Leading Cryptocurrency Exchange, Binance announced the next project on Binance Launchpad – Band Protocol (BAND). As per the blog post, the Band token sale will follow a lottery & airdrop format, with the recording of the user. BNB balances already having started on 2019/08/17 00:00 AM (UTC).
The Band Protocol is a layer-2 protocol for public blockchains. Also, it has a unique multi-token model and a staking mechanism that guarantees that information is entirely free of manipulation. Moreover, it purportedly makes data readily available on-chain and offers faster and cheaper solutions compared to existing protocols.
According to Soravis Srinawakoon, CEO of Band Protocol
The main objective of Band Protocol token sale is to grab the attention of DApp developers from various industries such as finance, e-commerce, gaming, and supply chain tracking.
According to Binance CEO Changpeng Zhao,
“Within Binance Launchpad, we continue to listen to the feedback of our community and support only the high-quality projects. Using a community-driven approach, the Band Protocol solves an important problem in the industry. Trust in third-party data sources, which is necessary for decentralized applications working on the blockchain and further mass adoption of crypto technologies.”
The platform claim that Binance will record user BNB balances for 30 days. From 2019/08/17 00:00 AM (UTC) to 2019/09/16 00:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 30 days.
In Addition, the company assigned BAND tokens worth $300,000 to be distributed between accounts which are unable to obtain a winning lottery ticket during the Band Protocol IEO. However, these tokens will not be shared with those who have a winning ticket.