Band Protocol 2.0 Launches, Seeking to Challenge ChainLink Dominated Sphere with BandChain
- Band 2.0 protocol was unveiled on Wednesday as Sequoia-backed, Band Protocol, marked its first milestone of the three-staged plan by the company.
- The second step of the plan aims at rolling out staking options for the community node and ecosystem partners.
The Band 2.0 protocol went live on Wednesday this week, an announcement on their official Twitter page confirmed. This is the completion of stage one in the launch, with phase two expected to commence immediately.
1/ 🎉 BandChain Phase 0 Mainnet is LIVE with 17 industry-leading genesis validators from the top blockchain infrastructure DevOps/security firms.
— Band Protocol (@BandProtocol) June 10, 2020
The mainnet was onboarded by 17 fully functional genesis validators on launch. They comprised of an array of cutting edge Blockchain expertise, DevOps/security firms, and industry-leading validator services according to their presser.
Launched in 2017, the start-up sought to create tokenized solutions for the Blockchain industry by offering Oracle platform. Their big break, however, came in 2019 September when they received a $3 million cash injection in a seed round led by India’s Sequoia Capital and onboarding Ethereum’s Blockchain.
Band 2.0 is built on Cosmos-SDK technology. This, according to Band CEO and Cofounder, Soravis Srinawakoon, was decided after a careful assessment of other available options such as Polkadot, with Cosmos-SDK proving to be the better-tested alternative while superior capabilities with their Blockchain interoperability.
Meanwhile, the BAND currently trading at $1.44 has been ranked 146th with a market cap of $29,528,297. They have recorded trading volumes of $7,038,453 in the past 24 hours, with 20,494,033 BAND in circulation as per this writing.
The Three-Stage Plan
This has marked a successful end to stage one of an elaborate three-stage plan. Stage two will allow public staking from the community node and ecosystem partners: wallets and exchanges, as further explained by the report. They intend to zero in on the clientele with DeFi projects in need of Oracle and protocol security expertise as they seek to secure the DeFi sphere with the potential to lock in Billions of dollars.
Stage three is set to enable the public validator nodes that are the community validators. This will be aligned to their objective of onboarding at least 50 public validators to bolster network stability and security.
They will also venture into stock and commodity prices, verifiable random number generation, and sports betting as they target to rival the Chainlink dominated Oracle sphere.
They released their first dApp, BitSwing September 2019. It extends BTC Binary trading options to its users. Long and short positions on the BTC/USD are availed so users can try predicting BTC prices shortly after the wager. The CEO alleged they received overwhelming market response recording 40000 transactions and $12,000 in revenue in just the first week. The team has since projected the dApp will generate close to $300000 in the next 12 months.