Based in Thailand and founded by Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Nattapatsiri, Band Protocol is a software developed to incentivize a network of users, referred to as validators, to provide and verify external data. Validators verify the accuracy of transactions on Band Protocol and add extra transactions to the Band Protocol blockchain.
Originally operating on the Ethereum blockchain, the company built its own blockchain using Cosmos technology to relay data across various blockchains, including those built on Cosmos. In 2019, Band Protocol raised about $3 million from venture capital firms, including the Indian unit of Sequoia Capital. Later that year, the company raised an additional $5.85 million in an initial exchange offering (IEO). The software is offered by Kraken, a bitcoin exchange company.
Band Protocol serves as an intermediary between Internet data sources and blockchains.
The platform handles requests for data from decentralized applications, then relays information using data feeds from the internet using its own blockchain.