Should I buy chainlink or Band Protocol?????? What is a crypto oracle chainlink token supply$$$.

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chainlink token supply 3584 BTT to SHIB - Convert... $$$. Should I buy chainlink or Band Protocol?????? What is a crypto oracle
all right guys welcome back to the channel today were going to talk about br band protocol uh this is one of the oracle solutions a lot of people are like what is an oracle what in the world does it do why is it needed um and what are they looking to solve why dont we just build another blockchain thats not an oracle who needs an oracle anyways well anyways well get into that all this and more in this video stay tuned here we go all right guys so what is band band protocol secure scalable blockchain agnostic decentralized oracle so what is an oracle well an oracle is basically a place for either a blockchain or someone to go to for truth so it allows blockchains to scale or other technologies on the blockchains to scale because now they have other options where they can source their information from so before it would be you go to a casino and you roll some dice you arent looking at the dice or well say for example not dice lets lets use the slot machine so you spin the slots how do you know you can trust that youre going to win or not i mean sure they say yeah you have this and this percentage to win it but how do you know thats really true well based on the analysis or based on how the casino or the slot machine gets its information the person thats overlooking the slot machine and giving the information is going to be your oracle so thats what an oracle is so its a little different in blockchains because instead of having someone thats thats hired out and you kind of can see them touch and feel them now its like oh well now youre dealing with a blockchain and its like um i dont know who this is all i know is he just minds with some computers and doesnt make any sense and yeah so thats why we need an oracle because we we it its hard to verify so were were in a level of society i mean you can even see it right now where we cant just take someones word for it so for for example for me someone can say yeah im a great tenant i pay rent on time i do all that i do we still have to screen them because we got to make sure theyre trustworthy and someone to go through i mean you can even have some you can even have someone who tells you yeah yeah um ill ill do the dishes for you or yeah ill take out the trash but you still have to verify it thats just how it works um its almost like you listen and you still have to verify especially now someone can say oh yeah ive already got tested for uh corona im good im good no worries but we still have that fear of oh well uh i dont trust you so im gonna wear a mask its almost like okay well we need an oracle solution so thats what theyre working on with the vaccine as well theyre trying to work on a solution that allows people to have a digital identity that says hey uh im so-and-so and im tested and i got tested here here here and here and im good to go uh well okay great so thats why an oracles needed sorry for harping on that but oracles are needed big time in this fear because anytime you try to build something you cant build it because you have to have the the data or the um foundation to build on top of that thats like starting to build a house and just wanting to build a house thats 400 stories high and its not gonna work like that if you dont have a good foundation cant start with a piece of wood and just say yeah heres my house no you gotta build a good foundation lets get into band this is an example they used to be an erc20 token but now they are built on the cosmos um ecosystem so instead of being ethereum now theyre on cosmos so they are more interoperable compared to their brother or sister which is chain link so this isnt looking initially it was kind of being a competitive chain link but now its more so like a coexistence so chain link its almost impossible for them to take all of the business for oracles because oracle solutions are huge you need oracle solutions in everything it could be in gambling betting it could be in weather oh well right here uh real world information anything that has to do with data so staking how do you know youre getting the right rates or how do you know the price is this price well you need an oracle for that um and thats what the solution provides it basically provides the i guess you can say puzzle piece between the two so you have the d apps or the different uh programs running on it so say for example um whats the weather gonna be today okay well uh its gonna be freezing cold okay well so band chain the set of different um delegators that you choose to get that information or it could just be one delegator if you want to do that its entirely up to you you can pick one or three they or more and they go get that information and basically if you have three guys saying yeah its 77 one guy saying 75 or im sorry not three guys one guys saying 77 one saying 75 and ones saying 76 and you have three well what the band solution is going to do is going to take the sum of that and say okay well its going to be 76. so it kind of takes the averages of all three if you want to do that or you can just do one selection so i want to get the price for bitcoin on coingecko only okay so it will grab the price for bitcoin on coin gecko only thats entirely your decision what you want to do and it gives you that solution its easily integratable and customizable to do that and it allows you to publish it on polka dot ethereum cosmos theoretically that is basically every blockchain because cosmos and polkadot are interoperable and ethereum well theres so many projects built on ethereum period like i stated earlier you can reference different price feeds