Develop in a detailed and extensive way a post explaining some other Blockchain Oracle. (Chainlink will not be allowed)
What are the topics you should cover as a minimum?
1- History and Description. Does it have any token or cryptocurrency associated? Explain life applications.

3- Pros and Cons.

4- Future developments and new projects

Introduction

Hi everyone, welcome to another one by professor @allbert, BLOCKCHAIN ORACLES. To say I am learning alot is an understatement. The way our professor made the connection between the different meanings of the word oracle was very good for drawing the clear picture about the Blockchain Oracle. So let's get into it now.

What is a Blockchain Oracle?

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An oracle is a distributed application built to connect smart contracts to the real-world through information feed. They provide a way for a Blockchain and smart contract to interact with external data by giving eliminating the limit of the block chain that is managed independently.

An Oracle aims to fill bridges between sources outside the chain that raise the utility of DEFI applications. A cross-chain oracle allows an intelligent contract to be scalable by connecting to an external data source or API. Oracles serve as a gateway through which external data is converted that can be understood on the Blockchain.

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Basically, an Oracle is a software designed to help the user by providing data from the real-world to the distributed application that is executed in the block chain system. Amongst many they include Chainlink with a Marketcap of $5.86 Billion, Band Protocol with a Marketcap of $286.66 Million, Aeternity with $57.86 Million, and DOS Network (DOS) with $36.53 Million.

Types of Oracles on Blockchain

There are different types of Oracles on the Blockchain and these are explained below.

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• Software Oracles
  The software oracle is an oracle that interacts with information from online resources such as online websites, servers, and databases and thereafter sends the information to the smart contracts in real time. They use the Internet as a source of information like digital asset pricing, real-time traffic information, real-time flight information, etc to smart contracts.

• Hardware Oracles
  A hardware oracle is an oracle that uses electronic sensors, barcode scanners and other info-reading devices to interact with the real world and this can be implemented through this hardware to be connected to the real world.

Smart contracts will need hardware oracles to transmit information as they are great for making real-world information turn into digitally understandable form. Perhaps the best example of a hardware oracle is the food supply chain. When food moves through the supply chain, information will automatically be sent to the smart contract to be processed and then the smart contract will base on the information sent.

• Incoming and Outgoing Oracles
  These can also be called Inbound and Outbound oracles. The incoming/ inbound are those oracles that use external resources to send data to smart contracts, while outgoing/outbound oracles are those that carry information generated from the smart contracts to the real world.

• Decentralized and Centralized Oracles
  A centralized oracle is an oracle controlled or governed by a sole entity to transmit information to smart contracts. They are the only providers of the information. There is a central authority controlling the information dissemination, which means that the data has one sources of truth and any failure at any point hinders the transmission.

Decentralized oracles are mostly for public blockchains and with these, the data transmitted can be verified and trusted as they are not controlled by a single entity. Decentralized oracles are the trending consensus oracles and are currently buzzing in the crypto world. The main reason for the development of Oracles world over is definitely the boom in DeFi.

• Contract-specific Oracles
  These oracles are designed to be used along with unique and single smart contracts. In this case, the developer designs them to implement a specific purpose. Contract-specific oracles are not worth the time and effort to maintain as they are not practical and can only be used for specific use since they cannot be used to get information from different sources. They also consume alot of time, and are expensive to maintain.

• Human Oracles
  Individuals can also be regarded as oracles who in this case must be a highly qualified with in depth research to be able to verify information and transmit it to smart contracts. Before the information is translated and entered into the smart contract, the human oracle is responsible for studying the information and its authenticity. Identity with cryptography ensures that the fraudsters are eliminated.

The importance of Oracles;

• It allows smart contracts to work because they cannot work without any data source. In the age of big data, seamless data transmission is very important. If not provided, smart contract use cases will be limited.

• Also, the importance of smart contracts will affect the importance of oracles. Oracles can open up many opportunities because of the efficiency of smart contracts work with real-world applications.

How does Blockchain Oracle Work?

Even though there is the Blockchain Oracle Problem which may come from the oracle's inability to verify their data credibility and reliability as they function based on the non deterministic data which may be liable to deliberate alterations, malfunction, and compromise, the Blockchain Oracle works in the following ways;

• Listening;
  The Oracle analyzes the Blockchain to find incoming users or smart contract requests for off chain information.

• Extraction;
  The Oracle extracts the info from the external sources.

• Formatting;
  The Oracle formats data from the APIs into a Blockchain readable format that is adaptable with the external API (Output).

• Validation;
  The Oracle validates authenticity of the information with help of data signing, TLS signing, and others.

• Compute;
  This is done with computing data from different entries or estimating the median from complicated tasks.

