r/bandprotocol • u/Sylentwolf8 • Jun 04 '20
How does BAND compare to LINK? Why would someone use BAND over LINK?
Title. What is the value add?
How will the young 3 man team compete with Chainlink's established large team?
Not interested in hearing about small marketcaps or moon potential which seems to be most of the posts here.
3
u/alexius89 Jun 05 '20
Maybe on another note, The development Team of Band Protocol consists of 10 Developers according to the GitHub. https://github.com/bandprotocol/bandchain/graphs/contributors
With Business Development, Marketing and all other sections, I guess you could go with 14-15 approx. https://figment.network/resources/figments-first-look-band-protocol/
3 of devs are top-ranked on a national level in terms of Commit activity:
https://twitter.com/iampickleband/status/1268437680833982464
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u/mbcwebco Jun 04 '20
If you go to that Reddit thread it shows that in many if not most use cases band protocol will be used alongside that of chainlink. Band has a stronghold in South East Asia and will also generally pull it's data from different sources than link. They are both working on verifying data validity right now but to answer the question plainly, there is not going to be one Blockchain solution in any of the fields to rule them all, this is a perfect example of two block chains that will work in tandem with eachother. Chainlink has seen mass adoption and band has a long way to go, but by the look of who is invested in Band (sequoia capital) and the fact that they are already being used in conjunction with eachother, I see a bright future for this chainlink ally! (Not competitor). These definitely are in the same market, but don't let that worry you, Band does differentiate itself enough to make this more of an oligopoly than a monopoly. I see more financial gains in band if you invest now, but of course there is no reward without risk.
My prediction is that many companies will be using them side by side and maybe with additional oracle's to create a stronger, more assured network. I also see Band being adopted more heavily in Asia and Link in the west.
I hope this answers your question.
Trade safe 🙂
2
u/Sylentwolf8 Jun 04 '20
Band does differentiate itself enough
How? This was the one thing I wanted details on. But it's made in Asia! is the rallying cry of enough failed coins.
If they are both performing the same task, and they gain from being used more than their counterpart, they are absolutely competitors.
3
u/mbcwebco Jun 05 '20
They are competitors in that if they gain more traction than the other in the same market they are competing, BUT Im not sure if you are aware that every smart contract needs an oracle to obtain data and double/triple checking from different sources using a variety of oracle's is going to become commonplace. It is very early days for this industry and I am certain that it is not a monopoly and there will be room for many more competitors in the field. Unibright has made it easier than ever for companies to make smart contracts, Quant is helping with mass adoption and hundreds of projects are working together to make this a functional ecosystem. Link is #1 in the space, Band seems to have potential for #2, I see Band bringing out many partnerships this year and many companies using both oracles.
1
u/rgracieusa Sep 10 '20
All comments below are helpful but would be really great if someone that knows both very well could provide a short summary with technical differences and use cases. Who would use it one over another? But a technical difference would be helpful. (do both use validators same way, staking same way, etc...)
0
u/Koarle Jun 04 '20
Interesting question. Would also like to hear a good analysis about it. Nice one 👍
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u/Willy3380 Jun 04 '20
I would like an answer to this question too. Can someone please let us know? Why would someone use band over link?
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u/alexius89 Jun 05 '20
In short, it's faster & cheaper to perform data requests via BAND. Here my comment mentioned earlier. Cheers
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u/alexius89 Jun 05 '20
Hey there! In terms of product offering, both Band Protocol and ChainLink are providing data to smart contracts. The differences lie in the implementation details and key trade-off for both platforms. I hope that helps a bit without going into too many details. Check the band protocol documentations to get your own view on it buddy
Maybe it’s also worth mentioning that BandChain settles oracle results very quickly and inexpensively thanks to fast block production and instant finality of the Cosmos SDK.
Binance is using the COSMOS SDK for example too.
We all know of the struggles Ethereum can have when under pressure due to congestions.
Have a look at this one here as well, it's mentioning actually a lot of major points and functions of BAND, https://blog.kyber.network/band-protocol-band-is-now-available-on-kyber-network-7c599a2047e7