Background
Soravis Srinawakoon (CEO), Sorawit Suriyakarn (CTO), and Paul Nattapatsiri are the co-founders of the Band ecosystem (CPO). Soravis is well-versed in computer science and was included in Forbes’ list of the 30 under 30.
Sorawit is a computer enthusiast with an MIT degree who has worked with Dropbox and Quora. Paul, on the other hand, is connected to Turmapp and Tripadvisor. Since 2013, he has also developed bitcoin games that have attracted over 800,000 players.
Leading international investors, including Binance, SeaX Ventures, Woodstock, Dunamu & Partners, Sequoia Capital, and Alphain Ventures support Band Protocol.
Band Protocol: What is it?
Band Protocol is a blockchain initiative that powers information transfer across decentralized networks and supplies real-world data to smart contracts. The system is centered on data flexibility, inter-chain interoperability, speed, and scalability.
The protocol has a customizable oracle that enables creators of intelligent contracts to ask for data, such as random numbers, sports scores, and weather data, among other things. Developers can create customized arrangements using WebAssemby (WASM), which is fed data from actual events through APIs.
The Band protocol collects data from several sources and aggregates them. The data format is compatible with various decentralized systems thanks to aggregation.
What is and how does the Band protocol function?
The Band protocol seeks to address the linking issue by “creating a decentralized bridge to allow safe interoperabilities between smart contracts and the conventional web,” according to its website.
This implies that decentralized apps (dApps) may access external data using the intelligent contract data points provided by the protocol. The sources are safe and trustworthy since the data points come from feeds from outside sources and provide a framework for dApp users and developers to control, run, and manage the data sources themselves.
Soravis Srinawakoon, a software engineer for Ericsson and management consultant with Boston Consulting Group, Paul Nattapatsiri, a former web developer for Turfmapp and engineer for Tripadvisor, and Sorawit Suriyakarn invented the Band protocol in 2017. (a former Dropbox and Quora software engineer). Nattapatsiri is the chief product officer, Suriyakarn is the chief technology officer, and Srinawakoom is the CEO.
The BAND: Decentralised Data Governance public draft, which is 30 pages long, was released on May 1.
“Band Protocol seeks to tackle data accessibility and dependability in a truly decentralized way,” the whitepaper states. This includes the data endpoints Band offers so that any intelligent contract can simply consume actual data, and the data governance mechanisms Band provides to guarantee data integrity.
“While Band is originally developed on top of Ethereum, the protocol itself is blockchain-agnostic and will ultimately be supported on all key smart contract platforms,” continues. The goal of Band is to establish itself as the decentralized world’s premier database, on which all decentralized programs and apps may depend for reliable data.
The report also discusses the enormous opportunity for dApps “to disrupt existing enterprises by replacing centralized intermediaries with automatically executed, trustless smart contracts.”
BAND coin
The native token of the Band system is the BAND coin. It serves as a representation of the data sets utilized by the protocol and has a variety of applications.
It may first be used as security for producing record tokens. Second, it may be used to provide token holders network voting privileges. Thirdly, voting for a delegated proof-of-stake (dPoS) consensus process may be used to protect the network.
You may join the protocol as a data provider if you have BAND currency. Obtaining a data source contract and entering the necessary data into it can help you do this. By deploying tokens that satisfy the minimal criterion and act as collateral, you may establish yourself as a prospective provider.
Stablecoins, other asset-pricing feeds, and dApps that receive the data via an aggregator may utilize the tokens to undertake decentralized lending and other payment services.
The progressive decline in the value of BAND tokens is one thing to watch out for. With a target of 66 percent of all tokens staked at any moment, this is done to encourage users to participate in network staking to earn additional tokens via betting incentives. It is intended that individuals utilize their BAND coins rather than keeping them in their wallets or on exchanges.
BAND currency debuted on Binance in a limited-access initial exchange offering (IEO) in September 2019. On Binance, the BAND token went on sale for $0.473. A total of 27.37 million BAND, or 27.37 percent of the 100 million BAND coins available, were sold in the IEO.
In the middle of 2020, the system switched from using Ethereum to the Cosmos platform. This means that it was relaunched with a cleaner, more polished design. It was hailed as a possible challenger for Sergey Nazarov’s Chainlink initiative after the move.
In December 2020, Band became the first blockchain corporation to join the OpenAPI effort, a significant development for the BAND token. The initiative, which also includes companies like Microsoft, Google, eBay, and IBM, intends to develop blockchain-based software that would enable projects and apps to communicate with one another effectively.
Fiat money and fiat metal are tracked via the Band protocol. Its commodity prices and foreign currency rates are compiled from various APIs and sources, including Fixer, OXR, XE, and AlphaVantage, and provided via the on-chain oracle endpoint. Band Protocol collects spot prices for cryptocurrencies from centralized exchanges and websites like CoinMarketCap, CoinGecko, and Brave New Coin.
Band intends to enhance data communication across chains by incorporating the Inter-Blockchain Communication (IBC) protocol with its continued usage of Cosmos. As an interoperable, multi-chain future emerges, this has significant promise.
