Like Coinbase and some others, CoinMarketCap also offers its registered users to earn cypto by learning about top and emerging crypto projects.
You can access CoinMarketCap's Learn Crypto Earn Crypto by clicking on the link below:
CoinMarketCap's Learn Crypto Earn Crypto
Their current offer is for BAND token and BandChain.
Band Protocol provides decentralized customized oracles that connect smart contract applications, such as decentralized finance applications, to the outside data sources for real time data.
Band Protocol (BAND) on CoinMarketCap:
You can find this offer on the above shared link. There are three 2 minutes videos lessons and then a quiz, all of them took 20 minutes of my time.
If you like, you can also go through my notes for these three lessons:
LESSON 1: What is Band Protocol?
- Blockchains are based on smart contracts and smart contracts cannot access outside data.
- Some of the smart contract applications require data outside the blockchains for example decentralized finance applications such as price feeds.
- Oracle connects smart contracts with external data sources, allowing them to function and operate reliably in a trust-less manner.
- Band Protocol is a cross-chain decetralized oracle that provides smart contracts the tools to connect and aggregate any external data source or API without any central point of failure.
- Band Protocol uses Band Chain.
- Band Chain is built on the COSMOS sdk, specifically for oracle computations such as pulling data from multiple high quality sources, aggregating them to filter out outliers, and packaging them into a format that's easy to use and verify efficiently across any other blockchain for decentralized applications to utilize.
LESSON 2: How do Band Protocol oracles work?
- Ethereum based oracle services are often limited by high block time and transaction fees.
- This makes it difficult for the applications that rely on frequently updated reliable and
cost efficient data.- Band Protocol provides substantial improvements in both cost and response time to such applications.
- BandChain is built to avoid inflated transaction fees, congested networks and keep providing real-time data at a marginal cost.
- With BandChain, developers create custom Oracle scripts that specify the data they need, data sources, number of validators, and aggregate these data into the final result.
- This ends the use of limited and delayed data on the reference data sets, instead developers can utilize a flexible oracle design to tap into any data source of their liking that powers decentralized finance, prediction, betting and gaming applicatins.
- BandChain network collects a small fee for all the data requests. BandChain validators are then chosen to respond to the request and pull data from the sources specified in the oracle script.
- The validator reports are then aggregated into a single result that is permanently stored in BandChain's blockchain state and can be relayed to any other blockchain with a proof signed by validators to verify the integrity of the oracle data.
- Each oracle request only takes 3 to 6 seconds from start to finish.
- On BandChain developers own fine-tuned decentralized oracles that provide timely data provisioning in a highly scalable and cost-efficient manner.
LESSON 3: What is the BAND token?
- In order to support smart contract industry and decentralized finance, it is needed that oracles powering blockchain applications must be fully decentralized.
- The BandChain decentralized oracle network is secured through delegated-proof-of-stake using the native token, BAND.
- BAND token holders are able to stake or delegate on behalf of selected validators to earn inflationary revenue, as well as a portion of the data request fees collected.
- Similarly to Ether on the Ethereum network, BAND token is used to pay for transaction fees on BandChain. This means the higher usage of Band oracles, the higher the fees generated through the network which ultimately rewards BAND stakers and validators.
- BAND token is also used for the protocol governance process, so token holders have direct say in any upgrade.
- BAND token is also used for the protocol governance process, so token holders have direct say in any upgrade.
One more thing, don't forget to Find your Band Wallet before taking the quiz by clicking on Find My Wallet Address on the Same page of video lessons.
At the time of writing this post, there were only 9 hours left before this offer/course ends.