BINANCE CRYPTO RESEARCH REPORT – BAND PROTOCOL (BAND) Data governance framework for Web 3.0 applications


PROJECT OVERVIEW

Band Protocol („Band“) uses a unique delegated proof of stake mechanism to elect oracle data providers who report data onto the blockchain, making it ready to be queried by dApps and smart contracts.

A unique multi-token model which allows each dataset and its token to retain network values and provides the right economic incentive to all stakeholders.

The Band team consists of entrepreneurs and engineers with diverse backgrounds from Stanford, MIT, BCG, Hudson River Trading, Dropbox, and Quora.

KEY FEATURES & HIGHLIGHTS

Band Protocol offers a decentralized data oracle by making data readily available to be queried on-chain, using delegated proof of stake („dPoS“) to ensure data integrity. Band Protocol offers the following features:

WHAT IS BAND PROTOCOL?

PROJECT MISSION

Band Protocol aims to be the go-to data infrastructure layer for Web 3.0 applications by providing decentralized, curated off-chain data to smart contracts through oracles managed by its dPoS consensus mechanism.

VALUE PROPOSITION

TOKEN SALE & ECONOMICS

KEY METRICS
Token NameBAND
Token TypeERC-20
Amount Raised Seed Sale$3,000,000
Seed Sale Token Price1 BAND = $0.30
Seed Sale Allocation10.00% of total token supply
Seed Sale DateAugust to October 2018
Amount Raised Private Sale$2,000,000
Private Sale Token Price1 BAND = $0.40
Private Sale Allocation5.00% of total token supply
Private Sale DateJune to August 2019
Launchpad Sale Raise$5,850,000
Launchpad Sale Token Price$0.473 USD (price in BNB TBD)
Launchpad Allocation12,368,200 BAND (12.37%)
LaunchPad Sale DateSeptember 2019
Initial Circ. Supply17,083,333 (17.08%)
Total Token Supply100,000,000 BAND

Token Supply Distribution:

Seed Sale Overview

Private Sale Overview

Binance Launchpad Sale Overview

Token Governance & Use of Funds

As of September 2019, Band Protocol has used approximately 5% of TGE funds and the team has an expected runway of at least 4 years. Any funds raised will be spent according to the following allocations:

Funds raised in stablecoins are stored in multi-sig wallets, requiring at least 2 out of 3 signatures from the management team.

Funds raised in fiat currency are stored in USD bank accounts. All fiat spendings need the approval of 2 top-level managers.

BAND Token Release Schedule

The following chart represents the number and breakdown of all BAND tokens that are intended to be released into circulation on a monthly basis.

Token Overview & Use Cases

Band ecosystem has two token types: BAND token and Dataset token.

The BAND token is the native token of Band Protocol with a fixed supply. It represents the collective value of all datasets in the Band Protocol. The use cases intended for BAND include but are not limited to:

The Dataset token represents the ownership stake in a particular dataset in Band. The use cases intended for Dataset tokens include but are not limited to:

ROADMAP & UPDATES

Band Protocol has not yet released a public roadmap, and plans to do so after the Launchpad Sale. The table below lists the accomplishments of the Band Protocol team thus far.

DATEACHIEVEMENTCOMMENTS
2018: Q3Whitepaper releaseWhitepaper
2018: Q4CoinHatcher alpha releaseMedium
2019: Q1CoinHatcher beta release with token integrationCoinHatcher
2019: Q1Revised whitepaper releaseMedium
2019: Q2Private testnet releaseGithub
2019: Q2Smart contract security auditMedium
2019: Q3Public testnet releaseMedium

Updated Roadmap

Q4 2019
Q1 2020
Q2 2020
Q3 2020

TEAM OVERVIEW

TRADING DATA

Liquidity

BAND token is not actively traded on any exchanges as of publish date of this report. The token will be available through the Binance Launchpad portal.

TECHNICAL OVERVIEW

Band Protocol has a total of 73 public and private repos.

