RedStone: What is it, and the Airdrop Rumors?

Bittime - Never felt the application DeFi the one you are using is out of date regarding the data? Like you don't have the latest information? RedStone is here to pull them (and you!) into the future. They are a new generation of oracle providers that focus on providing data that is reliable, secure, and most importantly, diverse for the world of DeFi and beyond.

What is RedStone?

Just think of RedStone as the data backbone for Web3. They are not just about crypto prices; they carry all kinds of real-world data and niche ke blockchain, bike smart contract get smarter.

Oracle Problems: Why is RedStone Different?

Blockchains are designed to be isolated and independent. This makes it difficult for them to access information from outside, such as data providers, payment systems, and IoT devices. This challenge is often called the "Oracle Problem." Oracle Traditional systems often rely on centralized systems, which goes against the principles of decentralization and can lead to security gaps.

RedStone addresses this problem with a unique approach to data storage and transmission.

RedStone Confidential: Arweave and Data On Demand

RedStone solves the “Oracle Problem” with a unique approach, namely storing data non-standard in Arweave and send it to all EVM compatible networks (Ethereum Virtual Machine).

They leveraged Arweave, a blockchain-based storage solution that is much cheaper than storing data directly on Ethereum. This allows them to handle more data and update it more frequently.

Instead of continuously force data to the blockchain (like most oracles), RedStone stores the data in Arweave and then uses a network of nodes and partners to provide it to DeFi applications when needed. 

The “on demand” approach (on-demand) this really changes the game. EVM-Connector then injects data into the destination chain only when needed.

More Than Prices: The Wide World of Data

RedStone doesn't just focus on the price of the underlying crypto. They are also expanding into underserved areas such as:

Data NFT: Base price, rarity score and more.

Data game: In-game statistics, item prices, etc.

Insurance data: Real-world events that trigger payments.

Sports statistics: For sports betting and fantasy apps.

Green bonds: To verify the environmental impact of the project.

Credit score: Bringing real-world credit data to DeFi.

They enable many data providers to enter the blockchain ecosystem. Data providers stake RedStone tokens as collateral, ensuring that they will continue to operate and provide high-quality data.

Cross-Chain Compatibility: Data for Everyone

RedStone data is cryptographically signed by the provider and can be verified on any chain that supports basic cryptographic primitives. As a result, their logic abstracts storage from usage.

While their initial focus is on EVM-compatible chains such as Ethereum, Polygon, and Avalanche, they plan to expand to all major blockchains, becoming the oracle of choice for the entire Web3 world.

RedStone Airdrop Watch: Stay tuned

OK, now onto the fun part: airdrops. RedStone hasn't officially announced anything yet, but it's always wise to be prepared. Here's how to position yourself:

Involved: Follow RedStone on social media and participate in their community channels.

Explore: Check out the DeFi applications that are already using it data feed RedStone.

Recommend: Share your thoughts and ideas with the RedStone team.

Disclaimer: There is no guarantee of an airdrop, so don't get your hopes up based on rumors alone.

Conclusion: RedStone is Worth a Look

RedStone brings a fresh approach to the world of oracles. They make data more accessible, affordable, and diverse for the entire blockchain ecosystem. Whether you're a developer, a DeFi user, or just a crypto fan, keep an eye on RedStone – they're definitely worth keeping an eye on!

FAQ: RedStone 

What is RedStone?

RedStone is a next-generation oracle provider that brings diverse, reliable, and secure data to the Web3 world. They not only focus on crypto prices, but also real-world data and niche, such as NFT data, games and more.

What makes RedStone different from other oracles?

RedStone uses a unique approach by storing data in Arweave (low-cost blockchain storage) and sending it on demand. This makes data more affordable, more flexible, and allows RedStone to support more types of data.

Is there a potential airdrop from RedStone?

Currently there has been no official announcement regarding the airdrop. However, by following project developments, participating in the community, and exploring apps that use RedStone, you can increase your chances of an airdrop in the future. (But remember, there are no guarantees!)

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Reference

RedStone docs, Introduction, Accessed February 26, 2025

RedStone, Introducing RedStone, Accessed February 26, 2025

Author: IN