for youre staking so like certain prices i will say oh you get 10 well whats the price well you need an oracle for that so a lot of people are like well it works so i dont need it no you do need it uh you just dont know you need it its just like email hmm do i need iisp well yeah you do because if you dont have that well your email is not gonna work well no i just type it in well it doesnt work same thing with internet connection and youre just typing on your computer typing away sending the it wont send it well youre not connected to the internet so that thats almost like the concept of you cant send emails without internet well you cant participate in d5 staking and um other financial things on the blockchain or just participate in the blockchain period without someone giving that information or being an oracle um its easily customizable easy to make easy to integrate on it they actually say you only have to have like a few lines of code which is pretty cool if you dont know coding neither do i i just know its difficult and the less lines you have the easier it is so this is really cool i recommend taking a look at their um white paper its one of the easiest to read in my opinion normally you just get like a huge pdf but this is like a little walk through kind of like it splits it up into separate paragraphs which is really cool so highly recommend taking a look at this um really good project i i definitely like saurovis sorvis hes the guy behind it really really smart guy ive listened to several interviews from him and i really think you should too hes got a lot of information this isnt financial advice this is just my opinion of the project so heres some use cases for band token so token holders can use the tokens they own to become validators they can also delegate their holdings to another validator validator so like for example atomic wallet and you put on atomic wallet well youre participating in that but you do get rewards in exchange so thats another concept um for another video uh they can use their take tokens participate in the chains governance or validators allowed to set fees for processing transactions which act as their reward for performing their duty so what that means is like if you select three different oracles you want to have okay i want so-and-so to get my data well here it is i dont want siri sorry so first off the user makes a data request he says this is what i need um these are where i want you to go these are the number of validators and this is what my cost is then the oracle asks the validators to fetch requested data so now the validators these are these are just some examples uh for this example it can be different things instead of like steak fish which is a staking protocol um you dont have to get your information here it could be like i want the weather or i want to go to espn or espn2 or um abc action new whatever it could be anything its customizable so now the oracle which is banned is is going through this asking the information going through their validators now the validators each are fetching data from the source so i want these sources okay so well go to these sources and we will get the average of the few if you select that or it will just be from one website the source returns a result it comes back to the oracle or well yeah in this case it would be banned and then from the oracle the user then gets either a um insufficient validator response a failed request or a completed request so if its a sufficient response then it becomes public and permanent stored on the blockchain and boom thats how it works so its pretty cool easy to use and its its nice so then it becomes basically set in the system so we already went over the use cases um lets see oh inflation so this is important to know so the inflation rate ranges from seven to twenty percent um adjusted to have sixty six percent of the total supply band token state so how this works is basically its like a moving tier so its goal is to have 66 percent of the total supply of banned state so whenever that supplies decreases this inflation rate is going to increase so that interest or that staking rate you get so say its like 20 or 5 percent from a time when its 5 that means theres a ton of tokens staked on the network so that means okay well uh were not going to release a bunch of tokens now if theres barely any well we got to release more than just 20 or more than just five percent weve got to move upwards to 20 so its gonna change based on the total supply stake so if theres 10 million mistake its going to be 20 thats going to be released that year which is only going to be 2 million so that means 2 million will be released but if theres 50 million state well if its um 20 percent of the then its going to only going to be 10 million tokens released to each of the stakers so its simple to understand but the reason they do that is their goal is to get people to take the tokens and stake them not just buy them trade them so its trying to hurt the people or just trying to buy and trade it so if youre buying this project id recommend you buy it and either make a quick trade if you want to do it um i i wouldnt recommend that because if youre buying into a project its not something that you want to flip you buy into a project for the long run because between me and you i dont know what the price is going to be tomorrow or the next day or the day after that but if i find a good project im pretty sure i have a high or im not have a higher chance but im pretty sure its going to be up if i feel good about the project yes there is always that chance that it will go down but if you do the right research find the right teams find the right people its always best to buy and hold for the long term just thats basically the warren buffett way too even though hes not making us go to trades but still he