NEW DELHI, July 20, 2020 /PRNewswire/ -- Woodstock Fund, a specialized multi-asset investment fund focused on early and growth-stage Distributed Ledger Technology (DLT) startups and blockchain projects, today announced that they will operate a delegated-proof-of-stake node for Band Protocol's decentralized oracle network.
Blockchains and decentralized applications are unable to communicate outside their native network and require an Oracle, a data layer for Web 3.0 applications, to do so. Band Protocol enables smart contracts to securely connect to external data sources and APIs in a reliable and decentralized manner, powering applications ranging from decentralized finance protocols such as lending and stablecoins to prediction markets and also gaming platforms.
Himanshu Yadav, Co-founder and Managing Partner, Woodstock Fund, said, "We are excited that Woodstock will be the first India focused BandChain validator node that will power the data layer for our investment portfolio and other public decentralized networks and applications."
"Alongside a portfolio of leading blockchain projects such as Elrond, Holo, Marlin Protocol, Casper Labs - Woodstock has been a long-term supporter of Band Protocol as a private investor and strategic partner to help expand its global footprint, especially into the rapidly growing Indian blockchain ecosystem. Band token has also been recently listed on one of the largest Indian exchanges WazirX," he added.
"Woodstock operating a validator node on BandChain will allow the Indian and global community to contribute to the BandChain decentralize oracle network under a trusted and reliable entity," said Band Protocol CEO Soravis Srinawakoon. "This will open the doors to a truly global permissionless data layer that supports all blockchain applications and smart contract platforms."
On June 10, 2020, Band Protocol released BandChain, an independent blockchain with cross-chain compatibility that is built specifically for oracle computations and to accommodate user-defined requests in a scalable manner and in real-time. 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.
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. Secured by delegated-proof-of-stake, validators, who are chosen to fulfil data requests based on stake-weight, are required to stake or lock-up BAND tokens in order to contribute to the curation of data in return for a portion of data request fees and inflationary revenue for producing blocks on BandChain.
With the exponential growth of decentralized finance, reliable oracle solutions such as Band Protocol are critically important to ensure that the millions of dollars locked up in protocols are secured. Similarly to Chainlink, it will be interesting to see how Band will grow alongside the ever-growing world of decentralized finance and smart contract platforms.
About Band Protocol:
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations - however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. 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.
About Woodstock Fund:
Woodstock Fund is a multi-asset global investment fund currently focused on investments in public Distributed Ledger Technology (DLT), Decentralized Finance & Tokenization and Web 3.0 protocols. Woodstock Fund invests in equity, convertibles and tokens in both public and private markets. Woodstock works at the intersection of technology and value creation alongside its portfolio companies to help them scale and grow their ecosystem. The portfolio companies include Holochain, Elrond, Casper Labs, Brand Protocol and Marlin Protocol. Woodstock has operating teams in India, Philippines and Singapore.
SOURCE Woodstock Fund