Decentralized applications have huge potential to disrupt traditional businesses by replacing centralized middleman with automatically-executed, trustless smart contracts. In Web 2.0, centralized corporates act as gatekeepers who store and distribute data in a way that is most profitable to them. Web 3.0, the decentralized web, has promised a paradigm shift to restore data ownership and return the internet to the hands of users.
However, decentralized applications still need to rely on data to operate and function in a trustless way. Smart contracts currently have no easy way to access reliable real-world information making its use case rather limited. At presence, current decentralized applications rely on centralized data providers, representing a single point of failure and defeating the purpose of being decentralized in the first place.
Band is an open protocol that facilitates the governance of data used in decentralized blockchain systems. The protocol functions as an open standard for data handling and data management. This whitepaper outlines how Band Protocol intends to solve data accessibility and data reliability in a fully decentralized manner. This includes how Band provides data endpoint such that any smart contracts can easily consume real-world data and data governance mechanism to ensure data integrity.
While Band is initially built on top of Ethereum, the protocol itself is blockchain-agnostic and will eventually be supported on all major smart contract platforms including Cosmos Network and EOS. Band’s vision is to become the go-to decentralized world’s database which any decentralized programs or applications can rely on for trusted data.Band Protocol whitepaper-3.0.1