Crypto Academy Season 3 || Week 7 || Homework for Intermediate Teacher: @allbert || Blockchain Oracle - Band Protocol || by @kingworldline

Good Day All.....

Is great, Is nice, is my pleasure to be part of this interactive lecture and assement from my professor @allbert who have done noble justice on the topic Blockchain Oracle.
Thanks is my pleasure i welcome you all to my homework.

I believe you will enjoy the read...
Am @kingworldline

As regards to the name Oracle actually refers to an intermediary between two side which involves interpretation and translating information for the both side, means while an oracle feed and as well supplies the necessary information that can trigger an action on the smart contract.

Types Of Oracle

Software Oracles: This is an Oracle that manage and handle information data that is gotten and originated from online source and push it to the smart contract like price of commodities, temperature and goods flight etc.

Hard Ware: This oracle is a smart contract that needs information from physical world.

Inbound Oracles: This provide data from the external world.

Outbound Oracles: This part of the smart contract has the ability to send data to the world.

QUESTION ONE
Develop In A Detailed And Extensive Way A Post Explaining Some Other Blockchain Oracle. (Chainlink Will Not Be Allowed)
What Are The Topics You Should Cover As A Minimum?
1- History And Description. Does It Have Any Token Or Cryptocurrency Associated? Explain.

As regards to question since the Chainlink is exempted i have choose the BAND PROTOCOL to analyse on.

What Is The Band Protocol

Question people may be asking them self may be what is this Band protocol all about?

Band protocol is a decentralized cross chain data oracle platform which conects and aggreegates the real world data or information and APIs to that of the Smart contracts.

The band protocol has the solution for the problem the cryptocurrency's Oracle problem is encountering, by initiating and and by creating a reliable platform between the real world data in a decentralized manner and feeds it Dapps and that of the smart contracts on a cryptocurrency blockchain.

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History Of The Band Protocol

Base on history on the history of the Band Protocol, this actually started from Soravis Srinawakoon, a Forbes 30 under 30 entrepreneur with Stanford and his alma mater (undergraduate and masters) why he was working for BCG.

Srinawakoon joined crytocurrency in the year 2014 when he heard about MaIT "airdroppes" 100$USD worth of Bitcoin for those undergraduate who have completed their survay. The worth of 0.3 Bitcoin then is now 3500$USD.

Srinawakoon with his friends, after the airdrop now developed a cryptocurrency "gambling" website which now double their Bitcoin faucet,
which actually reward users in Bitcoin on casino-esque games if eventually won. As the websit grow and attends to it peak Srinawakoon sold it and now develop a project with the found which as of to today known as the "Band Protocol".

Srinawakoon he came to realize that as the community improve in growth the more the interaction within the comunities goes down, on his own conception was that is due to accountability. As such, the Band protocol was initiated and originated to feed acurrate and trust infomation across the online communities that is built upon the cryptocurrency blockchains which was realeased in the year 2017 on Ethereum blockchain.

Band Protocol Ethos

Band protocol initially was operating on ethos band protocal

As time goes on, the band protocol focus was on Oracle and it purpose. The development and improvement in the growth of the Dapp and DeFi space bring notice to realize that many ot the technology can't operate and as well function without the real world data like that of the Price of cryptocurrencies.

The protocols actually have limited users cases and user bases if they where kept in isolation in a way that hinders communication and cooperation from the world within the native blockchain.

Defipulse Locked

Realizing all this surrounding Band Protocol lead the team behind the Band Protocol movement to dissolved and the community on ethos of Ethereum version of protocol, which now trigger them to create a new Oracle protocol that could be fast, cheaper than any other oracle in the market.

This lead to the born of Band protocol newly in June which was Cosmos Network and which was built using the Cosmos SDK.

Band Crytocurrency ICO
The Band protocol actually has two ICOs and One IEO. The first taken place in the year 2018 and saw 10M Band token of which three million (3M) USD was raised, meanwhile the second ICO took place in May in the year 2019 and saw five million (5M) Band token which was sold at the price of 40 cent USD per Band of which Two million was raised (2M).

Band Protocol IEO
This is the most successful and the most yielding devident so far which rises Six Million USD (6M), This was sold from 12.4M Band token which was actually sold at 47cent per USD through Binance Lauchpad.
The Band token sold on ICO and IEO where ERC-20 since it was initially built on Ethereum.

The total supply is 100 Million band mean while 27.37% where sold between the two ICO and IEO

What is Band Protocol?
This known to be as "cross chain data Oracle" and as well the program data aggregate whuch connet the APIs and the real world data in order to decentralize application with that of the smart contract on cryptocurrency Blockchain.

The Data can be crytocurrency price, stock price, weather and flight logs.

Does it have any token or cryptocurrency associated? Explain

As regards to the question whether Band protocol has any native token?
The answer to the above question is YES which is known as BAND.

This Token known as the Band was distributed through ICO in the year 2018 as initial project and as well the IEO which follow suit in the year 2019, and the same period they launch it in the digital market through the Binanace launchpad.

As volatile token it varies with time, initially the price was $0.3, having ten million of it on the token as the first bought for the token first sale followed by the second $0.4 for five million band which was sold as well.

Little by little in progress in 2020 the band now exceed $15 and still return to the rang of $9 to $6 currrently.

With the fact established below is the current price in the market (coin market cap) here is the screenshot.

QUESTION TWO
Functionalities And Real-life Applications.

The Band Protocol Focus majorly on the speed and scalability, cross chain, data flexibility, compatibility.
The development of smart contract development is the reason for Defi and other DApps sector which are now seen progressing rapidly.

The Band Protocol show a reliability in delivering of data and as well to the public blockchains in matter of delivering information in seconds in other to fulfill data needs of the smart contract.

As a Comos-base project, the band protocol is known to be capable in in sending out data output through the Cosmos IBC through blockchains.

It also function as a bridge to fasten the transfer of information in form of data which are required in the blockchains which is in support of IBC.

It can be bridge conjoining data from one side to the other

The band protocol receive, check, execute and validate transaction.

QUESTION THREE
3- Pro and Cons Of The Band protocol.

PRO Of The Band Protocol

•Band token is compatible with some many smart contract which gave it a great advantage.

•The data acculated by the band protocol is validated and secured.

•The protocol from the blockchain network can function base on thousands transactions per seconds.

•The token can be used to govern ecosystem of the Oracle Blockchain.

Disadvantages Of Band Protocol

• Band protocol depend heavily on the validators which cannot operate without the validators.

•The depreciation of the band as a token to a low price can affect the the standard of the the system since the validators rely on incentives.

•Band as a token can't be exchanged but can be delegated to the validators.

QUESTION FOUR
4- Future developments and new projects

Base on band protocol, future and according to the future and roadmap 2021, below are the screenshut vision

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CONCLUSION

In conclusion the Oracle Blockchain actually is a complex cordinate of the intermediary between the smart chain and the real world.

Example of the blockchain Oracle is the Band protocol that cordinate the information known as data in between the the API and the smart contract.

Mean while i was able to meetup the follow caption on detail behind topic.
•Blockchain Oracle and the details behind it.
•There functionality and there real life application on the system.
•The advantages and diadvantages of the band protocol.
•And it's future development and project.

This lesson have alredy thought us the underground operation behind the successful operation the Blockchain Oracle.

Thanks for through my work
Regards to
@allbert