Binance Launchpad, a token launch platform for transformative blockchain projects announced support for its ninth project of the year, Band Protocol. It will host the token sale of the project following an updated lottery format.
As reported Friday, the ticket claim for the token sale will begin on September 16, 2019, at 06:00 UTC. Meanwhile, Band Protocol already secured $3 million in seed investments earlier this year from lead investors, including Sequoia India, and Dunamu & Partners, and VC fund SeaX Ventures.
Band Protocol is a blockchain-based platform that “connects smart contracts with trusted off-chain information, provided through community-curated data providers,” the website confirmed. It aims at offering a trustworthy decentralized database for dApps.
Notably, developers and companies with dApps consume data through centralized oracles which are mostly external to the blockchain. The CEO of Band Protocol, Soravis Srinawakoon, said:
Currently, the trusted oracle problem is a significant hurdle for mass adoption of decentralized applications, as its weakness in security severely limits the use cases that can be built using smart contracts.
However, Band Protocol would allow for data consumption via its public smart contract data points, as the project features an open protocol for decentralized data governance on public blockchains, including Ethereum, EOS, and Cosmos.
Interestingly, this will allow dApps to leverage existing data on the internet without compromising security, bridging the use cases between Web 2.0 and 3.0.
In the words of Binance CEO, Changpeng Zhao, concerning the development:
[…]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.
Band Protocol is believed to attract more dApp developers from different spheres, including e-commerce, gaming, decentralized finance, gambling, supply chain tracking, prediction markets, and others.
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