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1/ There's a lot of noise in the blockchain space, navigating through it to find sources of truth will always be a challenge.
As the two-week countdown towards mainnet launch begins, let's take some time to clear up some common misconceptions about @BandProtocol.
A thread
As the two-week countdown towards mainnet launch begins, let's take some time to clear up some common misconceptions about @BandProtocol.
A thread
2/ $BAND only connects to free APIs or 'low-quality' data sources
Supporting premium APIâs where data providers are required to maintain and pay the API fee was always on the roadmap. Band Protocol will implement this in Phase 2 through a more scalable and friendly solution.
Supporting premium APIâs where data providers are required to maintain and pay the API fee was always on the roadmap. Band Protocol will implement this in Phase 2 through a more scalable and friendly solution.
3/ $BAND validators are operated by random/unreliable entities
A set of 17 genesis validators from the top blockchain infrastructure DevOps/security firms and industry-leading validator services, 5 of which have professional experience in operating in an oracle network.
A set of 17 genesis validators from the top blockchain infrastructure DevOps/security firms and industry-leading validator services, 5 of which have professional experience in operating in an oracle network.
4/ $BAND validators have no stake or skin-in-the-game
All validators on BandChain are economically incentivized to stake $BAND which uses a randomized stake-weighted algorithm to select those with more skin-in-the-game to source data.
All validators on BandChain are economically incentivized to stake $BAND which uses a randomized stake-weighted algorithm to select those with more skin-in-the-game to source data.
5/ $BAND doesn't have a token slashing
Malicious actors who double-sign or validators with downtime on BandChain get token slashed to ensure full accountability of securing the decentralized oracle network and incentivize high-quality control standards.
Malicious actors who double-sign or validators with downtime on BandChain get token slashed to ensure full accountability of securing the decentralized oracle network and incentivize high-quality control standards.
5.5/ While there is no direct token slashing for âbad dataâ yet, it is an ongoing research
As validators stake a large amount of BAND, colluding for manipulation will result in losing most of their value at stake - standard PoS.
Staking is a key aspect of oracle security.
As validators stake a large amount of BAND, colluding for manipulation will result in losing most of their value at stake - standard PoS.
Staking is a key aspect of oracle security.
6/ $BAND is vulnerable to Sybil-attacks
Sybil-attacks occur when an attacker subverts the reputation system of the network by creating a large number of pseudonymous identities i.e. validators.
This is prevented through the aforementioned randomized stake-weighted algorithm.
Sybil-attacks occur when an attacker subverts the reputation system of the network by creating a large number of pseudonymous identities i.e. validators.
This is prevented through the aforementioned randomized stake-weighted algorithm.
7/ $BAND is insufficiently decentralized
The BandChain oracle network will initially be operated by 17 professional validators and gradually transition into a global pool of 100+ nodes to ensure stability.
(Fun Fact: Testnet #2 had 46 participating nodes already)
The BandChain oracle network will initially be operated by 17 professional validators and gradually transition into a global pool of 100+ nodes to ensure stability.
(Fun Fact: Testnet #2 had 46 participating nodes already)
8/ $BAND provides reference data
While partially true, Band Protocol is capable of providing reference data as well as meet the demand of a real-time data request (within 6 seconds) by leveraging BandChain - an independent blockchain built specifically for oracle computations.
While partially true, Band Protocol is capable of providing reference data as well as meet the demand of a real-time data request (within 6 seconds) by leveraging BandChain - an independent blockchain built specifically for oracle computations.
9/ $BAND is not blockchain agnostic
Band Protocol is fully cross-chain compatible and uses lite client (bridge) smart contracts to allow oracle data relaying to any destination blockchain while verifying data integrity with the signatures from validators.
Band Protocol is fully cross-chain compatible and uses lite client (bridge) smart contracts to allow oracle data relaying to any destination blockchain while verifying data integrity with the signatures from validators.
10/ This is not about comparing oracle solutions but shining a light on Band Protocol v2.
The oracle space is still very early and has immense room to grow proportionately with smart contract/DeFi adoption!
The oracle space is still very early and has immense room to grow proportionately with smart contract/DeFi adoption!
The blockchain space is about constructive open-source communities, building together and leveraging each other's technology for the betterment of the world.
Few understand this
Few understand this
