: 00:00 Lay of the land: 00:53 What oracles do for you: 1:33 Challenges with oracles: 3:01 Solution is decentralized oracles: 3:30 Band protocol details: 4:43 4 unique differentiators: 5:24 BAND tokenomics: 6:50 Price action and coinbase listing: 7:53 Major investors and Team: 8:30 Chainlink vs Band protocol: 9:24 My final thoughts: 11:06 BandProtocol BAND Chainlink BAND,Chainlink,BandProtocol,