Summary

RedStone is an innovative Oracle system designed to provide reliable and diverse data feeds for dApps and smart contracts on multiple blockchain layers (L1s & L2s). It addresses the limitations of existing Oracle protocols and offers a more efficient, scalable and builders’ centered solution for the DeFi ecosystem.

RedStone Oracles offer a range of advancements and benefits:

• Speed-o-meter: Delivering data in seconds, eliminating the need to wait minutes for updates.
• Cost efficient: Reducing gas costs through an EVM-connector that utilizes meta transactions and passess signed data packages in transactions’ call data.
• Multitool: Enabling smart contracts to fetch non-standard data such as volatility, order books, and trading volumes.
• Accountable: Each data provider's track record is permanently available on Arweave, ensuring transparency and accountability.
• Insurance: Downtime or incorrect data are covered by the Data Provider's locked collateral, providing insurance for the damaged parties.

Introduction | RedStone Documentation

What are blockchain Oracles?

Blockchain oracles serve as crucial connectors between blockchain networks and the external world, enabling smart contracts to interact with real-world data and systems. They enhance the functionality, flexibility, and practicality of blockchain applications by incorporating external information and enabling decentralized applications to interact with existing legacy systems.

In practice, almost all DeFi dApps (that are not DEXes) utilize Oracles, so there would be no DeFi as we know today but for Oracles.

The Need for RedStone

Avoiding wasteful on-chain data delivery: RedStone eliminates the need to push data on-chain indiscriminately, saving gas costs.

Overcoming scalability limitations: RedStone's modular design allows for easy integration of new chains reduces latency and enhances scalability.

Customization of your data: RedStone enables protocols to have full transparency and more control over trusted data sources, update conditions, and aggregation logic.

Key Features and Solutions

Data providers flexibility