Band Protocol is a cross-chain data “oracle” that is able to take real-world data and supply it to smart contracts and other on-chain applications (similar to Chainlink).
Oracles were invented to overcome a basic issue with smart contracts: how do you verify that a condition has been met if that condition is dependent on data from outside the contract? e.g. the price of Bitcoin on a certain date.
BAND tokens can be staked to help verify transactions on the network and are also used by smart contract developers to pay for the services of the network’s oracles.
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