Band Protocol is a high-performance, cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. In other words, Band’s focus is to create technology that feeds real world data into smart contracts. Based on Cosmos' state-of-the-art SDK, BandChain (Band Protocol’s blockchain) delivers efficient, flexible, and scalable data queries that are secured through cryptographic proofs. Band Protocol enhances smart contract functionalities by granting access to reliable data without any central authority or points of failure.
*Stated Annual Percentage Reward (APR) is estimated based on reported network data. APR stated is not guaranteed and may fluctuate overtime.
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What is Band Protocol (BAND), and what is it used for?
Launched by MIT and Stanford graduates, BAND is the primary token used across Band protocol’s Proof-of-Stake network. BAND is used for making governance decisions by voting on the platform’s future. Band’s reputation as a blockchain-agnostic consumer data platform has given it a competitive advantage.
What are Band Protocol staking rewards?
Staking rewards in the form of native blockchain tokens (BAND) are distributed to validators for locking up their cryptocurrencies to a blockchain network to support validator node’s participation in the consensus mechanism and securing the network for a period of time. Refer to the data above for the latest Band Protocol staking reward figures.
What are the risks of staking Band Protocol?
Like many blockchain protocols, the consensus mechanism used by Band Protocol includes a slashing mechanism whereby any validator that misses too many blocks or double signs a block is penalized by the network, slashing the staked amount on that validator.
What are the current use cases of Band Protocol?
Band is utilized across various decentralized applications such as lending and borrowing, decentralized exchanges, financial management, and asset management.
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