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Home AMA

Band Protocol x Binance AMA Recap

admin by admin
23 Tháng Mười, 2019
in AMA, Binance
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Band Protocol x Binance AMA Recap
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15h ngày 23/10/19, dự án #Pchain đã tổ chức buổi AMA trên nhóm telegram Binance English. Dưới đây là văn bản ghi lại nội dung chính của buổi AMA.

AMA chia làm 3 phần như thường khi:

Phần 1: Richie sẽ hỏi Soravis 5 câu hỏi về dự án Band Protocol

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Phần 2: Soravis sẽ đặt 5 câu hỏi và đường link tới google form để mọi người điền câu trả lời và thông tin nhận thưởng. Tổng thưởng là 4,400 $BAND

Phần 3: Cộng đồng sẽ đặt câu hỏi gửi tới Jeff , 10 câu hỏi hay nhất sẽ nhận mỗi người 100 $BAND

Nội dung chi tiết

Mục lục

  • Giới thiệu về Soravis & Band Protocol
  • Phần 1: Richie hỏi Soravis 5 câu hỏi về dự án Band Protocol
  • Phần 2: Soravis sẽ đặt 5 câu hỏi và đường link tới google form trả lời để nhận thưởng
  • Phần 3: Cộng đồng sẽ đặt câu hỏi gửi tới Jeff , một số câu hỏi hay được lựa chọn trả lời

Giới thiệu về Soravis & Band Protocol

Hi guys, again happy to be here and join Binance community. … My name is Soravis, CEO of Band Protocol, a decentralized data oracle. Quick background about myself, I did my Bachelor in Computer Science and Master in Management, both from Stanford University. I spent 2 years at Boston Consulting Group, advising many C level executives while investing in crypto on the side. Then I left to go down the rabbit’s hole since and started Band Protocol.

Band Protocol is a decentralized oracle which means we connect real-world data and API to smart contracts and decentralized applications. Smart contract / dApps are very revolutionary concept but they have no way to access data outside of blockchain and hence this makes their use cases very limited. We are solving this data layer so that any dApps/smart contracts can easily access these real-world datan and use them inside logics so anything from financial data to event to payment, etc..

When we first started 2 years ago, we tinkered around smart contract potential quite a lot and try to build everything from lottery app, gaming faucet to stablecoins. Every single time we came across the same problem – which is how to get real-world data to blockchain in a fully decentralized way cause that has been a big issue. If data is wrong, your smart contract is wrong so we need a better way for data oracle. Hence, we have been focusing on this data oracle since.

Phần 1: Richie hỏi Soravis 5 câu hỏi về dự án Band Protocol

Câu 1: Can you give a brief introduction about Band Protocol. What is the mission of Band Protocol? What kind of problem will Band solve?

As alluded to earlier, Band Protocol’s mission is to bring and connect real-world data to blockchain, which allows smart contract to easily query and make use of those real-world data in their logic. This will enable much more use cases than what we have seen so far.

And if we are able to solve this then we can remove the single point of failure found in many dApps / defi projects ? allowing truly trustless smart contract to work

Câu 2: What is your strongest advantage that you think will make your team leading the market?

Couple of factors:

(1) technology, we offer cheaper, faster and scalable data query model compared to other alternatives. Our solution is much easier to integrate as well given data is already available on chain

(2) go-to-market: we are focusing a lot in Asia market whereas most other oracle solutions are in the US. We see strong emerging use cases coming out in Asia and we are well positioned to capture this market. our recent partner with data providers also have very strong presence in Asia

(3) team: well balanced from both business and technical (very strong technically with team from MIT, Stanford)

(4) backer: our investors are mostly long term traditional investors like Sequoia and Dunamu & Partner (unlike those crypto VC that dumps tokens in day one). They also help intro to many unicorns of their portfolio.

Câu 3: What is your Total Addressable Market (TAM) and what do you estimate is the max share your network will take?

Well we believe data oracle is a HUGE space as all dApps from all blockchain will require access to real-world data for any meaningful applications (e.g. all defi depends on price of eth right now). Layer 2 protocol like oracle has the potential to capture even more value than layer 1. Given that smart contracts are as secure as the data input, market size will be as big as the money at stake, otherwise it will be cheaper to attack.

Chainlink (as most people are aware) is the market leader with fully diluted market cap of $2.5B (~$4B at ATH). We are only at a tiny fraction given we have just launched our mainnet and build our presence. We believe we can definitely get a nice pile but keep in mind, this industry is still early and provide a lot of room to grow.

Câu 4: Can you give us an example of what future partnerships will be like for Band Protocol?

There are mainly three parties: (1) layer 1 solution such as EOS, Cosmos etc. All layer 1 need data layer for dApps to be easily built and we will partner with them as our go-to-market as they already have many developers, dApps and a lot of money. (2) partner with reputable data providers so for price feed, expect reputable exchanges, data aggregator sites and traditional businesses (3) dApps who will utilize our protocol so existing and upcoming DeFi and games, especially in Asia.

Recently we have announced partnerships with WanChain, Elrond, and TomoChain. We are working closely with them to integrate Band Protocol oracle into these high-performance blockchains to support increasingly demanding use cases. There are many more to come and we really focus on integrating the tech that has potential adoption.

Just yesterday we also revealed our partnerships with 4 reputable data providers from all over Asia. With such strong support in local communities we can attract more adoptions from both blockchain projects and enterprises. We are also working with many more and they will be announced at a later stage.

We are working with a number of DeFi and other dApp projects as well. Keep an eye out for more detail to be announced in the upcoming weeks!

Câu 5: What are the major milestones you have achieved so far?

