1. Why is Band Protocol important for DeFi and smart contract use-cases ? Answer : It reliably connects smart contracts to any external data-source or API
2. What is an example of decentralized finance (DeFi) using Band Oracle ? Answer : All of the above.
3. What does Band Protocol offer in comparison to native blockchain-based oracle services ? Answer : Low cost, real-time data, support for any data type, customizability, scalability and cross-chain compatibility
4. How is the BandChain decentralized oracle network incentivized to fulfil oracle requests ? Answer : Validators and underlying stakers receive a data request fee and block reward
5. Why are validators who fulfil data requests on BandChain required to stake BAND ? Answer : Align economic incentives for validators…
6. What can BAND token holders do to help secure the network and earn a portion of data request fees ? Answer : Delegate or stake Band for choosen validators(s).
7. The BAND token is used to pay for transaction fees on BandChain , similarly to ETH on Ethereum. If there is a higher usage of Band oracles then … ? Answer : More fees are generated through the network, rewarding validators ans stakers.