made it man look up to him so this is really important when youre choosing the staking yeah you may see one thats like oh wow its 20 or oh wow its 50 uh well its not always like that what if they uh perform bad or they arent always up or uh they are bad actors and they do a double spin well thats thats going to be your issue so say youre getting quote unquote 20 50 well your token reward can be slashed so you can be losing that lets show you what slashing is slashing is basically if a validator misbehaves their delegated stake will partially be slashed there are three reasons why a validator may get excessive downtime double signing and unresponsiveness so your actual stake amount isnt going to be slashed but your rewards are going to be affected unless youre the actual validator if youre a validator then your staked amount will be slashed but if youre just a delegator saying hey heres my money have fun with it give me the rewards and ill pay you a fee of what you earned um well yeah your rewards can be affected if they act bad so keep that in mind um always monitor them make sure theyre doing good always check up on them because they can always turn bad just like someone with great credit doesnt always have great credit they could go downhill thats how it works we already hit on that um uh so thats the main things on it the max supply heres some token metrics we need to take on it the total supply is 100 millia or 100 million uh circulating supply right now is about 20 million market cap is 125. if you guys are looking at different cryptocurrencies stocks anything that relates to it never look at this this price means nothing because they could have one token and its worth six bucks or 60 bucks and they could have another project with a hundred tokens and its worth six bucks well which one has a greater chance of going up well its the one thats one token with 60 bucks because it has a smaller market cap takes less money to move it thats how it works if you guys didnt know that um this is what does concern me about the project so a concentration by large holders 97 of the um tokens are held by one percent of the wallet addresses so if those whales decide to sell out well youre toast uh heres another thing heres this one is not so bad this is okay um so holders making money at the current price theres uh 15 in the money which means theyre making money 35 at the money which are well at the price thats basically at right now and 50 are out of the money so 50 are down which means that oh theyre hoping for it to come up and maybe when it comes up theyre just gonna dump it because they felt really bad they got dumped on earlier thats how it works with projects people are like oh well its gonna go up forever well no its not going to go up forever so if you look at band protocol they literally pumped like nuts we went to like 18 bucks almost at one point well this coin gecko shows it at 17. again why oracle solutions are good different exchanges say different things is what it is um but anyways yeah so some people bought at the top it happens um bam protocol we already went over this uh scalability this is important so band chain will occur two seconds block time block time so band oracles are not bottlenecked by speed which is big weve already seen this with bitcoin and somewhat with ethereum ethereum is not as slow as bitcoin but its still slow at times you guys know what that means you put in the transaction you sit there and stare at your computer and like my moneys gone what happened and eight minutes later or four minutes later you go look and its like oh thank goodness its still there minus the ridiculous twenty dollar ethereum gas well its not that high but still you know what i mean uh right now they are in phase one getting ready to go to phase two they are mainnet which is good um so thats nice um if you guys want to do more research on this project go ahead and check out their channel uh well not channel but check out their website you can check out their telegram uh you can even look up um sorvis and watch some of his interviews really smart guy um thats the number one thing i look for in projects is look to the creator it doesnt matter what it is i mean if the creator is a good guy you can sell ice in an eskimo or create something thats crazy technology but if you have uh doo doo ceo but the or doo doo creator but the best um project or the best technology in the world well its going to go downhill because you dont got a guy innovating it and performing correctly with the platform keep that in mind guys thats very important um we already talked about the utility for it in medium exchange uh collateral stake for validators participation in band chain governments and so on um yeah so heres some other things you can research ill put a link in the description so you guys can check this out uh but you can also stake your band tokens on cosmoscan um you can also earn a portion by data query fees which are what i was talking about where the guy goes and fetch data so heres a little bit of information we already told you before is an erc20 this is no longer the case they are not an erc20 token they are built on cosmos now and they are mainnet theres just some of the sale you guys can look into that if you want to pause the video take a look uh by the way guys if youre liking this content smash that like button if you guys are new to the channel go and subscribe we break into projects and break into different cryptocurrencies and i teach you about them and break them down into smaller pieces to understand the project a little better um heres the token supply distribution um you can see how they are this is kind of a table to break it down but a lot of them are held by the founders so that that does concern me a bit but it still is a good project again this is not to compete with chain