RedStone redefines the blockchain oracle scene with innovative design
Interest in blockchain Oracle protocols like Chainlink (LINK) is growing, reflecting the rapid adoption of smart contracts. These Oracle protocols are vital to the crypto industry by acting as conduits for external data that enable the automation of smart contracts.
As the worlds of DeFi and traditional finance move closer together, the importance of oracles is increasingly expressed. RedStone is emerging as a leading force in response to the growing demand for Oracle solutions.
RedStone leverages the decentralized Streamr network to provide users with reliable data while eliminating unnecessary data transmission inefficiencies on-chain. Redstone is a provider of trusted data feeds serving more than 40 blockchain platforms, including ethereum virtual machine (EVM) compatible network blockchains and non-EVM networks.
In a recent interview CryptoSlateCEO and founder Jakub Wojciechowski talked about what the company has been doing in recent years and what makes RedStone different from other Oracle providers.
How is RedStone disrupting the status quo?
With the increasing demand for decentralized financial infrastructure, RedStone offers a modular design that enables on-chain data efficiency. Innovative data availability layer stores all data; only what is needed will be fetched through the chain. This optimizes cost and efficiency.
Wojciechowski said:
Unlike the traditional push oracle model, which is not scalable and imposes higher costs for each chain deployment, the RedStone approach allows it to provide affordable and reliable data feeds for more than 40 chains.
Stablecoin support
RedStone also plays a key role in supporting aave‘s stablecoin, GHO. The stablecoin ecosystem often relies on oracles, especially for algorithmic stablecoins; because their stability depends on the price infrastructure that collects information from various sources.
#RedStone #redefines #blockchain #oracle #scene #innovative #design
Interest in blockchain Oracle protocols like Chainlink (LINK) is growing, reflecting the rapid adoption of smart contracts. These Oracle protocols are vital to the crypto industry by acting as conduits for external data that enable the automation of smart contracts.
As the worlds of DeFi and traditional finance move closer together, the importance of oracles is increasingly expressed. RedStone is emerging as a leading force in response to the growing demand for Oracle solutions.
RedStone leverages the decentralized Streamr network to provide users with reliable data while eliminating unnecessary data transmission inefficiencies on-chain. Redstone is a provider of trusted data feeds serving more than 40 blockchain platforms, including ethereum virtual machine (EVM) compatible network blockchains and non-EVM networks.
In a recent interview CryptoSlateCEO and founder Jakub Wojciechowski talked about what the company has been doing in recent years and what makes RedStone different from other Oracle providers.
How is RedStone disrupting the status quo?
With the increasing demand for decentralized financial infrastructure, RedStone offers a modular design that enables on-chain data efficiency. Innovative data availability layer stores all data; only what is needed will be fetched through the chain. This optimizes cost and efficiency.
Wojciechowski said:
The innovative design also allows the infrastructure to frequently broadcast multiple assets to any EVM layer-1 or Layer-2 network. This means broad compatibility with various smart contract blockchains.
Unlike the traditional push oracle model, which is not scalable and imposes higher costs for each chain deployment, the RedStone approach allows it to provide affordable and reliable data feeds for more than 40 chains.
Stablecoin support
RedStone also plays a key role in supporting aave‘s stablecoin, GHO. The stablecoin ecosystem often relies on oracles, especially for algorithmic stablecoins; because their stability depends on the price infrastructure that collects information from various sources.
RedStone for Aave GHO integrates data from multiple DEX pools to facilitate stablecoin integration. Wojciechowski also noted that RedStone remains developer-friendly by offering developers three consumption models.
#RedStone #redefines #blockchain #oracle #scene #innovative #design