• Broadcasting;
  Confirm, sign and broadcast info on the Blockchain to transmit data and the proof of the transaction on the Blockchain for access to smart contracts.

• Output;
  
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Oracle sends information after execution by smart contracts to an outer system.

Band Protocol

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Band protocol is a distributed transversal chain data platform that consolidates and connects the real world data to a smart contract. The protocols are carried out in the band chain, which is a chain of independent delinquent calibration blocks (Dpos) built with the SDK cosmos.

Bandchain is the base for the Oracle calculation, such as liquidation, data supply and aggregation. The validator guarantees native network tokens, bands, safety and gain of the rates generated by protocol. Band Protocol was created to solve the problem of the intelligent contract application that lacks access to the data of the real world.

Released on the Ethereum Blockchain in 2019 originally, Band Protocol eventually constructed its own block chain using the SDK and relays cosmos data in different Blockchains. The first Band Protocol running on Ethereum Blockchain built its own block chain with cosmos technology in the course.

How does the Band Protocol work?

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As reviewed by the Band Protocol Whitepaper, Band Protocol works with co-ordination between DAPP Smart Contract based on the block chain just like most companies therefore Protocol is organized between a blockchain-based DAPP smart contract and a real-world data source outside of the blockchain. Various DAPPs rely on this information to operate and provide services, and have the latest accurate data working as initially intended.

Band protocols are used to bridge the gap between on-chain data sources and smart contracts, and are used to create switching networks used to generate blocks for transaction validation. Translate. this translation. Coford Strip Protein was first introduced in Crypto in 2014 when MIT offered $100 worth of Bitcoin to students who completed the survey. Variables (Premium Band Token Candidates) are responsible for verifying transactions and have been added to the blockchain to play an important role in the Band Protocol. Here is an overview screenshot from their Whitepaper showing the goals in system design.

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History and Band Protocol Description

Band Protocol is a distributed data platform integrating APIs and real world data with a smart contract. The protocols are implemented withinin the chain. It is a continuous independent calibration (DPO) blockchain built with cosmos SDK.

Bandchain is a client for Oracle computations, such as liquidation, data power, and aggregation. Authenticator secures Tokens, bands, networks, and recognizes a fraction of the fee schedule generated by the Protocol.

Band Protocols were created to solve smart contract application problems that lack data access from real-world. Reliable transaction speed and scalability (capacity to provide a large amount of data request to several public block chains with minimal latency), the compatibility of the transverse chain (BlockchainaGestic) and the flexibility of data (public and private data) as well as You can provide support capacity both data.

Originally released at Ethereum Blockchain, Band Protocol eventually constructs its own Blockchain using the SDK and relays cosmos data in different block chains. The main network of Bandchain is completely released into four phases.

1. Phase 1; Enables token transfer from the BAND and is the basic version of the bandwatch that depletes a validator.

2. Phase 2; MainNet was launched on June 6. Phase 1 supports customizable data that can consult public and authorized data sources. It is compatible with the unauthorized creation of Oracle scripts. The maintenance of phase 2 is completed on October 15, 2020.

3. Phase 3; allows the API provider to ignore data reliably and allows you to collect income.

4. Phase 4; supports private ID Oracle scripts and other payment options in the phenomenon, allowing developers to pay with their own selections or chips of subscription models.

Band Protocol has grown rapidly by 2020 when it moved from a local token and a band protocol V2.0 (also known as a band chain) of a V1.0 curve model. The new direction of the Band Protocol has been an integration of planned Oracle 50 or more (where the band provides a price price on these protocols) and a new validator of Genesis for the V2.0 Band Protocol.

Band Protocol became the first block company to participate in OpenAPI initiatives, such as Google, Microsoft, IBM, 2020 in December 2020. This group aims to create a general API standard to enable applications of Financhain to easily use APIs and data.

Is token or associated encrypted current?

The band is a native token of the band chain and is the only Token in that network. Originally, the bands created as ERC20 chips are available as Native Tokens of ERC20 and Bandchain. The BANDS are used to protect the distributed Oracle network and provide energy.

The price of BAND jumped from less than $100 million in 2020 and by in mid-January 2021, the price had slid a bit and stopped short from crossing $90 Million . In mid-2021, $15M to $17M. December 30, 2021, it may approach $ 30M. By 2025, the price of Band is expected to reach above $300M. Today, BAND has a price of $7.72 on the coin market cap.

Coinmarketcap

Things to note.

• All validators must bet the bandwidth and high bets that are likely to be selected to comply with data requests. Bad or malicious actors reduce tokens.

• A Band token is used to pay as a transaction, queries and data access (private API) behind Paywall.