link this is more so a second solution so say if you have an oracle that um maybe even a company will use both and take both of the um feeds data or the data that it gets from it and merges the two and maybe gives us some result of the two i dont know theres different options but i run my own company and i i have several different uh backups just in case something like this happens heres mainly um i guess you can say an image of what the uh token release schedule is kind of looking like this is basically what its going to look how it is going um and it also breaks it down to into each person or each customer that its going to or each person um what else should i hit on guys if you guys uh feel i missed anything leave it in the comments ill answer any of the questions um but the biggest thing i like about this is it its easily customizable um and easy to use uh heres a couple of the phases they went through yeah heres the project team uh sorvis i love this guy you guys gotta check this guy out um good team good company uh he this guy knows what hes doing im not signed in right now so i cant show it to you but hes cool guy um i like him i like him a lot all right heres an example of some of the addresses with the balance you can see theyre steadily rising which is a good thing for adoption um the more addresses the more diversified it is that way someone cant just say hey bro im selling all my tokens boom price crash um but anyways um yeah ill leave a link in the description so you guys can check this out so you can check out the telegram twitter medium facebook reddit uh these guys are pretty active um ban is your oracle solution it isnt trying to beat out chain link i in my opinion they are trying to um work together not work together but provide a second layer solution so if chain link doesnt work well you got banned as backup so thats my take on the project um if you guys like this video smash that like button if you didnt like it go ahead and put that in that dislike button tell me give me some feedback of what you guys uh take on my videos and um thanks for watching guys seeing but wait theres more guys come on i cant believe you forgot about this we got a wisdom one-liner coming at you proverbs chapter 24 verses 19 to 20 fret not yourself because of evildoers and be not envious of the wicked for the evil man has no future the lamp of the wicked will be put out guys remember dont be jealous of that person who you may be like oh well hes such a bad person but he gets blessed and he gets all this stuff this world is not our home guys who cares what we get on this earth i could care less our goal is to make it to heaven thats what were looking for guys thanks for watching Oracles are off chain data resources that blockchains use in order to execute smart contracts. Blockchains are decentralised networks that operate on parameters within their environment. They are generally secure because all of the information that forms this decentralised database can be verified on-chain. However, in order for these blockchains to be useful in the real world, they need to get access to information that is external to them. Therefore, it is essential that these smart contract platforms are able to reference secure offchain resources that are not only censorship resistant but decentralised. While Chainlink was built on the Ethereum blockchain, the Band Protocol was built on the Cosmos network using their SDK. Cosmos has described itself as an internet of blockchains where different tokens and blockchains can communicate and transfer value from one another. They have even developed an Inter-blockchain Communication protocol IBC that handles these cross chain communications. The Band Protocol is Blockchain agnostics and can serve data to most of the publicly available blockchains. Benefits of Cosmos Because Cosmos uses the Tendermint core consensus engine, it is fast. This means that it could be quick and easy for the Band protocol to send information and data. It is also scalable which means that they can reach out to a whole host. Given the efficiency of the Tendermint core, it also means that data processing is cheaper. Those projects that are currently hampered by the high gas costs would be interested in alternatives that can provide this data with less computational cost. BAND Tokenomics BAND is the native token on the BandChain. There is a total of 100 million BAND in supply with a circulating supply of just over 20 million. There are a number of different use cases for the token. These include: - They can be used by token holders to run their own validator nodes staking - They can be delegated to other validator nodes who pay a percentage of returns earned - They can be used to participate in on-chain governance - Validators will earn a fee in BAND as a reward for processing the transactions ️ Price Impact ️ Each of these will impact on BAND in different ways. Firstly, staking takes coins off of the market which decreases supply. If you couple this with the extra demand to hold BAND then you have a decreasing supply and increasing demand - price positive. You then also have utility demand. If more people use the band network then there is more demand for gas in order to pay for computations. This increases the price of BAND holding all else equal. Band Next Chainlink? Firstly, you have to ask yourself where you think DeFi is going in the next year. If you think that it is likely to expand to other blockchains and ecosystems then the Band protocol is likely to be a great recipient of that. If you think that it is likely to remain an Ethereum based ecosystem, then I dont see Band been able to cut into Chainlinks market share. Of course, the Band protocol does not have to replicate the success of chainlink to be an incredibly good investment. 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