This Multi-Asset Crypto Fund Will Operate India’s Only Oracle Node on BandChain
A multi-asset crypto fund manager will become India’s first-ever operator of a BandChain oracle node, according to a release on Monday.
Only Indian BandChain Node Operator
Woodstock Fund, a specialized multi-asset investment fund focused on blockchain and crypto-startups said it will operate a delegated-proof-of-stake node for Band Protocol’s decentralized oracle network.
Woodstock’s managing partner Himanshu Yadav said the firm was 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.”
Yadav added Woodstock has invested in other crypto-projects like, Elrond, Holo, Marlin Protocol, Casper Labs, and is a “long-term supporter” of Band Protocol. As a private investor, the firm will now act as a strategic partner to help expand its global footprint, especially into the rapidly growing Indian blockchain ecosystem.
Band Protocol CEO Soravis Srinawakoon noted:
“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.”
For the uninitiated, oracles (in a blockchain application) are a third-party data layer for Web 3.0 applications to fetch data from “outside” a blockchain to within. Such services, offered by firms like Chainlink and, Band Protocol, allow and enable smart contracts to power a variety of dApps, such as gaming, prediction markets, and others.
Srinawakoon said the development will “open the doors” to a truly global permissionless data layer that supports all blockchain applications and smart contract platforms.
Fetching Reliable Data Through Oracles
Despite its partnerships, BandChain was built by the Band Protocol only last month. The firm is 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 release noted.
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.
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.