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Introduction to Band; China’s new competitor Link

Even China’s most optimistic investor, Link, did not expect the digital currency to grow 6,000 percent in two years. In the last six months, TokenLink has experienced a jump of about 300%, and in the same short period, it has broken its previous price record more than five times. But in the lower echelons of the lesser-known market, another digital currency is emerging these days, which happens to be China’s competitor: the Band Protocol.

The price of BAND tokens has risen by about 5,000 percent over the past six months. To understand this number, if six months ago you invested 10 million Tomans in this token, without considering the increase in the price of the dollar, today your capital was about 500 million Tomans. Each BAND is priced at $ 15 at the time of writing and is ranked 46th in the digital currency market in terms of market value.

Introduction to Band;  China's new competitor Link
BAND price chart from the beginning of supply in the exchange

News of collaborations with various projects and promising announcements from the network caused a sharp jump in the price of tokens. The most important news that pushed the price sharply was the addition of this currency to Hobby and Coin Bass exchanges.

Also, the prosperity of decentralized financial management (DIFA) is another factor that has played an important role in raising the price range. Diffay refers to a set of applications that can perform important financial tasks such as borrowing and financial transactions in a decentralized manner without the need for intermediaries.

At the time of writing, Band has experienced a slight price correction after growing by several thousand percent.

What exactly do Chainlink and Band offer?

China Links and Straps Simply put, Oracle provides decentralized smart contracts and blockchains. Oracles are tools that provide the information needed by the Blockchain from outside the chain. To understand the use of Oracle, consider this example:

Introduction to Band;  China's new competitor Link
Protocol paragraph: The relationship between decentralized applications and information

Behzad and Majid bet on the upcoming US elections and record this bet on a smart contract. The smart contract will automatically determine the winning candidate if it wins. But one question: where will the smart contract find out who won the election? This is where oracles come to our aid. An oracle can, for example, check news agencies and report the result to a smart contract. When we talk about decentralized oracles like Chainlink and Band, the possibility of data manipulation or cessation of information operations with decentralization disappears.

With the proliferation of smart contracts and blockchain-based applications, oracles have become increasingly important. Smart contracts in various fields require data such as prices, weather information and the results of real-world events such as elections. Using decentralized oracles eliminates the need to rely on centralized systems.

The most important use of link tokens is to pay for service fees, and thus, as the use of these protocols expands, so does the value of the tokens.

What is the advantage of the link over Chainlink?

Band was introduced in 2019 and is a newer project than Link, which was unveiled in 2017.

Studies show that the main advantage of the paragraph protocol over China is the link speed and scalability. The protocol claims to be able to provide the data requested by decentralized applications in 3 to 6 seconds at a much lower cost. Also, ChinaLink currently uses the Ethereum Blockchain, but has its own independent Blockchainchain.

Of course, it should not be overlooked that the protocol has not yet passed its exam clause. China currently provides links to hundreds of large projects worth more than $ 1 billion, but no specific project protocol has been implemented yet.

So to see if the link can work well, we have to leave everything to time.

BAND tokens wallets and exchanges

The band was first introduced on Ethereum, and the BAND token was an Ethereum-based token (ERC-20). But it soon established its own independent blockchain protocol and core network. So we currently have two types of BAND tokens: the Ethereum token and the main network token.

Ethereum tokens can be used for transfers and transactions, but if you want to participate in activities such as stock proofing, you must have a core network token. AtomicWallet wallet Supports both types of tokens. Walt Trust Wallets My Ether Walt, Ledger and Treasury also currently support the Ethereum type of BAND token and are expected to support core network token in the future.

To transfer the main network tokens, in addition to the address, we also deal with a number called “memo”. So if you are going to make a transfer, be sure to enter the memory that the recipient gives you; Otherwise, there will be a risk of losing the tokens.

BAND tokens are traded in dozens of different exchanges and Bainance has the largest volume of transactions of this token. In Bainance, this digital currency can be traded with Tetra, Bitcoin and Bainance Coin (BNB).

Note: This article should in no way be considered as an investment proposal.

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