17.3 C
Thursday, September 21, 2023
HomeDeFiRedStone redefines blockchain oracle scene with innovative design

RedStone redefines blockchain oracle scene with innovative design


Related stories

Shiba Inu: AI Says ‘Exciting Ups’ Lie Ahead for SHIB

Shiba Inu was launched back in 2020 and has...

Federal Reserve holds rates steady amid inflation concerns; future hikes still possible

A web3 membership designed to empower you with cutting-edge...

House Committee Passes Bill to Ban FED from Creating a CBDC

The House Financial Services Committee approved a bill to...

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.06 trillion with a 24-hour volume of $20.6 billion. The price of Bitcoin is $26,573.68 and BTC market dominance is 48.8%. The price of Ethereum is $1,636.62 and ETH market dominance is 18.6%. The best performing cryptoasset sector is DuckSTARTER, which gained 527%.
RedStone Oracle plays an integral role in supporting algorithmic stablecoins.
Cover art/illustration via CryptoSlate
The focus on blockchain Oracle protocols, such as Chainlink (LINK), has been growing, reflecting the rapid adoption of smart contracts. These Oracle protocols are vital to the crypto industry, acting as channels for external data that drive the automation of smart contracts.
As the worlds of DeFi and traditional finance converge, the significance of oracles becomes increasingly pronounced. RedStone emerges as a pioneering force in response to this surging demand for Oracle solutions.
RedStone harnesses the decentralized Streamr network to give users dependable data while eradicating superfluous on-chain data transmission inefficiencies. Redstone is a provider of reliable data feeds, servicing over 40 blockchain platforms, including Ethereum virtual machine (EVM)-compatible network blockchains and non-EVM networks.
In a recent interview with CryptoSlate, CEO and founder Jakub Wojciechowski discussed what the company has been up to in recent years and what makes RedStone different from other Oracle providers.
With the increased demand for decentralized finance infrastructure, RedStone offers a modular design allowing on-chain data efficiency. Its innovative data availability layer stores all the data; only what is needed would be fetched on-chain. This optimizes cost and efficiency.
Said Wojciechowski:
“RedStone is revolutionizing the oracle space by eliminating the inefficiency of unnecessary on-chain data pushing and leveraging the decentralized Streamr network for reliable data delivery to users. With the added innovation of token incentives, it ensures data integrity and service continuity, while also utilizing the Arweave blockchain for cost-effective, permanent data storage.”
The innovative design also allows the infrastructure to broadcast multiple assets frequently to any EVM layer-1 or Layer-2 network. This means broad compatibility with several smart contract blockchains.
Unlike the traditional push oracle model, which is not scalable and comes with a higher cost for each chain deployment, the RedStone approach enables it to provide affordable and reliable data feeds for more than 40 chains.
RedStone also plays an integral role in supporting Aave’s stablecoin, GHO. The stablecoin ecosystem generally relies on oracles, especially for the algorithmic stablecoins, as their stability depends on price infrastructure aggregating information from several sources.
“Oracles play a pivotal role in the stablecoin ecosystem, especially for algorithmic and decentralized stablecoins that mint against volatile cryptocurrency reserves,” Wojciechowski said. “When the collateral-to-loan ratio falls below a certain threshold, oracles trigger liquidations to maintain system solvency, making their reliability and accuracy crucial for the stablecoin’s peg to its intended value.”
For Aave GHO, RedStone integrates data from multiple DEX pools to facilitate stablecoin integration. Wojciechowski also noted that RedStone remains developer-friendly by offering three consumption models for developers.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Although Cuban managed to transfer $2 million worth of assets to Coinbase Custody, the hackers made off with ETH, USDC, MATIC, and more.
Unmasking the rise in crypto romance scams through social platforms and the dire need for robust protective measures.
Select companies can now use Google’s latest large language models (LLMs).
The SEC called filings related to various ETFs inadequate in June.
The average transaction fee on the Bitcoin network was less than $3.
Bankruptcy court to review FTX’s asset liquidation plan amid Chapter 11 proceedings.
The former FTX CEO’s lawyers argue that the government is overwhelming their client without allowing him the ability to adequately prepare his case.
The SEC called filings related to various ETFs inadequate in June.
The BNB Bridge hacker’s $63 million position was also liquidated on Venus Protocol.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy

Please add [email protected] to your email whitelist.
Stay connected via

Source: www.cryptoslate.com


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here