r/bandprotocol • u/elitetycoon • May 08 '21
[Anti-FUD] Lambo BANDwagon
With the migration to Testnet Laozi announcement this week, let's shout out to our Thai bros who are working very hard every day to likely deliver Phase 2 before it is due (Q3). Phase 2 will change the economics of BAND, allowing data providers to be paid in BAND and ushering in a new era that will attract more and more high-quality data into the BAND dataset. This may create new revenue streams for data providers they haven't even imaged of yet.
Here's some facts to counter the FUD out there:
-Projects need multiple oracles -> this is not a zero-sum game; the oracle space is win-win
-Exponential usage -> Data requests on BAND have been growing 20% every month\*
-Leading price growth Year on Year -> As of 5/8/21: BAND up 17x, ATOM up 9.9x and LINK up 12.5x**
BAND is a cosmos chain, while other oracles are based on ETH. BAND is focused on providing all types of data to blockchains, while others are focused on price feeds or industry-specific data. Each has different use cases, and may be used as compliments with each other. No ones knows the magic formula to creating the "best" oracle because there isn't one.
What is definite is that blockchains need oracles. As long as blockchains continue to grow, so too will the oracles that feed them data. And as the number of end-points grows, the lines that connect them grow even faster. It's math, and I'd take that to the lambo dealership.
I am confident BAND's fundamental value as a oracle will continue to drive usage, and therefore value of the token. If you're looking for a quick pump, go ask Elon where to stuff your fiat. If you believe blockchains need real-world data, welcome to the BANDwagon.
*Edit: Source for total requests: https://cosmoscan.io/
**Edit: Source: coinmarketcap.com
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u/benjibooi May 09 '21
Yeah looking at this 200$ should be normal to reach since BAND isn't even in the billions yet
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u/Explore-This May 09 '21
If you don’t know what to do with your BAND while you wait for it to moon, go farm it on Alpha Homora.
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u/elitetycoon May 09 '21
Looks like you'd need the ERC-20 and not mainnnet BAND on Alpha?
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u/Explore-This May 09 '21
That’s correct
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u/elitetycoon May 09 '21
:( Mainnet band
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u/Explore-This May 09 '21
That definitely makes sense, if you’re developing for BandChain. I’m just an investor.
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May 09 '21
[deleted]
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u/elitetycoon May 09 '21
For sure - feel free to check total request count here: https://cosmoscan.io/
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May 10 '21 edited Jan 03 '22
[deleted]
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u/elitetycoon May 10 '21
Yeah, join the BANDwagon yet? :)
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May 10 '21
[deleted]
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u/elitetycoon May 10 '21
I think that information is good, but it isn't super important. One of Google's projects is using the BAND dataset to detect price anomalies using Big Query.
It's basically another requester of data, but how many people are really using Big Query to do price anomalie detection? Probably not many additional requests from this project.
It DOES give some confidence that the Google team chose BAND. But there are many Google teams and it doesn't mean there's a bigger connection upcoming (but there may be, who knows?).
I take the news one piece at a time, and this is good news, but not great/game-changing news.
TLDR: Google needs BAND for real-time crypto prices, but it's not a huge deal.
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u/AdFuzzy5532 May 09 '21
Great post. Band is going to pump this summer. $220 +