Band Protocol is a blockchain oracle that facilitates the transfer of external data to smart contracts. The Delegated Proof of Stake (DPOS) consensus algorithm is utilized by Band Protocol. It solves most of the fundamental problems and provides the following:

• High transaction processing speed. Delegated Proof of Stake exceeds the performance of all cryptocurrencies developed on Proof-of-Work and Proof-of-Stake.

• Minimum technical requirements for network participants. Blockchain validators based on DPoS do not need to purchase expensive equipment, as in the case of PoW blockchains such as Bitcoin.

Band Protocol covers almost all niches of the cryptocurrency industry, such as finance, gaming, and social media. Oracle reduces and makes almost invisible the gap between the real world and DApps to provide data asymmetry.

Who are oracles, and why are they needed?

Oracles act as intermediaries between external data and smart contracts, allowing for their integration. Without oracles, standalone smart contracts are only capable of interacting with and processing data from the blockchain. Because of this, the range of information that smart contracts can accept is severely limited. Oracles such as the Band Protocol address this problem.

Let's look at how a Band Protocol oracle works using a decentralized exchange. For an exchange to function correctly, it needs to receive the most current information about the recent quotes of the digital assets. The platform connects to a data provider, such as Band Protocol, to do this.

Features of Band Protocol

At its launch in 2019, Oracle was running on Ethereum. In June 2020, Band Protocol fully migrated to the Cosmos blockchain. Band Protocol developers claim this upgrade will make working with data in public blockchains such as EOS, Ethereum, and Cosmos much easier.

Despite its similarity to Chainlink, Band Protocol still has its characteristics:

High-speed data processing. A unique Band mechanism enables data processing along the chain, which allows a smart contract to access the necessary information with a single action.

• BAND native token. It is designed to interact with Band Protocol data, votes, and execute transactions.

• Motivation to purchase tokens. For optimal functioning within the Band Protocol network, possession of the BAND token is imperative. To leverage the full potential of the Band Protocol, users are required to stake a portion of their tokens as collateral.

• Scalability. Band Protocol is designed to reduce the cost of data requests. The protocol will not use the same information or collect a commission from vendors.

It is worth noting that Band Protocol is one of the few projects that aim to integrate blockchain and the real world. It builds trust in external data sources for the operation of dApps and the mass distribution of blockchain.

How can you earn with the Band Protocol?

Given current realities, the most reliable and sustainable investment strategy is HODLing. Instead of storing tokens on an exchange, many people choose to stake them. This is beneficial because you increase the number of tokens without doing anything.

W3coins is a secure validator of the most popular projects in the cryptocurrency world. Start BAND to stake right now for a 10-12% profit. Besides Band Protocol, you can also stack ATOM, INJ, and other popular tokens with us.

Conclusion

Band Protocol is one of the few fully functioning projects that enables third-party dApps to use their oracle data, including token values and sports event totals.

In addition, Band Protocol can perform up to 50 transactions per second, which attracts payment service providers.