GitHub Overview

Top Public GitHub Repositories

Band

Monolithic repository of Band Protocol7 Contributors1,348 Commits

Contracts

Band Protocol’s Solidity smart contracts3 Contributor341 Commits

Governance Portal

Governance portal for token holders to interact with Band Protocol5 Contributor441 Commits

BandChain

Prototype of Band blockchain based on Tendermint3 Contributors211 Commits

Private GitHub Repository

CoinHatcher

A crypto-news curation portal powered by Band Protocol’s Token-Curated Registry7 Contributors586 Commits

Wallet

UI and server implementations of Band Protocol’s Web 3.0 in-browser wallet5 Contributors126 Commits

GraphQL2

Infrastructure for subscribing to Ethereum and producing GraphQL results in real-time3 Contributors109 Commits

PRODUCT & METRICS

Data Governance Portal

The Data Governance Portal provides a user-friendly interface to explore datasets in the Band Protocol ecosystem. Users can buy Dataset tokens, stake them for trusted providers, and vote on governance parameters all within one coherent user interface.

Explore Dataset tokens

Screenshot of the Data Governance Portal interface

Explore Data

Each data point is visualized through time-series graphs. At any given time, users can see the data without needing to query from a smart contract interface. Data providers and their contributions are also transparently illustrated within.

Visualized ETH/USD price data on the Data Governance Portal.

Staking for Data Providers

Users can earn a portion of the data query fee by staking their tokens for trusted data providers. The portal makes it effortless for anyone to deposit and withdraw the stakes.

SEA node, EU node, and USA node are testnet providers run by Band Protocol. The set of actual data providers on mainnet will be different.

Band Wallet

The Band Wallet is a non-custodial Web 3.0 wallet optimized for holding BAND and Dataset tokens without requiring an external browser extension. Once set up, users can transfer BAND tokens acquired from exchanges and buy into Dataset tokens via Data Governance Portal.

Developer Documentation

Band provides a complete guide for developers to integrate Band Protocol. The documentation includes:

CoinHatcher

CoinHatcher is a decentralized news portal for curating high-quality cryptocurrency insights with 30,000 monthly active visitors. The dApp uses Token-Curated Registries to filter out fake and lower quality news, leaving audiences with only information approved by the community.

BLOCKCHAIN & DATA

Architecture

Band Protocol aims to serve as the data layer of the Web 3.0 ecosystem, bridging real world data to smart contracts. The protocol incentivizes multiple independent parties to work cooperatively to provide trusted data using dPoS style consensus. The Band ecosystem primarily consists of three groups of participants:

All fees and rewards are paid using BAND tokens.

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

Token-Curated DataSources

In Band Protocol, Token-Curated DataSources („TCD“) is a method to curate objective data with high volume. The curation of TCD is done through a dPoS consensus mechanism. Token holders collectively elect data providers by staking their tokens in the name of the candidates. Data providers have the authority to provide data to the public with a specified condition, and earn a portion of the fees collected from data queries.

Data providers apply for the authority to provide data to the dataset. Only top providers by total stake are allowed to provide data. They will receive the majority of query fees in BAND for their services.

Token holders stake their tokens for data providers that they trust. They earn a smaller portion of query fees in exchange for securing the list of top trusted data providers.

COMMUNITY DATA

The initial community development plan will be focused at both dApp developers and general crypto users. Band has created a strong network of developers, starting with the South-East Asian community where developers began building on Band. Band will continue to expand global and local presence with regards to its developer communities.

Band focuses on 3 key groups for future community growth:

  1. General Community Users: Band will focus on educating users on token staking and getting the most value out of holding BAND, along with promoting user-generated content. Band will reward users who contribute positively in community building, content creation and evangelizing Band Protocol through an Ambassador Program. The Band community management team will be available 24/7 to answer questions and facilitate discussions in community channels as well as engaging local events to educate and foster adoption of Band Protocol.
  2. Developer Community: Band focuses on giving developer support through both offline and online channels. By design, developers can integrate Band data with only a few lines of Solidity code. The simplicity of integrating Band Protocol makes it easy for any developer to experiment. With this advantage, Band will organize both online and local hackathons on a regular basis. Promising projects will be eligible for receiving funding and additional support through a Developer Grant Program.
  3. Data Providers: Band’s primary focus is to onboard companies that traditionally have had a strong presence working with data portfolios in the legacy Web 2.0 internet. Band will have a dedicated integration team to help companies with integration and maintenance of data feeds. Over time, Band will become more decentralized and let the community drive the growth of data providers.

Community and Social Channels

APPENDIX

Tutorial & App Examples

Videos & Interviews

READ THE FULL REPORT HERE

https://info.binance.com/en/research/BAND-2019-09-06.html

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Quelle: @BinanceResearch
Quelle: @BinanceResearch

24.09.2019 - 21:24

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