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Intro
Oracles are intermediaries that bridge the gap between blockchains and the real world. They fetch data from various sources and deliver it to smart contracts in a secure and verifiable way. Oracles enable dApps to leverage the power of data and offer innovative services and products to their users.
However, not all oracles are created equal. Traditional oracles suffer from several limitations, such as:
Dependence on a single data source, which can be inaccurate, outdated, or manipulated.
High latency and gas costs, which affect the performance and profitability of dApps.
Incompatibility with emerging blockchain technologies, such as zero-knowledge proofs and layer-2 solutions.
Lack of customization and flexibility, which limit the potential of dApps to access diverse and complex data.
These challenges call for a new generation of oracles that can overcome the shortcomings of the existing solutions and provide dApps with the data they need in a fast, cost-efficient, and versatile way. This is the vision of RedStone, a modular oracle network that offers data feeds to dApps and smart contracts on multiple L1s and L2s.
What is Redstone?
RedStone Finance is a oracle just like the “The Graph”, “Pyth” or “ChainLink”, but not really. RedStone has clearly analyzed the needs of DeFi and how important oracles is for the proper function of any dApp who relies on information from outside the blockchain. ChainLink for example is one of biggest oracles (or was), sure it has worked quite okey. But ChainLink is to centralized and price oracles can be tampered with from the inside, even doh that possibility is small it’s there.
With RedStone is that security risk smaller as there will be many “node provider” with will serve as “data feed providers”, that aggregates “data” from several sources and provide a signed data package of the medium value or the aggregated data from the different sources, making sure to provide packages with the newest data from several sources, then the median value of those. Providing so close a correct price you can on a certain asset.
RedStone features other cool functions not provided by any other oracle as you also can decide how often the price should get updated, a parameter that’s set by other oracles and not changeable. But to the most exciting part the “modular” part. RedStone is first of it’s kind, this will both save money in the end for dApps themselves and end-users in the end, as these two goes quite hand-in-hand. The easiest way to provide information on-chain is just basically to put it into storage but storage is expensive.
For those who don’t know so can smart-contract both contain temporary/arbitrary data needed for a specific operation and if it’s no longer needed it’s not stored in storage. You only store the necessary variables and data needed to be stored for later on the smart-contract, this to save GAS. As storing data in storage is much more expensive and on some chains the transaction fee’s (GAS) is already high enough. So this is a tactic to save the protocol and end-users GAS expansive. But RedStone is providing another awesome solution, making smart-contract able to fetch real-time data directly from the data availability layer used, so as soon a smart-contract need some pricing on some token for a swap for example it can directly pick this up from DA-layer. This is what’s makes it truly modular as it can fit into nearly any dApp, as long it has a DA-layer.
Rolling back a bit…to the Nodes witch anyone can run!
RedStone’s Features and Product RedStone offers several features and products that make it stand out from other oracle solutions. Some of the main ones are:
RedStone Data: RedStone provides data feeds for various assets, such as cryptocurrencies, stocks, commodities, forex, indices, etc. RedStone also delivers non-standard data, such as volatility, order books, trading volumes, etc. RedStone data is updated frequently and reliably, with a full historic audit trail available on Arweave.
RedStone Core: RedStone Core is a pull-based oracle model that offers the lowest gas costs and a few seconds of latency. In this model, dApp users deliver signed data packages on demand to the destination chain. RedStone Core is ideal for dApps that do not require frequent data updates or high security guarantees.
RedStone Classic: RedStone Classic is a push-based oracle model that is compatible with traditional oracles. In this model, dApp developers have full control over the data source and update conditions, such as heartbeat and deviation threshold. RedStone Classic is suitable for dApps that require regular data updates and moderate security guarantees.
RedStone X: RedStone X is a zero-latency oracle model that is front-running proof and tailored for sophisticated protocols, such as perpetuals and options. In this model, dApp users submit their orders along with the signed data packages, which are then executed atomically on the destination chain. RedStone X is designed for dApps that require instant data updates and high security guarantees.
RedStone Modular Design & 3 Ways to Integrate RedStone’s modular design allows dApp developers to choose the data consumption model that fits best to their needs and preferences. RedStone offers three ways to integrate its oracle services:
RedStone API: RedStone API is the easiest and most convenient way to integrate RedStone data feeds into any dApp or smart contract. RedStone API provides a simple and user-friendly interface that allows developers to access data from various sources and networks with a few lines of code. RedStone API also supports webhooks and callbacks for data delivery and verification.
