Band Protocol Connects Real-World Data to Smart Contracts

Band Protocol Connects Real-World Data to Smart Contracts

June 26, 2024

Blockchain

6 min

In an era where blockchain technology is rapidly evolving, the need for reliable and scalable data solutions has never been more critical. Enter Band Protocol, a decentralized cross-chain data oracle platform designed to bridge the gap between real-world data and smart contracts. Operating on BandChain, which is built using the Cosmos SDK, Band Protocol empowers smart contract applications by providing them with access to real-time data and APIs. Validators on the network stake BAND tokens to secure the system and earn protocol fees, ensuring the integrity and reliability of the data provided. Discover how Band Protocol is revolutionizing the blockchain landscape and learn how you can invest in BAND tokens.

What is Band (BAND)?

Band Protocol is a decentralized cross-chain data oracle platform designed to connect real-world data and APIs to smart contracts. Operating on BandChain, an independent Delegated Proof of Stake (DPoS) Blockchain built using the Cosmos SDK, Band Protocol provides efficient oracle computations, including data sourcing, aggregation, and computation. Validators in the network stake BAND tokens to secure the network and earn a share of the fees generated by the protocol.

The main goal of Band Protocol is to solve the issues faced by smart contract applications that lack access to real-world data. The protocol offers scalability to handle high-volume data requests with reliable transaction speeds and minimal latency, cross-chain compatibility, and data flexibility. Initially launched on the Ethereum Blockchain in 2019, Band Protocol transitioned to its own Blockchain using the Cosmos SDK to facilitate data transfer across various Blockchains.

The mainnet version of BandChain is structured in four phases. Phase 0, launched on June 6, 2020, laid the foundation by enabling BAND token transfers and staking for validators. Phase 1, completed on October 15, 2020, allows the permissionless creation of customizable data oracle scripts that can query public and permissionless data sources. Phase 2 focuses on enabling API providers to commercialize their data in a trustless manner and collect revenue on-chain. Phase 3 aims to support private/identity oracle scripts and offer more payment options within the ecosystem, allowing developers to choose their preferred token or subscription model for payments. Phase 4 will complete the decentralized oracle network of BandChain and enhance interoperability between smart contracts and traditional enterprise services.

The transition to Band Protocol v2.0, also known as BandChain, in 2020 marked significant growth for the protocol. Band Protocol v2.0 moved away from the community token and bonding curve model of v1.0, leading to over 50 planned oracle integrations and 15 new genesis validators that will provide price feeds to these protocols. This new direction also made Band Protocol the first blockchain firm to join the OpenAPI Initiative in December 2020, alongside major companies like Google, Microsoft, and IBM. The initiative aims to create a common API standard that facilitates the use of APIs and data by Blockchain applications.

How to Buy Band (BAND) with TRY?

How to Open an Account on Binance TR?

Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Band (BAND). On Binance TR, where you can quickly create an account, you can trade over 100 cryptocurrencies, including BAND. To buy Band (BAND) with TRY on Binance TR, follow the steps below.

Opening an account on Binance TR is quite easy. You need to go to the trbinance.com address and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.

After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).

How to Verify an Account on Binance TR?

Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. According to your preference, you can perform the verification process from your phone or through the official Binance TR website. Note that you will also need your mobile phone to perform identity verification from the website.

On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your mobile phone camera and continue the process on your mobile phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your mobile phone via SMS.

When you enter the address on your mobile phone or scan the QR code, a screen like the one below will open on your mobile phone. From here, first tap on the “Identity” option to continue.

Then a screen like the one below will open. To continue with the verification process, first select the document type that is suitable for you.

After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and that the information in the photo can be easily read when taking photos of the front and back sides of your ID card or driver’s license.

Then you can continue by tapping on the “Selfie” option. At this point, your mobile phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure that your face fills the camera area as much as possible.

After completing all these steps correctly and completely, your identity verification process will be completed within a short time.