• Participation in the Governance of the Band Chain:
  The Holder of the Token can vote for the update of the Protocol and the change of parameters of the Band chain. The Government Process allows the Token holder to have decision-making power when configuring the network address.

Most Dapps will use Band Protocol to access real world data from outside the block chain. However, for the average users, there may be incentives that have and use Band tokens. The images below show the market cap, Supply and investment rates of Band Protocol from Coinmarketcap

BAND is used to pay for the transactions in the block chain, for the governance and also to reward the validators to generate new blocks. Everyone can bet on the band, delegate it to the drive and win rewards.

Band implements Token inflation models designed to reduce the speed of value. This is to stabilize the rewards with the purpose of betting at every moment, all Band chain tokens, to encourage users to participate in the network Staking.

• The Annual Inflation Rate changes depending on its target percentage. Band tokens were originally distributed in the form of two Initial Coins (ICOS) and the first exchange offer (IEO).

The sale of the First ICO was held between August and October 2018. It sold 10 million Band Tokens to 0.3 dollars per week and collected $ 3 Million in the process. The second sales of Token were held in June 2019 and sold 5 Million Band Tokens at a price of $ 0.4 per Band and raised $ 2 Million.

IEO was carried out in BINANCE LAUNCHPAD and then followed the sales of the Lottery and the AirLop format. A total of 12,368,200 Bands were allocated (12.37% of the TOKEN power supply) to Binance Launchpad, and a lottery ticket was purchased and the LASHPAD participants were sold.

In addition, the Token pool of 631,800 bands was divided and AERTER has been given to the participants in all lunches without Victoria tickets.

How to buy Band

Band is available in several encrypted current exchanges, such as CoinBase, Binance, Huobi, Binance.us and distributed replacement, such as Uniswap and Kyber networks. You can choose to buy or sell other encrypted tokens maintained on the platform simply by finding the compatible Token Exchange list band.

Pros and Cons of Band Protocol

Pros

Specifically, the band protocol provides the distributed data of Oracle by causing the data chain query data available through the weeds administered by this Dpos consensus mechanism. The purpose is a layer of data infrastructure for a web application providing an OFF chain data different from a variety of intelligent agreements.

• The Core Vision band protocol is to make real-world data easy to use with distributed applications. They, especially by Walletinvastor, especially through economic means, and by Walletinvastor, the price of the band's protocol will grow from $ 5,836 to $ 13,560 in a year. It will make the band a wonderful investment. The long-term profit is 132.35%. The bandwidth (band) can be a solid option for recent updates to recent updates.

This update mainly reflects the rise trend of profit estimates, which is one of the most powerful powers that affects the prices of actions.

• Several Oracless are linked to Etherum alone because Ethereum is a driving force behind most Dapps. However, the Band Protocol not only links with Ethereum but also works with other Blockchain to provides an important infrastructure for DAPPS developed in other places. Because DAPP manufacturers are looking for alternative block chains for transactions and low costs faster than transactions, Band Protocol can be a comprehensive tool to enable wider DAPP ecosystems beyond the ESSELER.

• Among other associations, Band Protocol is participating in the OpenAPI initiative, together with the technical giants, such as Google and Microsoft, and helps define the API standard.

Cons

The Token (Band) only has a small market capitalization as compared to other big players in the oracle game.

Future Development and New Projects

For their Road Map as per February 3, Band Protocol announced the last route map of 2021.

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An important element in the first half of the year, is to build a more efficient integration team and build more efficient integration equipment.

Band Protocol is integrated with more block chain projects and its global community grows everyday. Even for the second half of 2021, there is a bigger milestone including the launch of phase 2 of the Band chian.

This is to have flexibility in the system grade for data providers that want to revive the use of the Band Protocol. They can charge fee for the data provided in several ways.

Band Protocol teams also want to create a self service integration process. This is important in providing the necessary resources for users who use Blockchain's Band Protocol oracle thereby increasing the number of data requests on the network system. This consequently has the advantage of freeing the engineering team.

There are plans ongoing and Upcoming to integrate with other chains. The screenshot from their Twitter handle shows an integration with the Cronos Chain currently, a scalable EVM- compatible Chain . This was posted 7 hrs ago.

Twitter Handle

They also want to associate with important companies and institutional data providers. The plan is to introduce these associations when phase 2 is done.

Conclusion

The Band protocol has a lot of potential, and Oracles are like an intermediary between the Blockchain complexities and the real world even though they have not been much appreciated by those using the technology, maybe because of a lack of knowledge. With increased knowledge and demand for their functions, the future looks hopeful. Thank you, I submit my homework.

cc @asaj