Like Chainlink, Band is a platform for gathering offchain data and storing it on a blockchain. Both platforms are so-called ‘ oracle ’ platforms, which can serve as connection points between the blockchain and non-blockchain worlds.
Oracles are extremely important, as the data entered into the blockchain – then made irrevocable – must be correct the first time. An example of this process was famously (in the cryptoasset space) published in mid-2019 on a Google development blog, and sent Chainlink into the stratosphere.
Room for Two
BAND is climbing so fast that it’s hard to keep up. Hungry investors are clearly kicking themselves for missing the Chainlink bonanza in 2019-20, and are jumping on to this plucky competitor.
Bottoming out shortly after hitting the markets in late 2019, Band has been steadily climbing since February, in spite of even the coronavirus meltdowns we have seen in both crypto and traditional markets.
Starting from the lows put in at about $0.20, BAND has climbed volcanically to over a dollar in just a few months, putting in one of the best price performances in all of crypto.
In fact, the full range of bottom-to-top on BAND/USDT is well over 500% on Binance.
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