RedStone SDK: RedStone SDK is a more advanced and flexible way to integrate RedStone data feeds into any dApp or smart contract. RedStone SDK provides a comprehensive and customizable toolkit that allows developers to access data from various sources and networks with more control and functionality. RedStone SDK also supports custom data feeds and data aggregation for complex use cases.
RedStone CLI: RedStone CLI is the most powerful and versatile way to integrate RedStone data feeds into any dApp or smart contract. RedStone CLI provides a command-line interface that allows developers to access data from various sources and networks with full customization and optimization. RedStone CLI also supports data encryption and decryption, data compression and decompression, data signing and verification, and more.
The Data & Sources
So were is all this aggregated data coming from?, well from several sources. RedStone has of now 162 different sources it aggregates data (eg, prices of tokens, liquidity and such). This is sources like CoingGecko, CoinMarketCap, Coinbase, ByBit, KuCoin, Kraken, Gate, Uniswap, OKX, Curve, Velodrome, Pancakeswap just to mention a few sources both decentralized and centralized ones.
As told before, the “nodes” aggregates that from several sources than take the median-value of them, this together with techniques like TWAP & LWAP to provide for example a price of a token more correctly and exactly. This is implemented with other safety measures to hinder outliers (if some source is providing a price of a token that’s way off from what the other sources provide). The signed packages from the nodes get inside the RedStone unpacked and uses cryptography to verify it’s correctness (timestamps, right format and origin it comes from), so several safety measures are provided to hinder any exploiting of oracles which we have seen in the past draining liquidity pools for example.
Oracles is one of the most important infrastructures in web3 and blockchain as a whole as outside data needs to be verified correctly and pushed into the blockchain and various protocols on it, so the security, decentralization, immutability and reliability of a oracle is critical for proper blockchain functionality that’s in need of outside data. Below do you see the payload(data) from the nodes into RedStones layer were they control the data provided thru different measures some described above.
Links:
Discord:
Twitter: https://twitter.com/redstone_defi
Website: https://redstone.finance/
Intro
Oracles are intermediaries that bridge the gap between blockchains and the real world. They fetch data from various sources and deliver it to smart contracts in a secure and verifiable way. Oracles enable dApps to leverage the power of data and offer innovative services and products to their users.
However, not all oracles are created equal. Traditional oracles suffer from several limitations, such as:
Dependence on a single data source, which can be inaccurate, outdated, or manipulated.
High latency and gas costs, which affect the performance and profitability of dApps.
Incompatibility with emerging blockchain technologies, such as zero-knowledge proofs and layer-2 solutions.
Lack of customization and flexibility, which limit the potential of dApps to access diverse and complex data.
These challenges call for a new generation of oracles that can overcome the shortcomings of the existing solutions and provide dApps with the data they need in a fast, cost-efficient, and versatile way. This is the vision of RedStone, a modular oracle network that offers data feeds to dApps and smart contracts on multiple L1s and L2s.
What is Redstone?
RedStone Finance is a oracle just like the “The Graph”, “Pyth” or “ChainLink”, but not really. RedStone has clearly analyzed the needs of DeFi and how important oracles is for the proper function of any dApp who relies on information from outside the blockchain. ChainLink for example is one of biggest oracles (or was), sure it has worked quite okey. But ChainLink is to centralized and price oracles can be tampered with from the inside, even doh that possibility is small it’s there.
With RedStone is that security risk smaller as there will be many “node provider” with will serve as “data feed providers”, that aggregates “data” from several sources and provide a signed data package of the medium value or the aggregated data from the different sources, making sure to provide packages with the newest data from several sources, then the median value of those. Providing so close a correct price you can on a certain asset.
RedStone features other cool functions not provided by any other oracle as you also can decide how often the price should get updated, a parameter that’s set by other oracles and not changeable. But to the most exciting part the “modular” part. RedStone is first of it’s kind, this will both save money in the end for dApps themselves and end-users in the end, as these two goes quite hand-in-hand. The easiest way to provide information on-chain is just basically to put it into storage but storage is expensive.
