ChainLink (LINK) vs Band Protocol (BAND)
This post is part of ChainLink (LINK) Guide. In this section we are going to compare two blockchains - ChainLink (LINK) and Band Protocol (BAND).
Introduction
This guide is meant to show you unbiased feature set comparison of blockchains in discussion. Below table shows you the comparison points between the two blockchains.
| ChainLink (LINK) | Band Protocol (BAND) |
| ChainLink project started in 2017 & it's testnet launched in 2018 and finally mainnet release happened in 2019. | Band Protocol was released on Etherem chain in 2019 and It's recent version to match Cosmos spec released in 2020. |
| ChainLink has 11,948,821,571 LINK supply whereas it has 452,009,554 LINKs supply in circulation. | Band Protocol has total 100,000,000 BAND tokens with 35,191,821 BAND tokens in circulation. |
| ChainLink makes use of the Proof of Stake (PoS) consensus algorithm for it's chain. | Band Protocol has delegated proof of stake as it's consensus mechanism. |
| ChainLink being the token on the Ethereum, it makes use of the Solidity as it's programming language. | Band Protocol being part of the Tendermint and Cosmos, it makes use of the C# as it's programming language. |
| ChainLink has LINK as it's utility and community governance token. LINKS data can be bridged with Ethereum, Polkadot, Cosmos and others. | Band Protocol has BAND as it's utility and governance token. BANDs data can be accessed and Bridged on Ethreum and Cosmos at it's current state. |
| ChainLink being the oracle service allows nodes to set it's node price for accessing or requesting data through smart contract. While accessing such data these smart contracts take the pay on behalf of node operators. | Band Protocol allows the smart contracts from on-chain and off-chain through it's own smart contracts or dApps to read data. The charge for data read is based on the variables set by smart contract used to access the data. |
| ChainLink being ERC-20 and named as LINK token for the oracle service, it's use is for the stakers and the node operators who are getting the payout for the data requested. | Band Protocol is intended for the validators token which is often used by the Oracles, Bridges, asset converters. It is not intended to be a currency for investors. |
| ChainLink can handle upto 70 TPS based on the available test data. | Band Protocol on Cosmos chain can go upto 40K in TPS value. |
| ChainLink's oracle service offers end point for both in-chain and off-chains which can make it easy adaptor point for the external services. It also offers DeFi, smart contracts and dApps on it's chain. | Band Protocol is a cross chain oracle platform on Cosmos chain which offers smart contract can serve to the oracle service as well as DeFi and dApps. |
ChainLink (LINK) or Band Protocol (BAND)?
Chainlink's ability to connect with external chains and offering interface for 3rd party data sources makes it a good competitor to BAND protocol. It is being used in variety of use cases which includes oracle services, data contracts and smart contracts for specific data triggered usage scenarios.
Band Protocol is another oracle solution which is however specifically used for the cross bridges, real-time data oracle and data services for Ethereum and Cosmos chain through starport.
Conclusion
Both of these blockchains in theory can be used for similar use cases yet they are adopted by different projects for different use case scenarios on Ethereum and Cosmos chain. Choice of which chain to go with largely depends on required data sources or the 3rd party blockchain adaptor choices for these two blockchains.
Posted Using LeoFinance Beta
