Band Protocol’s Vision and Roadmap

The projected path from foundation to the expansion across multiple blockchains in decentralized oracle space

When Band Protocol was founded in 2017, the vision was simple yet ambitious: provide trustworthy and reliable data to the open internet. Fast forward over more than two years, our core vision remains the same.

Today, our protocol functions as an open standard for connecting blockchain applications with reliable off-chain data.

The crazy phase that is our token sale has finally concluded; marking another milestone of Band Protocol on decentralizing the native BAND tokens and distribute them to our community of developers and users. As the next phase begins, we are taking this time to share our vision and roadmap with the community.

Band Protocol in a Nutshell

Simply put, Band Protocol strives to become the go-to decentralized oracle for dApps across multiple blockchain networks by ensuring maximum security, speed, and low cost.

To be secure and useful, it is imperative that smart contracts have access to reliable real-world data. For example, all prominent decentralized finance projects rely on a price oracle to function and receive precise time-sensitive data. Betting dApps determine payouts based on a verifiable random number or real-world event from an oracle. To ensure complete decentralization, there must be a secure bridge between trustworthy off-chain data and dApps.

Although there have been multiple attempts to solve this problem, most projects either (1) are insufficiently decentralized by design, (2) are difficult for developers to integrate with or (3) lack economic incentive for data providers to sustainably feed high-quality information.

Illustration: Band Protocol as a bridge between Web 2.0 and Web 3.0

Band Protocol provides a cheaper, faster, and easier-to-integrate decentralized oracle that solves all the problems above.

The initial release of datasets on Band Protocol will be on the Ethereum blockchain, starting with price feed for decentralized financial applications. Directly after we will release datasets for sport and identity — supporting wider range of applications such as prediction market, fraud prevention, and gambling.

Long-term Vision

Band Protocol is blockchain-agnostic by nature and will expand to other blockchains through the integration with BandChain. By leveraging the same set of data providers, we will bring datasets across multiple blockchain networks without compromising the security and integrity of the data.

BandChain is a high-performant public blockchain with cross-chain data compatibility. BandChain’s objective is to bridge fragmented data available on existing, unconnected blockchains and become the base data layer for them. Data providers and token holders collectively curate information on BandChain and send it to integrated blockchains via inter-chain communication.

We are on track to execute this vision.

Let us walk you through the roadmap for the next year.