Launched in late 2019, Band Protocol (BAND) connects smart contracts with trusted off-chain information, provided through community-curated data providers creating an infrastructure that allows apps to leverage existing data on the internet without compromising security, bridging the use cases between Web 2.0 and 3.0. Its modus operandi is similar to the notorious “Bitcoin Challenger”, ChainLink (LINK) which also connects smart contracts using “Oracles”.
As at press time, having a market cap of $25,119,602 as seen on Coingecko and a 24-hour trading volume of $8,488,538, BAND has a circulating supply of 20 Million BAND and a pegged supply of 100 Million coins, while mostly traded on Binance.
Just like ChainLink (LINK) which went on to set all-time highs this year, BAND hit its all-time high of $1.29 on May 01, 2020, gaining nearly 460% in the process.
In March amid the Coronavirus pandemic and its attendant effects, BAND carried out an upgrade on its Cosmos blockchain, its Testnet launch, and integration with Cosmos inter-blockchain communication (IBC). Its upgrade tentacles reached its Oracle-WASM and block explorer, stating support for EVM blockchains.
BAND/USDT Daily Chart
Band protocol is currently increasing at $1.22 while BAND price surges 20% in the last 24 hours.
BAND Is Catching Investors’ Keen Attention, Band Protocol to Find Utility Against DeFi Hack
After hitting its all-time low of $0.203625 on Nov 25, 2019, BAND is surging ahead that analysts are thinking it may give other Altcoins a run for their money.
When Chainlink (LINK) rose sporadically to hit all-time highs this year, investors who were caught unawares and thus may have missed out the rave of the moment have shifted their keen attention to BAND.
Amid the Coronavirus outbreak in early March which saw the entire crypto market plunge into a carnage, BAND has steadily grown from its all-time low of $0.20 to stand at its recent price of $1.22 which is regarded as one of the most outstanding performances in the crypto market.
It was noted that the full range of bottom-to-top on BAND/USDT is well over 500% on Binance.
After the bZx hack in which funds were exploited, many lending protocols sought means on how to improve the security of their protocols in which co-founder of bZx, Kyle Kistner opined that having multiple Oracle providers helped to lessen the risk factors.
The platform thus strategized to deploy a multiple Oracle design that would safeguard against the reoccurrence of such a hack. In this new design, the Band Protocol with outstanding flexibility would be used to refine data aggregation.
Image Credit: Shutterstock