For those who don’t know so can smart-contract both contain temporary/arbitrary data needed for a specific operation and if it’s no longer needed it’s not stored in storage. You only store the necessary variables and data needed to be stored for later on the smart-contract, this to save GAS. As storing data in storage is much more expensive and on some chains the transaction fee’s (GAS) is already high enough. So this is a tactic to save the protocol and end-users GAS expansive. But RedStone is providing another awesome solution, making smart-contract able to fetch real-time data directly from the data availability layer used, so as soon a smart-contract need some pricing on some token for a swap for example it can directly pick this up from DA-layer. This is what’s makes it truly modular as it can fit into nearly any dApp, as long it has a DA-layer.
Rolling back a bit…to the Nodes witch anyone can run!
RedStone’s Features and Product RedStone offers several features and products that make it stand out from other oracle solutions. Some of the main ones are:
RedStone Data: RedStone provides data feeds for various assets, such as cryptocurrencies, stocks, commodities, forex, indices, etc. RedStone also delivers non-standard data, such as volatility, order books, trading volumes, etc. RedStone data is updated frequently and reliably, with a full historic audit trail available on Arweave.
RedStone Core: RedStone Core is a pull-based oracle model that offers the lowest gas costs and a few seconds of latency. In this model, dApp users deliver signed data packages on demand to the destination chain. RedStone Core is ideal for dApps that do not require frequent data updates or high security guarantees.
RedStone Classic: RedStone Classic is a push-based oracle model that is compatible with traditional oracles. In this model, dApp developers have full control over the data source and update conditions, such as heartbeat and deviation threshold. RedStone Classic is suitable for dApps that require regular data updates and moderate security guarantees.
RedStone X: RedStone X is a zero-latency oracle model that is front-running proof and tailored for sophisticated protocols, such as perpetuals and options. In this model, dApp users submit their orders along with the signed data packages, which are then executed atomically on the destination chain. RedStone X is designed for dApps that require instant data updates and high security guarantees.
RedStone Modular Design & 3 Ways to Integrate RedStone’s modular design allows dApp developers to choose the data consumption model that fits best to their needs and preferences. RedStone offers three ways to integrate its oracle services:
RedStone API: RedStone API is the easiest and most convenient way to integrate RedStone data feeds into any dApp or smart contract. RedStone API provides a simple and user-friendly interface that allows developers to access data from various sources and networks with a few lines of code. RedStone API also supports webhooks and callbacks for data delivery and verification.
RedStone SDK: RedStone SDK is a more advanced and flexible way to integrate RedStone data feeds into any dApp or smart contract. RedStone SDK provides a comprehensive and customizable toolkit that allows developers to access data from various sources and networks with more control and functionality. RedStone SDK also supports custom data feeds and data aggregation for complex use cases.
RedStone CLI: RedStone CLI is the most powerful and versatile way to integrate RedStone data feeds into any dApp or smart contract. RedStone CLI provides a command-line interface that allows developers to access data from various sources and networks with full customization and optimization. RedStone CLI also supports data encryption and decryption, data compression and decompression, data signing and verification, and more.
The Data & Sources
So were is all this aggregated data coming from?, well from several sources. RedStone has of now 162 different sources it aggregates data (eg, prices of tokens, liquidity and such). This is sources like CoingGecko, CoinMarketCap, Coinbase, ByBit, KuCoin, Kraken, Gate, Uniswap, OKX, Curve, Velodrome, Pancakeswap just to mention a few sources both decentralized and centralized ones.
As told before, the “nodes” aggregates that from several sources than take the median-value of them, this together with techniques like TWAP & LWAP to provide for example a price of a token more correctly and exactly. This is implemented with other safety measures to hinder outliers (if some source is providing a price of a token that’s way off from what the other sources provide). The signed packages from the nodes get inside the RedStone unpacked and uses cryptography to verify it’s correctness (timestamps, right format and origin it comes from), so several safety measures are provided to hinder any exploiting of oracles which we have seen in the past draining liquidity pools for example.
Oracles is one of the most important infrastructures in web3 and blockchain as a whole as outside data needs to be verified correctly and pushed into the blockchain and various protocols on it, so the security, decentralization, immutability and reliability of a oracle is critical for proper blockchain functionality that’s in need of outside data. Below do you see the payload(data) from the nodes into RedStones layer were they control the data provided thru different measures some described above.
Links:
Discord:
Twitter: https://twitter.com/redstone_defi
Website: https://redstone.finance/
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