How to Deposit TL on Binance TR?

You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.

To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.

Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank

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In an era where blockchain technology is rapidly evolving, the need for reliable and scalable data solutions has never been more critical. Enter Band Protocol, a decentralized cross-chain data oracle platform designed to bridge the gap between real-world data and smart contracts. Operating on BandChain, which is built using the Cosmos SDK, Band Protocol empowers smart contract applications by providing them with access to real-time data and APIs. Validators on the network stake BAND tokens to secure the system and earn protocol fees, ensuring the integrity and reliability of the data provided. Discover how Band Protocol is revolutionizing the blockchain landscape and learn how you can invest in BAND tokens.

What is Band (BAND)?

Band Protocol is a decentralized cross-chain data oracle platform designed to connect real-world data and APIs to smart contracts. Operating on BandChain, an independent Delegated Proof of Stake (DPoS) Blockchain built using the Cosmos SDK, Band Protocol provides efficient oracle computations, including data sourcing, aggregation, and computation. Validators in the network stake BAND tokens to secure the network and earn a share of the fees generated by the protocol.

The main goal of Band Protocol is to solve the issues faced by smart contract applications that lack access to real-world data. The protocol offers scalability to handle high-volume data requests with reliable transaction speeds and minimal latency, cross-chain compatibility, and data flexibility. Initially launched on the Ethereum Blockchain in 2019, Band Protocol transitioned to its own Blockchain using the Cosmos SDK to facilitate data transfer across various Blockchains.

The mainnet version of BandChain is structured in four phases. Phase 0, launched on June 6, 2020, laid the foundation by enabling BAND token transfers and staking for validators. Phase 1, completed on October 15, 2020, allows the permissionless creation of customizable data oracle scripts that can query public and permissionless data sources. Phase 2 focuses on enabling API providers to commercialize their data in a trustless manner and collect revenue on-chain. Phase 3 aims to support private/identity oracle scripts and offer more payment options within the ecosystem, allowing developers to choose their preferred token or subscription model for payments. Phase 4 will complete the decentralized oracle network of BandChain and enhance interoperability between smart contracts and traditional enterprise services.

The transition to Band Protocol v2.0, also known as BandChain, in 2020 marked significant growth for the protocol. Band Protocol v2.0 moved away from the community token and bonding curve model of v1.0, leading to over 50 planned oracle integrations and 15 new genesis validators that will provide price feeds to these protocols. This new direction also made Band Protocol the first blockchain firm to join the OpenAPI Initiative in December 2020, alongside major companies like Google, Microsoft, and IBM. The initiative aims to create a common API standard that facilitates the use of APIs and data by Blockchain applications.

How to Buy Band (BAND) with TRY?

How to Open an Account on Binance TR?

Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Band (BAND). On Binance TR, where you can quickly create an account, you can trade over 100 cryptocurrencies, including BAND. To buy Band (BAND) with TRY on Binance TR, follow the steps below.

Opening an account on Binance TR is quite easy. You need to go to the trbinance.com address and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.

After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).

How to Verify an Account on Binance TR?

Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. According to your preference, you can perform the verification process from your phone or through the official Binance TR website. Note that you will also need your mobile phone to perform identity verification from the website.

On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your mobile phone camera and continue the process on your mobile phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your mobile phone via SMS.

When you enter the address on your mobile phone or scan the QR code, a screen like the one below will open on your mobile phone. From here, first tap on the “Identity” option to continue.

Then a screen like the one below will open. To continue with the verification process, first select the document type that is suitable for you.

After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and that the information in the photo can be easily read when taking photos of the front and back sides of your ID card or driver’s license.

Then you can continue by tapping on the “Selfie” option. At this point, your mobile phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure that your face fills the camera area as much as possible.

After completing all these steps correctly and completely, your identity verification process will be completed within a short time.

How to Deposit TL on Binance TR?

You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.

To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.

Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank

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