Binance Launchpad to Initiate the Token Sale of Band Protocol

Binance’s token launch platform, Binance Launchpad, has given the nod to lend its support for Blockchain startup, Band Protocol, making it shine as the ninth project of the year for Launchpad.

In 2019, Band Protocol garnered 3 Million USD in seed investments from Sequoia India, Dunamu & Partners, and venture capital fund SeaX Ventures. The firm aims to create an open protocol facilitating a decentralized system of data regulation on public blockchain networks like Ethereum.

The Band Protocol token sale will be followed by a lottery and airdrop program, with the recording of BNB balances of the users which have already begun from August 17, 2019.

Binance, the global cryptocurrency exchange, will manage BNB balances of 30 days starting from August 17 to September 16. The final BNB holding amount of the user will be taken as the average of the 30 days. The platform will follow the Daily Average BNB Balance calculation method. The average BNB balance will decide the number of tickets a person can claim for the lottery.

Changpeng Zhao, the notable CEO and Founder of Binance, said:

Within Binance Launchpad, we continue to listen to the feedback of our community and strive to support only the high-quality projects. 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.

Soravis Srinawakoon, CEO of Band Protocol 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.

The spearhead further stated that,

Band Protocol provides a compelling alternative for projects to solve this, with an infrastructure middleware layer protocol that facilitates faster, cheaper, more secure, easier-to-integrate oracles for blockchains.

Band Protocol Airdrop Details

A pool of 631,800 BAND tokens which amount to approximately 300,000 USD is being created for the Launchpad program. These tokens will be split and airdropped to the launchpad contestants who will not be having a winning ticket.

Token Sale Statistics

  • Token Name: Band (BAND)
  • Launchpad Hard Capital: 5,850,000 USD
  • Total Token Supply: 100,000,000 BAND
  • Total Tokens Allocated to Binance Launchpad: 12,368,200 BAND
  • Public Sale Token Price: 1 BAND = 0.473 USD
  • Maximum Winning Lottery Tickets: 19,500
  • BAND will be issued as an ERC-20 asset in its initial stages.

About Band Protocol

Band Protocol strives to evolve as the most secure and scalable decentralized database on the global level. It caters to the requirements of developers and firms with dApps, as it allows them to extract data using its public smart contract data points. It aims to ensure that independent clients provide reliable data which remains accurate through its economic incentives. Band Protocol focuses on bringing the attention of dApp developers from varied areas including e-commerce, gaming, gambling, finance, etc., towards its platform.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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