Crypto Academy Season 3 | Intermediate course Homework for professor @allbert–week 7: Blockchain Oracle- BAND PROTOCOL
Hello..!!
My Dear Friends
This is @ns-porosh from Bangladesh 🇧🇩
Introduction
How are you all? I hope you are well by the grace of God.I am well with your prayers and mercy God's grace.At first of all thank you to the sir @allbert. Your lesson provides a lot of information on homework tasks.
What is Blockchain Oracle?
The word oracle basically means to facilitate communication between two different worlds by creating a bridge between them. Similarly blockchain Oracle builds a bridge between the decentralized web world and the centralized web world. We know that blockchain is a decentralized system. Blockchains were quite simple before the inclusion of Bitcoin in blockchains, but after the incorporation of Bitcoin and the rise of Etherium, it became increasingly complex. As the blockchain evolves from the conventional model to a technology that is constantly evolving and changing, there are also many problems such as the impossibility of bringing any data directly from the real world, that is, from the external system, to the blockchain. This requires Oracle technology to retrieve data from the real world.
Oracle technology basically delivers data from off-chain platforms to on-chain platforms. In other words, with the help of Oracle technology, the information from external sources is re-interpreted so that the blockchain can be understood more easily. Lastly we can say that Oracle helps in smooth functioning of blockchain.Here are some examples of Blockchain Oracles:-ChainLink,Band Protocole,DIA,Tellor and API3.
Different types of oracles
Below are some blockchain Oracle names:
1:-Software Oracle
2:-The unanimous Oracle
3:-Hardware Oracles
4:-Inbound Oracles
I will now discuss the Band Protocol.The band protocol is discussed below:
1:-History and Description. Does it have any token or cryptocurrency associated? Explain.
Band Protocol
The band protocol is an oracle blockchain. Soravis Srinavakun is a CEO, then Boston Consulting is a group company management consultant and Paul Chanpimai is a successful software engineer. Early in 2014, Sorvis Srinivakun created a cryptocurrency-based gambling website by introducing everyone to cryptocurrency. Gambling websites used to gamble using Bitcoin. Make a lot of money from gambling websites. The money raised from this project was used to develop the Oracle project called Band Protocol.
Originally the band protocol was created to improve or extract smart contract access data outside of a specific blockchain. The band protocol was successfully launched on the Etherium network in 2017 as an ERC-20 token. But later, due to the slow speed of processing and additional fees, the band protocol was changed from Ethereum network to Cosmos network in June 2020. The processing speed is very high in Cosmos network and the fee is very low in this network. Next the main authorities of the band protocol decided to create their own blockchain and published a blockchain called Bandchain. This bandchain serves as a bridge-friendly service to blockchain public and decentralized applications.
The band protocol can also work with different types of blockchain as a cross-chain platform using its inter-blockchain communication protocol (IBC) and the band protocol has 20-30 employees.
Band protocol token
The band protocol has its own token called band. These band tokens were previously published on the Etherium network as ERC-20 tokens but were later transferred to their own network BandChain. Band tokens were initially distributed on Binance Exchange through the ICO and IEO programs. The full form of ICO is Initial Coin Offering and the full form of IEO is Initial Exchange Offering. The ICO program is completed in two steps. The first ICO program is in August 2018. A total of 10,000,000 tokens were sold in the first ICO program. The second program was in May 2019 and a total of 5,000,000 tokens were sold in the second program. An additional 12 million band tokens were later sold through lotteries and airdrops in the IEO program.
Token holders also allow validators to earn additional tokens from this process. Validators are basically a team that takes data from outside and makes it available to the band protocol. Validators provide data when blockchain data is needed. Several block awards are given according to validator performance. The study found that there are currently 59 validators active in the network.
The current value of the band token is $ 7.93 and its rank is 156. 24 Hour High is 8.59 and Low is $ 7.72. Also the 24 hour trading volume is $ 84,639,116 USD. Band tokens can be bought and sold through Binance Exchange, Coinbase Exchange and Huobi Global Exchange.
2:-Functionalities and Real life application of Band protocol Oracle.
Functionalities
The band protocol has greatly improved the effectiveness of the blockchain in many ways. Basically the band protocol claims itself as a reliable scalable and decentralized cross-chain data oracle. The band protocol was designed as a decentralized data oracle to be fast, secure, affordable and highly efficient. The band Oracle collects information from the public in an incredible process that allows them to connect to smart contracts.
Off-chain data is aggregated through band protocols and then produced into decentralized applications through a smart contract. Basically the band protocol is a method of collecting data from the web and delivering data to applications through a smart contract.
Real life application
The developers of each DApps need blockchain Oracle to manage access to their data sources. Blockchain Oracle also helps to provide a standardized structure so that it can be rewarded for proper use.
Blockchain Oracle is required to place bets on various online games such as: NBA, MMA. Blockchain will send Oracle Smart Deals based on your bet. If you are wise, you can bet on the actual result and win.
3:-Pros and Cons of the Band Protocol.
Pros/ Advantage
1:-Band coin users can manage the band protocol regime.
2:-The band protocol can be used on different blockchain networks, including various smart contracts. Due to which it has been widely used worldwide.
3:-The band protocol supports many smart contracts and is easy to integrate into blockchain. Moreover it is very readily available.
4:-This protocol is not centralized which makes the process much more transparent and safe against attacks.
5:-Since the band protocol is a decentralized platform, a user can transact without waiting for an order from the central authority.
Cons/Disadvantage
1:-The band protocol does not accurately predict the currency. Due to which the users are likely to face huge losses.
2:-Coins cannot be traded in band protocol, only coins can be stacked.
3:-The efficiency of the network depends on the ability of the verifiers in the band protocol. The lower the efficiency of the verifiers, the lower the efficiency of the network.
4:-Verifiers carry 2% of your earned block rewards and band tokens are more expensive.Inflation is estimated to be more than 10%.
5:-Hackers can hack band protocol systems to collect data flows from users.
4:-Future developments and new projects
On April 15, 2021, it was announced that Google would collaborate with Cloud to provide protocol data and properly analyze the series data at the right time. The band protocol is also giving its users the ability to use decentralized Oracle for external data sources.Enter this link Twitter linkfor details.
On February 3, 2021, the band announced a new roadmap to further integrate the protocol blockchain and make the monetization process easier for institutional data providers.Enter this link Twitter link for details.
Conclusion
Blockchain Oracles act as a bridge between the blockchain and the outside world. Band protocol is a reliable oracle and has cross-chain features. Band protocols can share data with multiple blockchains. It also has 10% more scalability and higher speed. Band protocol tokens are called band tokens. The more the band protocol develops, the higher the price of the band token will increase. I think band protocol has a great future. Thank you very much @allbert for this beautiful lesson.
Hello, @ Thank you for participating in Steemit Crypto Academy season 3 week 7.
Remember that the research was detailed. For example in question 1 it would have been good to talk about the white paper, the roadmap...
Likewise in question 2 you could support what you wrote by posting some scerrnshots of the platform and explaining its functionalities.
Thank you so much Dear sir❣️❣️