The current story
As we’ve seen, the coin’s price fluctuated between $0.20 and $0.30 throughout its first six months of existence after it was listed on Binance in September 2019 for $0.473.
However, the currency started to take off in late April 2020 and passed the $1 threshold. Its relaunch was successful, and on July 22, according to CoinMarketCap, it hit $4.55. On August 1, 2020, its price dropped slightly to $3.98, but by August 12, it had skyrocketed to $15.05, an increase of approximately 280 percent in only 11 days.
Despite dropping to $10.34 in the middle of August, it rose again to an all-time high of $15.46 on September 1, 2020, representing a price rise of little more than 288 percent in a single month. It eventually fell once again, however, and spent most of the year hovering around the $6 level.
BAND coin was no exception to cryptocurrency’s rollercoaster journey last year. It began 2021 at $5.51 and rose quickly to $10.35 on January 8—nearly tripling in only one week. The price then briefly stayed at $9 before rising to $18.83 on February 12.
After such a significant climb, there was inevitably a drop, but in late March and early April, it started to rise again. On March 25, 2021, it was worth $11.75; however, on April 15, 2021, it reached an all-time high of $23.29. It dropped to $13.71 on April 24 but rose to $18.26 on May 6, 2021.
BAND was affected by the big crypto day collapse on May 19; by May 23, 2021, it had fallen to $6.84. The cost per unit continued to hover around this level; on June 14, it was $6.91, down more than 62% from a minor over a month earlier. The price of the BAND coin was $8.19 on October 16, 2021, and $7.52 on November 25, 2021.
The coin was valued at $4.87 on December 20, 2021, and following a challenging time for the cryptocurrency markets that lasted long into the new year, it was worth $4.86 on January 19, 2022. The currency kept moving downward, and by the end of February, it was trading around $3.38 lows. The coin’s price dropped to $3.27 on March 14—a multi-year low.
What may occur
Various people have different ideas on what will happen to the BAND price in the future.
For instance, according to WalletInvestor’s BAND price forecast, the currency will likely continue to decline and will only be valued at around $0.23 after a year.
However, according to DigitalCoinPrice, the token will increase by more than 40% and reach $2.55 in July this year. According to the website, it will be worth $3.05 a year. According to the website, the average BAND coin price projection for 2025 is $3.28, and the currency may surpass $5 at the start of 2027.
The site’s BAND coin price forecast for 2030 is likewise upbeat, predicting an average price of $8.13 for the whole year.
Price Prediction/Forecast for Band Protocol (BAND) in 2022, 2023, 2024, 2025, and 2030
PricePrediction.Net forecasts future Band Protocol prices using in-depth technical analysis supported by artificial intelligence to historical Band Protocol price data. We try to gather as much historical data as possible for the BAND token, which includes a variety of metrics such as the previous price, the market value for the Band Protocol, volume for the Band Protocol, and others. Remember to read our forecasts if you want to invest in digital cryptocurrency and get a decent return on your money.
Price Prediction for Band Protocol in 2022
Our in-depth technical analysis of previous BAND pricing data indicates that in 2022, Band Protocol’s price will reach at least $1.85. With an average trade price of $1.91, the BAND price may go as high as $2.18. Band Protocol Price Prediction 2023
In 2023, the price of Band Protocol is expected to be at least $2.61. With an average price of $2.70 during 2023, the Band Protocol price may go as high as $3.20.
Price Prediction for Band Protocol in 2024–2025
According to anticipated prices and technical research, Band Protocol is expected to cost a minimum of $3.87 in 2024. With an average trade price of $4.00, the BAND price may go as high as $4.49.
In 2025, the cost of 1 Band Protocol is predicted to be at least $5.67. With an average price of $5.87 during 2025, the BAND price may go as high as $6.89.
Price Prediction for Band Protocol in 2026
In 2026, the price of Band Protocol is anticipated to fall as low as $7.76. According to our research, the BAND price might rise as high as $10.02, with an average anticipated cost of $8.05.
Price Prediction for Band Protocol in 2027
Our in-depth technical analysis of previous BAND pricing data predicts that in 2027, the price of Band Protocol will be at a minimum of $11.41. With an average trading value of USD 11.81, the Band Protocol price may go as high as $13.37.
Price Prediction for Band Protocol in 2028
In 2028, the price of Band Protocol is expected to be at least $16.24. With an average selling price of $16.83 throughout 2028, the Band Protocol price might go as high as $20.
Price Prediction for Band Protocol in 2029
The projection and technical analysis predict that Band Protocol’s price will reach at least $24.02 in 2029. The average price of the BAND is $24.69, with a maximum price value of $28.64.
Price Prediction for Band Protocol in 2030
In 2030, the price of Band Protocol is expected to be at least $34.88. With an average selling price of $35.87 during 2030, the Band Protocol price might go as high as $41.06.
Price Prediction for Band Protocol in 2031
In 2031, the price of Band Protocol is predicted to go as low as $52.38. According to our research, the BAND price might rise as high as $60.01, with an average anticipated cost of $54.18.