Steemit Crypto Academy | Blockchain Oracle | Homework task for @allbert

On this occasion, I will try to take a class at Steemit Crypto Academy. I am interested in joining this class because there are many new lessons that I will get here. I will do homework task from professor @allbert. Lesson discussion about Blockchain Oracle. Lets try...

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1. History and Description. Does it have any token or cryptocurrency associated? Explain

Band Protocol is a Blockchain Oracle created and developed by some brilliant minds and extraordinary abilities from Thailand. They are Soravis Srinawakoon (CEO & Co-founder), Sorawit Suriyakarn (CTO & Co-founder) and Pablo Nattapatsiri (CPO & Co-founder). They are people who have a good educational background and have a history of getting various awards. Their hard work and undoubted abilities make them successful in making new innovations and developments in the blockchain oracle world.

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Those involved in the world of blockchain oracle certainly begin with raising funds from the project they created as a starting point to become the inventor and developer of the blockchain oracle. The project being run is a cryptocurrency-based gambling site. They use Bitcoin as a gift given to participants. After this project ran for a certain period of time until the funds were raised to a large extent, they used it to develop the Band Protocol project which became a blockchain oracle in 2017.

Band Protocol runs on the Ethereum Blockchain system as a starting point before they create their own blockchain. It is intended to provide valid pertinent information to the cryptocurrency community. Over time they created their own blockchain using Cosmos SDK technology. This blockchain is called Bandchain. Bandchain has gone through several stages of development since mid-2020 until the successful release of Band Protocol v2.0 at the end of 2020. Bandchain uses the DPoS consensus algorithm and has undergone two quality updates.

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Band Protocol launched its native token BAND in September 2019. It is traded on cryptocurrency exchanges such as Binance, Coinbase, Huobi and others. They have integration and partners with several large companies such as Mirror Protocol, Terra, Fantom and others. They have validators that perform very well such as Cosmostation, Hash Quark, Westaking and others. They are also supported and collaborated with several financial institutions and several other cryptocurrency projects.

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BAND token is very useful and has many benefits in the world of cryptocurrencies and blockchain oracle. A large number of accounts have taken over the market. Users can contribute and be involved in system management so that they can get rewards. This token offers a reward to the Validator in terms of validating data and creating new blocks. Token users are entitled to get block rewards by authorizing validators. There are currently 59 validators in the network that are working fine. This is very beneficial for users and validators because they will get additional tokens after doing the process.

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Fundamental analysis of the BAND token also provides good information and data. This token has a high potential as a profitable investment asset. BAND is currently worth $8.32. BAND is ranked 161th on the cryptocurrency market list. The market cap is $292.805.760. Volume is $42.748.146 . Circulating supply is $35.191.821. The total amount of these tokens produced is 100 million.

2. Functionalities and real-life applications

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Band Protocol as Blockchain Oracle is very necessary and useful for users from various circles. This has had a very positive impact on the world of cryptocurrencies and the DeFi project. Its functions are very reliable, efficient, effective, secure, scalable, and fast in connecting and providing real-life data. All the related things needed will be brought and provided to the blockchain oracle ecosystem through an API which is then processed by smart contracts running on the system. The demand for real-life data has increased due to the many projects in the cryptocurrencies world.

Band Protocol serves to fulfill all requests for data and information needed by the blockchain oracle. All processes of data collection, data verification and data provision work very quickly and securely. This is very beneficial for many users from various sectors needed. Band Protocol also supports use across multiple blockchains (cross-chain) with a decentralized system. Through the Inter Blockchain Communication (IBC), it is possible to provide the data required by the blockchain connected to Cosmos.

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Applications in real-life in the world of gambling is one of the things that Band Protocol has and benefits the users. It aims to provide data and price information which is one of the factors in the gambling process. Gambling is an activity that can generate profit for some people. This is evidenced by the large number of gambling in sports matches played by famous and great teams in the real world.

The illustration is when I am a user and participate by placing bets and gambling. Here I choose team A which will win a sports match that occurs in real time. In this case, the Band Protocol will send data and information on the results of the match in real-time into the oracle blockchain so that I will know the results that show whether I succeeded in becoming a winner or not. The resulting output is win or lose information.

3. Pros and Cons

Pros

• Users can participate in the system and get rewards.
• Its function and quality in providing valid and accurate data is unquestionable.
• Allows use on multiple blockchain networks with various smart contracts.
• Provision very fast and precise data in every process.
• The use of DPoS consensus algorithm provides a high level of security.
• Decentralized and transparent platform.
• Block Rewards that users receive are proportional to the amount that has been donated.
• Operational costs are relatively cheap.

Cons

• Chainlink is better than Band Protocol because Chainlink has a good reputation and is well known in the cryptocurrency world.
• BAND token has a low market cap compared to LINK.
• Most of the BAND tokens have been held by most of the top users.
• Most of the top BAND token users have more control.
• Band Protocol only supports free open API and does not come with a password.
• The performance dependence of the validator is so great that it cannot stand alone.
• Community Pool is entitled to 2% of Block Rewards earned by users.
• Data manipulation can be detrimental to the user.

4. Future developments and new projects

All news and information regarding the Band Protocol can be found and accessed by visiting https://medium.com/bandprotocol/. This website provides detailed data and articles published by developers and people working for Band Protocol. Future developments and new projects can be viewed here.

Partnerships

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This information reveals that the Band Protocol will share integration with Cronos. This is intended to make Band Oracles adaptable to applications in Cronos. They aim to connect external data sources and customize it.

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This information reveals that Band Protocol will collaborate with Eden Network. It is intended to provide higher protection. They aim to safeguard finances and prevent hacking.

Band Protocol v2.0

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This information reveals that the Band Protocol is improving its quality and bringing new innovations to the oracle network. They aim to integrate and collaborate with good companies and institutions.

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This information reveals that Band Protocol is updating a feature that is very useful for users in terms of providing data. They aim to provide services for the growing DeFi until now.

Community Updates

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This information reveals that the Band Protocol has been successful in improving the performance of the Bandchain network. They will continue to provide the best and upgrade the quality and functionality of the Bandchain.

5. Conclusion

Blockchain Oracle is very useful for users in connecting and providing data from the real world into a blockchain system that can be accessed online. Band Protocol is one of them that functions to provide data and information services on the blockchain oracle. Band protocol application in real life is useful for users in the gambling world. Token Band is a token that has good potential to be used as an investment.