We successfully launched our oracle network on Ethereum mainnet along with our first dataset token, XFN, which has grown 300% over the past 1 month with more than 720,000 BAND tokens in collateral. (anyone interested in exploring can go to https://app.bandprotocol.com – governance portal, and https://developer.bandprotocol.com/home/comparison.html – developer portal).

We also just released Financial data feed reports on https://xfn.bandprotocol.com. You can inspect the real-time update of Financial data queries, along with key metrics of $XFN token – all in one place.

Apart from just mainnet, we have already began work for cross-chain compatibility and integration with other projects as mentioned with our partners. Our oracle has been queried thousands of times and are generating revenues (in query fee) to data providers and token holders who stake on their behalf. It’s only one of the handful protocols that are able to generate traction and real revenue.

Phần 2: Soravis sẽ đặt 5 câu hỏi và đường link tới google form trả lời để nhận thưởng

Câu 1: What is the full name of XFN token?

Đáp án: Financial Data Token

Câu 2: What is the mechanism that Band use to mint dataset token (such as XFN)?

Đáp án: Bonding curve

Câu 3: What is the name of Band Protocol’s first dApp utilizing Band’s oracle?

Đáp án: Bitswing

Câu 4: Who is Band’s biggest competitor in crypto?

Đáp án: Chainlink

Câu 5: Who are the top 4 data providers that Band Protocol has recently partnered with?

Đáp án: CoinGecko, DeSquare, Woodstock and one of China’s largest staking pools

Phần 3: Cộng đồng sẽ đặt câu hỏi gửi tới Jeff , một số câu hỏi hay được lựa chọn trả lời

Câu 1: About the number of data sources.Do you plan to connect more data providers such as coinmarketcap, amberdata, cryptocompare etc?

Yes the security of our oracle network depends on both number of data providers and quality of data providers (which correlates with their reputation). We are already working with other undisclosed data providers as you mentioned and will be publicly announced at a later date.

Our oracles cannot exit scam or its very difficult to conduct 51% attack as they have to collude and ruin both their reputation and money at stake.

All of our data providers are ‘KYC-ed’ since they have to provide their identity in order to earn trust from token holders who curate/stake on their behalf.

Câu 2: Which area does $BAND focus on at the moment? (DeFi, Dapps,..) and which products/projects are you developing to support it?

We are focusing on driving adoption at the moment. This comes in many forms: 1. partner with other chains to bring our data to their dApps on their blockchain 2. integrate with existing defi / dapps which we have already begun internally 3. work with developers to build new dapps ? we are pursuing all threes to drive adoption and will be our major focus going forward.

Câu 3: At this time , All tokens go down in price even with great partnerships, hype, marketing, and working products, etc . So, what the challenges are you facing now and the plan to make $BAND strong and popular in crypto world in the next 1 year ?????

Adoption and solid tech drive everything up in the long term. We do not comment on price but as you know speculation drives only short term value but we are focusing on long term value creation through our tech and partnership. Keep improve our fundamental ?

Câu 4: what is advantages of band protocol between chainlink?

We offer specific data to dApps/smart contract and optimize for speed (faster), cost (cheaper) and ease of integration (easier to write code).

Câu 5:

Q1 What are Band’s strategy and technology advantages compared to more established platform like Chainlink, Oraclize, Augur etc.

Q2 What are the current Datasets in the pipeline (there’s only 1 currently)? How does the process of listing new Dataset works?

Q3 Does BAND and XFN tokens benefits day to day people directly? Because currently it seems like both tokens are useful for data providers only.

Bonus: Any plans for Uniswap?

Trả lời:

2. Please check our roadmap on our medium.com/bandprotocol. We are planning to add more and since we are open-sourced protocol, anyone can launch their own as well!

3. BAND and XFN are used as collateral for data providers and token holders to stake on their behalf. Think of it like a work token where if you stake more, then you earn more from the work you do (i.e. provide data and earn more query fees generated by dApps/smart contract who consume the data)

4. Coming soon ?

Câu 6: What benefits did you get from participating in the Binance Launchpad?

Well launchpad is the best, global platform to distribute tokens widely to our users ? It’s important we get these tokens to the hands of people who are using our protocol such as data providers, developers, etc. to ensure they can use our protocol and make it fully decentralized.

Câu 7:

Q: You have collaborated with Elrond and Tomochain. How will these partnerships contribute to Band Protocol?

Q: A bulk majority of any crypto community’s key focus is on the price of the token. When prices rise, community rejoice and grows, when fall, many people start throwing negativity. How is Band going to address the issue of negativity when prices fall? What are your plans to strengthen and grow the community to persuade more individuals to look at the product rather than just the price?

Trả lời:

Elrond and Tomochain are some of the blockchains that are gearing up for adoption both from dApps and enterprise perspective. By making our oracle available on them, anyone can use us inside their blockchain and increase our adoption/usage/value.

Unfortunately on short term price speculation, we cannot do anything as we do not control price. We focus on what we can control, drive adoption, improve fundamental and build a solid user base who understand and use our protocol – that will add a lot of value in the long run.

Câu 8:

How can participants in the Band Protocol ecosystem earn query fees from providing quality data?

How about the status of data providers in the last quarter? Is it developing well?

Any BAND token holders can stake on behalf of other data providers and, if have large enough stake, can become data providers themselves. Any stakers will earn part of query fees as they help to secure the network.

We have onboarded reputable data providers and will have many more in the future ? Stay tuned in our channel to learn more @bandprotocol

Câu 9: In addition to BitSwing, what is your target number of Dapps for next year? What is your strategy to attract more and more developers to build their Dapps on Band Protocol?

We have a number of dApps that are being developed in private at the moment. We don’t target number of dApps but rather number of users / query since those directly translate to more transactions and query fee generated. We will host many more events geared toward developer community soon!

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