What is band protocol?

Band Protocol is a software designed to incentivize a network of users to provide real-world data to decentralized applications (dapps) running on blockchains . For example, if a dapp developer wants to enable his or her users to enter wagers on the future price of gold, it would need to be able to determine its price at the desired later date.

Is band protocol based on Cosmos?

Band Protocol’s future success may depend in large part on that of Cosmos, as well. Although Band itself is blockchain-agnostic, its own blockchain is now based on Cosmos, which bills itself as the “Internet of blockchains,” promoting cross-chain compatibility for a thriving ecosystem.

What is decentralized Oracle band protocol?

Decentralized oracle Band Protocol bridges the gap between blockchains and off-chain data sources, but faces a well-established rival in Chainlink. Band Protocol is a decentralized oracle used by blockchain smart contracts to access off-chain data. It works with decentralized apps on Ethereum, but also those on other blockchains.

Does band protocol affect the price of band tokens?

As demand for the system grows, such proposals could affect how much you earn with your tokens from staking BAND. However, Band Protocol is not the only decentralized oracle system that runs on a blockchain. Competitors like Chainlink are also popular and may put pressure on the price of BAND.