Band Protocol. Project Overview and Tocken Band
- Band Protocol ("Band" uses a unique delegated proportion mechanism for selecting Oracle data providers that report data to blockchain, which makes it ready for request through Dapps and smart contracts.
- A unique multi-tokeny model that allows each data set and token to save network values and provides the right economic incentive for all interested parties.
- The Band team consists of entrepreneurs and engineers from Stanford, Massachusetts Institute of Technology, BCG, Hudson River Trading, Dropbox and Quora.
Key features and features of the Band Protocol project
Band Protocol offers a decentralized ocula of data, making data easily accessible to a request for a chain using delegated bet confirmation ("DPOS") to ensure data integrity.
Band Protocol offers:
- Decentralized economic stimulus: Band Protocol is designed to ensure that data suppliers have an economic reputation and reputation to remain honest.
- Low cost: Smart Band Contracts are optimized for gas use.
- Scalability: Costs for data providers remain constant no matter how many applications use their data. As soon as the data point is placed in a chain, several intelligent contracts can consume data without additional costs for data providers.
- Quick data query: logic can be processed within a single transaction, without requiring confirmation of the blockcha. These are easily accessible in the block chain, so the use of data can be performed synchronously within the same transaction.
- Easy deployment: Dapps can be integrated with Band Protocol using multiple lines of code without any major changes. For data request in the BAND data set, only a function call is required in a predefined interface.
What is Band Protocol ?
What problem the project solves
- Band Protocol offers a fast, inexpensive and synchronous query model for decentralized applications.
- Thanks to the DPOS consensus mechanism, Band Protocol offers a decentralized network where data providers are threatened and money and reputation.
- Band Tocken is designed to capture the Band Protocol network value, and is not a simple payment token.
Review of project tokens and options for using
In the Band ecosystem there are two types of tokens: Tocken Band and Dataset Token.
Tocken Band is the Band Protocol's own token with fixed feed. It represents the total cost of all data sets in the bandwidth. Use options intended for Band include, but are not limited to:
- Provision for issuing a data set token: Tocken Band is used as security for release of data set.
- Management: Tocken Band is used as a voting token for making network management solutions.
- Participation in the Bandchain Approval Algorithm: After updating compatibility between Band-chains, the Band will be used as a marker of rates to protect the network using a delegated evidence agreement mechanism.
DataSet Token presents a share of possession of a specific data set in Band. Options for use intended for dataset token include, but are not limited to:
- Bid to purchase Data Suppliers: Data Suppliers are required to maintain a certain number of data set tokens to earn data for providing data.
- Data Suppliers Bid: Tocken holders can participate in chicken data providers, making rates using data set token.
- Vote. The data set token can be used as voting token to collectively solve the data set configurations, such as the number of data providers, the cost of the data request or the minimum data provider requirement.
Description of software solution
Data management portal
The data management portal provides a convenient interface for studying data sets in the Band Protocol ecosystem. Users can buy dataset tokens, bet on them for trusted suppliers and vote for control parameters within a single agreed user interface.
Using dataset token
- Instant Purchase and Sale: Users can convert Band and Dataset tokens at any time without using no counterparties.
- Comprehensive Tocken Metrics: Maximum Transparency Thanks to the built-in market capitalization, the supply of tokens and the history of recent transactions.
Each data point is visualized using temporary row charts. At any time, users can view data without requesting them in the intelligent contract interface. Data providers and their deposits are also transparently illustrated inside.
Rates for data providers
Users can earn a part of the data request card by putting their tokens for trusted data providers. The portal allows you to easily make and remove rates.
Band Wallet - This is not related to the storage wallet Web 3.0, optimized for storing Band and Dataset token without the need to expand an external browser. After setting up, users can transmit Band tokens purchased on stock exchanges, and buy DataSet tokens through data management portal.
Comprehensive Tocken Metrics: Maximum Transparency Thanks to the built-in market capitalization, the supply of tokens and the history of recent transactions.
Documentation for developers
Band provides full guide for Band Protocol integration developers. Documentation includes:
- Developer Guide: Step-by-Step Guide with Detailed Integration Examples.
- Guide for data providers: detailed document on how to start the data provider node.
- Specifications of available data sets: full information about each of the keys and values provided through the data sets Band.
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Blockchain and data processing
Band Protocol is designed to serve as a Web 3 ecosystem data layer.0, linking real data with smart contracts. The protocol stimulates the collaboration of several independent parties to provide reliable data using a DPOS consensus. Band ecosystem mainly consists of three groups of participants:
- Data providers are specialized organizations that independently work on the safe transfer of data from the outside world into the block chain. Tocken holders make a bet on data providers to provide them with the right to transmit data to the Protocol.
- Tocken holders jointly use the share of control Band Protocol. They are responsible for maintaining data quality by voting for trusted data providers. In exchange for your services, they receive remuneration paid by user users.
- DAPP developers use Band Protocol to receive trusted data on their smart contracts without a single refusal point. They pay small fees in exchange for data transmission services.
All fees and rewards are paid using Band tokens.
In the band protocol, a model with multiple tokens is used, in which each set of data is controlled by its dedicated token. Data set token are manufactured by combining Band tokens with binding curve. After creating a data set token are used in the ecosystem for chicting and managing the oracle data.
Token for chicting data sources
In Band Protocol, Token-Curated Datasources ("TCD") - this is a tool for smoking a large amount of reliable data. TCD supervision is carried out through the DPOS consensus mechanism. Tokhnov owners together choose data providers, put their tokens to the name of candidates. Data providers have the authority to provide the public data with the specified condition and receive some fees charged from data requests.
Data providers request authority to provide data to a data set. Only leading suppliers for the total number of shares can provide data. They get most of the remuneration in the form of payment for their services in the Band tokens.
Tocken holders provide their Tokens data providers with which they trust. They get a smaller part of the request for requests for protection for the list of most reliable data providers.
A source - Binance Research