BANDUSDT
Band Protocol / Tether USD
crypto

Band Protocol is a decentralized cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. The protocol runs on BandChain, an independent Delegated Proof-of-Stake (DPoS) blockchain built using the Cosmos SDK. BandChain is custom-built for oracle computations including settlement, data sourcing, and aggregation. Validators stake the network's native token, BAND, the secure the network and earn a portion of the fees generated by the protocol. Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Band Protocol's blockchain BandChain (Cosmos-based blockchain) uses Delegated Proof-of-Stake (DPoS) to secure the network. BandChain allows developers to customize and create data oracle scripts that allow smart contracts to connect to external data sources and APIs and specify aggregation methods and security parameters. BandChain is operated by a distributed pool of validators, and when a smart contract data request is submitted, validators are pseudo-randomly selected based on the weighted average of their respective stake to provide the data. They do this by fetching the data from the sources specified by the smart contract and aggregating the requested information. Validators have monetary incentives to report data correctly, as they risk getting slashed if they get caught manipulated data entries or are unresponsive to data requests. Validators also face slashing penalties if they are offline for extended periods or double-sign transactions. Validators can set their own fees for the data they are providing. Only the top 100 validators on the network (determine by stake weight as in the number of self-staked BAND plus delegations) are eligible to receive and act on oracle requests.