Investment Fund Woodstock to Run Oracle Node on Blockchain Platform BandChain, Expanding Crypto Portfolio
Band Protocol, a data layer for Web 3.0 applications, has made significant strides in India with its recent listing on one of the country's largest exchanges, WazirX. This move comes as Woodstock Fund, a multi-asset investment fund, announced its commitment to operate a delegated-proof-of-stake node for Band Protocol's decentralized oracle network.
Band Protocol enables smart contracts to securely connect to external data sources and APIs in a decentralized manner. The decentralized oracle network is operated by validators who retrieve data from specified sources and aggregate them into a deterministic, single value for smart contract usage.
Woodstock Fund's decision to become a validator is a testament to their long-term support for Band Protocol. As a strategic partner, they have been a private investor in the project and are now set to help expand Band Protocol's global footprint, particularly into the rapidly growing Indian blockchain ecosystem.
The company Band Standard will also operate a validator-based Proof-of-Stake node for Band Protocol's decentralized oracle network, starting from June 10, 2020.
Band Protocol powers various applications, including decentralized finance protocols, prediction markets, and gaming platforms. The exponential growth of decentralized finance makes reliable oracle solutions like Band Protocol critically important to ensure that the millions of dollars locked up in protocols are secured.
Woodstock Fund's Himanshu Yadav expressed excitement about Woodstock becoming the first India-focused BandChain validator node. Soravis Srinawakoon, CEO of Band Protocol, stated that this move will allow the Indian and global community to contribute to the BandChain decentralized oracle network under a trusted and reliable entity.
Band Protocol, similar to Chainlink, may grow alongside the ever-growing world of decentralized finance and smart contract platforms. Woodstock Fund's portfolio, which includes leading blockchain projects like Band Protocol, Elrond Network, Holo, Marlin Protocol, and Casper Labs, further solidifies their commitment to the decentralized future.
Anyone can use Band Protocol to create a fine-tuned decentralized oracle that queries data in a permissionless environment from any Web 2.0 APIs and sends it to smart contracts in a verifiable yet secure manner. With the support of entities like Woodstock Fund and Band Standard, Band Protocol is poised to play a crucial role in the decentralized future.
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