Binance Announces They Will Host Band Protocol’s Token Sale

Binance Launchpad is going to be hosting the token sale of a Band Protocol. This is the ninth project launched this year through the Binance Launchpad platform. The Band Protocol has already secured $3 million in investments in 2019 from other companies, including Sequoia India, Dunamu & Paternets nad VC fund SeaX Ventures. 

Band Protocol Token Sale On Binance Launchpad

Binance Launchpad has already hosted several crypto-related projects, including the BitTorrent Token earlier this year. The new Band Protocol sale token will follow an updated lottery format. Users will be able to claim for tickets starting on September 16. The information was released by Binance in a blog post on September 6. 

The new Band Protocol wants to become the most secure and scalable decentralized world’s database. In this way, decentralized applications (dApps) would rely on for trusted data. Those firms and developers using the Band Protocol would be consuming data using public smart contract data points rather than oracles as in other blockchain networks. As per the blog post, this would allow decentralized applications to leverage existing data on the internet without having to compromise their security. 

#Binance Launchpad To Host The Token Sale of @BandProtocol

Band Protocol aims to become the most secure and scalable decentralized world’s database where any decentralized applications (dApps) can rely on for trusted data.https://t.co/XxVusyBO91

— Binance (@binance) September 7, 2019

The CEO and Founder of Binance, Changpeng Zhao, mentioned:

“Using a community-driven approach, the Band Protocol solves an important problem in the industry: trust in third-party data sources, which is necessary for decentralized applications working on the blockchain and further mass adoption of crypto technologies.”

The Band Protocol is expected to use different economic incentives in order to ensure independent praties provide reliable and trusted data. In addition to it, they also need to make sure that the information is accurate. One of the mechanisms that the protocol uses is an integrated dataset token that works in a similar way to the Delegated Proof of Stake (dPoS) consensus. 

The CEO of Band Protocol, Soravis Srinawakoon, said that the truster oracle problem is a significant hurdle for mass adoption of applications. This is due to the fact that its security weakness limits the different use cases that can be built using smart contracts. As he explained, there are several decentralized finance applications in the market and many of them rely on critical centralizing points of weakness because of the oracles used. 

That’s clearly something that is limiting the adoption and expansion of these solutions around the world. Through the Binance Launchpad, the goal is to gather funds and offer solutions to these issues.