What is Band Protocol? Interview with Sorawit Suriyakarn with Grace Pham

By Le Thanh | Interview / AMAs

Band protocol

After IEO Perlin (PERL) On Binance Launchpad, all eyes are on Band Protocol (BAND) projects.

Band Protocol is a project that is expected to become Chainlink Asia version. And here are some interesting information, summarized from the AMA session with Sorawit Suriyakarn - Chief Technology Officer and Co-Founder of Band Protocol.

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Information about the Sorawit Swit Suriyakarn

Sorawit Swit Suriyakarn is CTO Band Protocol. Sorawit graduated from MIT. He then spent several years working at both Silicon Valley start-ups (Dropbox, Quora) and Wall Street financial companies.

He himself has been studying dApps since the early days of ETH's development and found that data is what prevents dApps from following the trend. Therefore, Sorawit focused on building the Band Protocol.

What is Band Protocol?

Band Protocol is a secure, decentralized and scalable second layer protocol service provider on the Public Blockchain. The project supports developers, companies, celebrities ... issuing personalized tokens.

Band Protocol's main feature is to bridge the gap between decentralized applications and real-world data.

This project allows dApps to leverage data available on the Internet without a third party, bridging use cases between Web 2.0 and 3.0.

By providing available and reusable data on the chain, Band Protocol provides a cheaper and faster solution than alternatives without compromising on security. Developers using Band Protocol can build more types of dApps, bringing Blockchain closer to mass adoption.

What are the applications of BAND token and dataset dataset?

BAND is the original token of the protocol and is used to perform protocol administration as well as use as collateral to print tokens.

Band Protocol has a specific token dataset for each data set (as opposed to using BAND for each data set) to ensure value. The price of the token dataset is closely linked to the quality of that dataset.

This also makes it more difficult for network attacks because the attacker must obtain a dataset token, not just a BAND token.

How do developers and users contribute to the Band Protocol project? What are the main benefits of BAND token for the ecosystem?

You can start contributing to Band Protocol by submitting a request on Github.

Band Protocol is a 100% open source project. BAND is issued as an ERC-20 standard token and is used for the administration and data management within Band Protocol.

In addition, with the nature of ERC-20, BAND can be used to interact with other DeFi projects on. Ethereum. Such as Uniswap, Compound ...

How does Band Protocol support adding value to the dataset token?

As the dataset usage increases, the token holder dataset will be able to make more money. With more potential earnings, the value of the token will increase proportionally. As the value of the token dataset increases, it leads to an increase in the value for the BAND token.

Are tokens created on the ETH platform, is TPS the same as other tokens?

Band is the layer 2 protocol on the Public Blockchain. The project chose ETH as the first platform due to its rich developer ecosystem, especially on DeFi.

As for TPS, this is not really meaningful, as that will depend on the platform on which the Band operates.

How is the band different from Wikipedia?

Band Protocol serves data for Web 3.0 and Smart Contract. Smart Contract does not have access to Wikipedia or Google.

Does changing the price of BAND affect the value of a user's Dataset token?

According to the structure of Bonding Curve, to buy Dataset Token, buyers need to use Band as collateral, but BAND price is not stable. So, does changing the price of BAND affect the value of a user's Dataset token?

Holder dataset tokens are priced in BAND tokens. And if the price of BAND increases or decreases, it will also affect the Dataset token price.

The project expects the Band price to reflect Band Protocol usage across all data management groups in the system. Therefore, as long as usage increases, BAND prices and dataset token prices will grow together.

How does Band Protocol prevent chain attacks and minimize third-party risks?

This is always an urgent problem when the network is still immature.

Band Protocol intends to minimize the risk by working only with reputable data providers. That will minimize the risk of network errors. Because most partners are professional and experienced in running flexible networks.

Why is Band Protocol working at this time without launching in 2017?

Band Protocol started the project in 2017. However, they chose not to raise funds and release the product to the public until they felt the product was ready.

What is Band Protocol's plan to attract Dapps and developers to use its solution?

Band plans to buy more developers through multiple channels. Band Protocol is currently approaching many projects using Band for data solutions.

In addition, the project is planning to organize hackathon events to raise Band Protocol awareness. Also for developers to test and start building applications on Band Protocol.

Why are there so many people who can operate on BitSwing without any BAND token or database?

According to the Band's whitepaper, data tokens are very important elements on its model. People who want to access data (from groups) must use BAND to buy data tokens to gain access.

However, as a dApp user or dApp developer, you don't need the BAND token or data. At that time, you must pay the principal with the protocol's original token (which is ETH) to gain access to the data. BAND and data tokens are used by BAND holders and data providers to provide data to the system.

When users buy data, can they sell it to others? How are Band Protocol data sources classified and priced?

Band Protocol users are decentralized on-chain applications seeking to use Band's data to process data. They are not allowed to resell the data.

Data points within the Band Protocol are priced based on administrative parameters, voted by the token holder dataset.

Information about the first BitSwing dApp on the Band Protocol platform

BitSwing is an application that Band has developed in cooperation with third-party developers, increasing the use of BAND. This app is currently available on Kovan's Testnet.

However, the project intends to move BitSwing to other networks (including the Mainnet) and other blockchains in the future.

Why is Band Protocol called LINK LINK Asia?

The reason is that both projects have similar operational goals. And Band Protocol is based in Thailand (Asia).

What are the highlights of BAND compared to LINK?

ChainLink Definitely has an advantage over Band Protocol. However, the project still has a long way to go before proving itself truly accepted.

Meanwhile, Band Protocol focuses on security, simplicity and ease of use (getting data from Band is simpler than ChainLink) and speed (data available on newtowk Band).

How will dApps grow compared to traditional applications?

The potential of dapps is to allow users to interact with the system without trusting developers from anywhere in the world. There is no discrimination - this is important for the long-term development of dApp.

After IEO, does Band Protocol have any plans or programs to attract investors interested in BAND?

The project is developing real products and creating real use cases, solving real problems in the Blockchain field.

Immediately after IEO, token holders Band will be able to use the token to stake and earn a portion of data consumption fees. With so many use cases, the BAND token will be far more valuable, not just a buy and sell speculation.

According to the roadmap, Band Protocol will integrate with other blockchains. Why did Band make such a decision? Can these integrated blockchain chains work in parallel with the ETH network on the Bandwidth Protocol and solve the scalability problem that may occur on the network?

Integration can work in tandem and the Band Protocol intends to pre-set the dataset Band on multiple blockchains.

In the long run, the project also intends to build its own BandChain, ensuring Band Protocol shares the same data source and uses the same security group with other blockchains.

What are the main differences between Web 2.0 and Web 3.0? Why did the project decide to build Band Protocol as a data management framework for Web 3.0 applications but not Web 2.0?

Web 2.0 is the traditional web we use today (Google, Facebook). In that model, users need to operate in a manner that places trust in the platform.

With Web 3.0, everything is decentralized, and users don't need to trust those centralized agencies.

Upcoming development direction of Band Protocol

In the long run, Band Protocol can evolve into a Public Blockchain for any industry. Including finance, supply chain, entertainment ...

In terms of innovation, the project is growing very fast and actively researches on its protocol.

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