Figment Networks will be participating in Band Protocol’s Wenchang #2 testnet, which will lead into their upcoming mainnet launch. If you would like to learn more about D3N mainnet and staking opportunities with Figment Networks, then please contact Clayton (clayton@figment.network). 

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Band is an open protocol that facilitates the governance of data used in decentralized blockchain systems. While many decentralized applications rely on centralized data providers, Band Protocol plans to leverage existing internet data as a secure and scalable decentralized oracle. Band Protocol is backed by a large network of stakeholders including Sequoia Capital as well as Binance. 

Users and data providers will be economically incentivized to self-moderate to ensure security and reliability of the network through staking rewards using the native BAND token. Outside of staking rewards, the BAND token will be used to vote in on-chain governance proposals and fund the community pool, which will fund future development of the network. 

D3N is being built on Tendermint and Cosmos SDK, and is designed for speed, flexibility, and cross-chain compatibility. 

Frequently Asked Questions

What is the name of the asset being staked?

The BAND token. 

What is the annual inflation rate for BAND?

Inflation rate ranges from 7% to 20% with the staking target of 70% of the total BAND supply.

How do you pay for transaction fees on the network?

BANDs must be paid as the transaction fee for a transaction to be processed in the network. A native stablecoin as well as an Ethereum bridge are in development. 

Are there token burn events?

Yes. 50% of the gas fee collected in terms of BANDs from all of the transactions that are processed on the D3N blockchain are burned permanently. The mechanism forces the supply of BAND to contract as the utilization of the network grows, ensuring that BAND’s token value is correlated with network utilization.

 
Do I maintain custody of my BAND tokens?

Yes. You maintain custody of your BAND at all times.

Can validators be slashed?

Validators can be slashed. Slashing penalties are still being discussed.