BAND Protocol - A Cryptocurrency Opportunity
The biggest cryptocurrency price gainer in 2020 is BAND protocol. This cryptocurrency has moved from being an ERC20 token to it's own main net, and has a huge future. Standing as the 51st largest cryptocurrency by marketcap, backed by Binance and Sequoia Capital and listed on Coinbase, BAND is a cryptocurrency to watch.
BAND first caught my eye several months ago when Atomic Wallet added it to its roster, and allowed 14% APR staking. At this time, BAND was valued at around $1.4 and has exploded skyward beyond $15 since.
What is BAND?
To begin with, visit the BAND Protocol website to get oriented with the project:
https://bandprotocol.com/
BAND is a high-profile cryptocurrency that has been backed by both Binance and Sequoia Capital. It has delegated proof of stake mining algorithm, and is a "highly-independent" product. It is decentralized, and rewards its users through decentralized proof of stake mining.
BAND seeks to connect blockchains, store information, enable DeFi and gather information from varied sources in a reliable fashion. The BAND protocol is a delegated proof of stake cryptocurrency that aims to use its BandChain algorithm to gather information across chains and applications to process data seamlessly. Blockchains including Etheruem and COSMOs can interact with Bandchain and create a great user experience.
BAND is backed by Binance, the largest cryptocurrency exchange, and Sequoia Capital, a large and well-known investment firm that has backed and invested in early stage firms and emerging technology firms. They backed Apple, Yahoo and Stripe among other companies that have made a massive impact on the world. Their backing of BAND is a stamp of approval on its technology. BAND excites me in the way it can integrate with other cryptocurrency assets and build functional systems.
A large factor standing in the way of cryptocurrency adoption is the difficulties of interacting with Dapps, integration and glitchy or troublesome APIs. BAND seeks to overcome these issues, and is being backed by Sequoia Capital and Binance. Those who stake BAND on Atomic Wallet can earn a massive 14% APR reward as well.
I was excited to see BAND adopted by Coinbase. The platform has added several cryptocurrencies this year with huge potential including ALGO and LINK. This is another catalyst for BAND's price, and bodes well for its future. BAND rose from $0.2 to $15 in 2020 as Bitcoin rose 40%. The altcoin resurgence has helped boost BAND as well, and a pullback in altcoins is inevitable soon. Take the opportunity to purchase this cryptocurrency with an amazing future ahead and tons of potential.
I am eagerly awaiting a pullback in BAND, and my target buy-in price is $10. BAND is currently priced at $13.2 after a pullback from an all time high of $15. With big-name backers in both the cryptocurrency and investing community, BAND is a cryptocurrency to keep a close eye on in 2020.
Originally published in my Publish0x account at the link below:
Also published in my Steemit, Blurt and Uptrend accounts I own.
Sources:
Picture from Band Protocol Medium Website at the link below:
https://medium.com/bandprotocol
https://coinmarketcap.com/currencies/band-protocol/
https://en.m.wikipedia.org/wiki/Sequoia_Capital
https://nairametrics.com/2020/08/08/band-fastest-growing-crypto-gains-5620-in-7-months/