Go to https://www.cosmoscan.io/ and click on Connect Wallet
Go to https://www.cosmoscan.io/ and click on Connect Wallet
Select Chorus One from the list of validators and enter the amount you want to stake (leave some amount in your wallet to pay for the fees)
Open Cosmos app on your ledger and click on Connect to Ledger
Click on Delegate and then Approve the transaction in your ledger. You're now staking with Chorus One!
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Band Protocol staking can be done through Ledger hardware wallets. When you stake your BAND tokens with Chorus One you can earn rewards up to 11.2% per annum.
The Band Protocol is a platform to aggregate and connect real-world data to smart contracts. Band seeks to deliver trusted information to cross-chain applications via its network of validator nodes.
By delegating BAND tokens to a BandChain validator like Chorus One, you are able to earn staking rewards for indirectly participating in securing the network and responding to oracle data requests.
Band oracles are integrated into major blockchains and applications including Binance Smart Chain, ICONS, Nervos and Others.
Please note that the unstake period is 21 days. This means that you can only unstake and withdraw coins to your wallet after this time has passed. We wish you profitable staking!
You will first need to install the Cosmos application (ATOM) from the Ledger Live Directory as the Band Protocol uses Cosmos SDK.
Go to the block explorer website Cosmocan.io and click the Connect button in the upper right corner as shown in the image.
Now choose a connection method. In our case it’s Ledger — Cosmos. Ledger will verify that the site you are connecting the hardware wallet to is genuine. Leave HD Derivation Path unchanged and click Connect to Ledger
Confirm the action on the Cosmocan.io Band Protocol browser page to use the Ledger device in that browser. Copy the addresschrome://flags/#enable-experimental-web-platform-features by clicking the OK button in the pop-up window.
Then enable the Experimental Web Platform Features option.
Restart your browser.
Once opened, Cosmoscan.io will ask for permission to connect to the HID device. Click Connect.
Success! The hardware wallet is successfully connected.
To get the BAND address, on the main page of the Cosmoscan.io browser, click on the profile icon in the upper right corner, copy the displayed address and send tokens to it.
After the coins arrive in the wallet, you can proceed to BAND staking.
You need to select a validator to delegate your BAND tokens. Go to the Validators tab (which you saw in the screenshot). Then select a validator from the list, or just start typing its name. We suggest voting for Chorus One — a reliable and proven validator present on over 25 networks. We have highly available infrastructure and high uptime (uninterrupted functioning time).
Click on the validator to continue.
On the page, click Delegate.
Enter the amount of tokens you want to delegate manually, or just click Max to stake the entire amount at once. Usually, you don’t need to enter a Memo, but if the validator has this parameter, then you need to enter it as well. After that click Next. <button>Next</button>
Click the Broadcast button. A notification will appear on your Ledger device. Confirm the transaction on the device.
If you have successfully staked Band tokens, you will see the following message:
Done! After the delegation, by clicking the View Details button, you can open a page with detailed information about the transaction.
Today, we are excited to announce that Chorus One will join the Band Protocol ecosystem as a block validator and data provider.
Band Protocol is a data layer for Web 3.0 applications providing decentralized off-chain data to smart contracts through community-curated oracles. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Band Protocol 2.0 introduces BandChain, a blockchain built on the Cosmos SDK to accommodate user-defined data requests and support data oracles across multiple blockchains. Dapps can use BandChain to query data from traditional APIs and send it to the smart contracts in a verifiable and secure manner.
We have seen how price oracles have the potential to cause chaos in crypto. Synthetix had a close call when their price oracle failed last year. Recent flash loan arbitrage trades have shown that automated market makers like Uniswap can be fragile when low liquidity is paired with leverage. Similarly Terra, where Chorus One also runs a validator, saw their stablecoin swap mechanism subjected to arbitrage attacks leading to an effort to continuously improve the robustness of their oracle implementation.
We believe Band Protocol has the capacity to help mitigate oracle risks through their novel incentivized model on BandChain that incorporates flexibility, customizability, and speed while also ensuring the security and integrity of the data.
“As a validator and data provider on Band Protocol we hope to bring additional decentralization and security to all blockchain applications that seek to safeguard against critical failures arising from dependency on any sole oracle solution”
- Brian Fabian Crain, CEO & Co-Founder of Chorus One
Here are some of the reasons why we chose to support Band Protocol:
As Chorus One, we strongly believe in the Internet of Blockchains vision, as espoused by Cosmos and others. We believe that there will be many blockchain networks that all interact with each other and that, over time, these chains will become increasingly specialized. These chains will use inter-blockchain communication, via protocols like the Inter-blockchain Protocol (IBC), to securely transact with each other.
One key problem for the Internet of Blockchains is that blockchains are unable to verify data that is created outside of their network. This is known as the “oracle” problem and technologies designed to solve this problem are called oracles. Financial contracts need market data, insurance contracts need IoT data, and gaming applications need provable randomness. The oracle problem is such a fundamental one, we believe there will be many competing solutions, all providing unique benefits and making various data feeds available.
So while we recently partnered with Chainlink, the current market leaders in this space, we also see Band Protocol playing a key role in the evolution of oracles in the Internet of Blockchains. In an IBC context, oracles can bridge the Internet of Blockchains to real world data. As the Band Protocol network is built using the Cosmos SDK, it can operate as a Cosmos “zone”. This means it will naturally fit into the world of chains communicating over the IBC protocol, bringing high-quality data feeds to other application-specific chains built using the Cosmos SDK.
We expect to see many applications choosing to partner with multiple oracle solutions to improve resilience, as per the recent bZx announcement, where bZx have decided to partner with both Chainlink and Band Protocol to improve their price feed oracles.
We will be available to answer any questions you might have on the Chorus One Telegram group at https://t.me/chorusone, where we will host an AMA with the Band team on the 16th of April at 5PM CET.
About Chorus One
Chorus One is operating validation infrastructure and staking services for Proof-of-Stake networks.
We will offer staking on BandChain when the network goes live in April. You will be able to support our work and earn staking rewards by delegating BAND to our node.
Website: https://chorus.one
Twitter: https://twitter.com/chorusone
Telegram: https://t.me/chorusone
About Band Protocol
Band Protocol is a decentralized oracle framework for Web3.0 applications. Band Protocol connects smart contracts with trusted off-chain information, provided through community-curated oracle data providers. Blockchains are enabled to connect to any web API with assured data integrity through dPoS economic incentives through one simple function call. Developers using Band Protocol will be able to easily build and manage off-chain oracles, reputation scores, identity management systems and much more.
To learn more about Band Protocol, please check out their website here: https://bandprotocol.com/
Telegram: https://t.me/bandprotocol
Medium: https://medium.com/bandprotocol
Twitter: https://twitter.com/BandProtocol
Originally published at https://blog.chorus.one on April 2, 2020.
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