Band Protocol

Band Protocol

Decentralized Data Governance

Average rating : VERY HIGH

Band is a protocol for managing and governing data in the Web3 technology stack. DApps consume data via BAND public smart contract datasets rather than through external oracles.

Private-sale: ENDED ENDED 3,000,000 / 3,000,000 USD raised
Pre-sale: ENDED ENDED 5,000,000 / 5,000,000 USD raised
Crowd-sale: ENDED - ENDED 5,850,000 /5,850,000 USD raised

Raised: 13,850,000 of 13,850,000USD ( 100%)

token metrics
Ticker: BAND Available for token sale: 25
Token type: Erc-20 (Will migrate to Tendermint in 2020) Private-sale/pre-sale token price: 0.3USD/0.4USD
Accepts: TBA Private-sale/pre-sale bonus: no info/ no info
Prototype: YES Pre-sale min/max personal cap:
Team: 8 Crowd-sale token price: 0.473 USD
Team residence: Thailand Crowd-sale min/max personal cap: 300 /
Company residence: Thailand Cant participate:

experts opinionopen all

Band Protocol is an interesting project that aims to solve the issues surrounding smart contracts’ inability to directly interact with the outside world and pull in real-world data. The decentralized oracle/data feed marketplace is still being established, and as a result, Band has a good opportunity to establish itself in what is still a developing market sector. However, the team faces stiff competition from ChainLink which may be pulling away from the pack, as well as other projects such as Oraclize, Witnet, Rhombus, and DIRT Protocol.

The team is currently small in number and mostly based in Thailand. Some members do lack experience; however, it does contain some talented individuals as well. Overall the team is balanced. Most of the team actually have decent experience in building blockchain businesses as well as dealing with top-level CEO of other companies. Also being backed by Sequoia allows the team to gain access to a wealth of advisors/business partnership. This may allow them to work efficiently and pivot quickly whenever required, although, they will find it challenging to establish their protocol on a global level, and will be expected to develop a community in Asia before moving on to other markets. They will also need to hire seasoned business professionals and market themselves/build relationships aggressively in order to get ahead.

Another challenge facing the team is their multi-token system which creates additional levels of friction. The Band token is accompanied by an unlimited number of dataset tokens which can be created by dataset groups and this adds a level of complexity to the project that could possibly have been avoided. However, most importantly, the team’s technical prowess will soon be on display once their mainnet goes live, if they deliver on the tech side as promised, they will give themselves more of a runway to develop their community of clients, partners, and users. Any information relating to a potential token sale is still to be released, and anyone interested in Band Protocol should keep an eye on the project, and monitor how well the team continues to develop and achieve their stated goals.

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Now we are waiting for a new trendline - connecting real-world data with the blockchain that Chainlink (Link) has started. We are considering Band protocol in the wake of a new trend of “middleware protocols” 

Now, Band is on IEO pre-stage, backed by Sequoia capital and Dunamu&Partners, talented team and live testnet, they have a huge potential and we decided to put them 5 out of 5 rating. 

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Midgard Research put it on the radar at the end of July because we found it very promising and well developed! And now we see that Band Protocol is the recent one announced Binance Launchpad IEO project. 

Band Protocol is a Decentralized Oracle and data governance protocol. The project creates a Web 3.0 component layer solution for managing data that resolves the data availability and reliability problem for blockchains in the Web3 technology stack.

The team so far has delivered an infrastructure product with several ecosystem products. The project has already released public Testnet, Data Governance Portal, Band Dataset for dApp integration and a Bloomberg of Crypto. Release Band Protocol on Ethereum is scheduled on Q4 2019.

The team consists of solid programmers that worked in famous companies like Stanford, MIT, BCG, Tripadvisor, Hudson River Trading, Dropbox, and Quora and more.

Band Protocol is backed by Sequoia Capital, the world TOP 10 traditional VC fund that invested in Google, Apple, Airbnb, Instagram, and much more top tier corporations. Moreover, the project is backed by Dunamu&Partners (Upbit owner) and SeaX Ventures (invested $3m in Band Protocol).

The BAND token will play a key role in the ecosystem. Firstly, BAND will be released as an ERC-20 token on the Ethereum blockchain, and will also be available on other integrated blockchains. 

BAND Token usage: 

-Provide liquidity to the data governance groups and guarantee token values.

-Used for governance in protocol level upgrades.

Dataset Token usage:

-Band Protocol utilizes a multi-token model where each dataset is controlled by its dedicated Dataset token. Dataset tokens are issued by collateralizing BAND tokens with a bonding curve. Once created, Dataset tokens are used in the ecosystem to curate and govern oracle data.

-Token holders stake their dataset tokens for data providers that they trust.

-All fees and rewards are paid in ETH, but converted to dataset tokens to reward data providers and stakers.

Note that query fees that are paid in ETH are distributed to data providers and token holders via the following process:

1) ETH is converted to BAND through Uniswap (creating upward pressure on BAND price)

2) BAND are converted to Dataset Token via Bonding Curve (creating upward pressure on Dataset token price, BAND gets locked up as collateral)

Tokenomics of Band Protocol looks solid and reasonable for Binance.

-Launchpad Sale hardcap is $5,850,000 (12.37% of total token supply).

-Seed/Private sales tokens will be vested over the year. 

-LOW initial circulating supply will be 17.08% of total tokens ~$8,000,000 on IEO token price (consists of IEO tokens and a small amount of ecosystem tokens).

Overall, we see both short-term and long-term potential in Band Protocol. If we compare Band Protocol to its competitor Link ($630m Market Cap), we can observe the space where the project can grow. The team has already delivered a lot and proved the idea but still, there is a lot of work to do.

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IEO on binance launchpad and doing it 

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