What is Redstone oracle?
Introduction
Most transactions in distributed applications are performed using smart contracts. They may need a variety of data from external sources to operate. For example, to calculate the exact ratio of the price of one cryptocurrency to another during an exchange.
A smart contract is unable to obtain information outside of the blockchain on which it is deployed. This is where oracles come in, mediating between the contract and the data source it needs.
What is Blockchain Oracles?
A blockchain oracle acts as a bridge between a blockchain network and external data sources. It provides the necessary information from off-chain sources and delivers it to smart contracts on the blockchain. Oracles serve as trusted data feeders, ensuring the accuracy and reliability of real-world data incorporated into the blockchain.
Blockchain oracles enable the integration of real-world data into smart contracts, expanding the use cases and capabilities of blockchain technology. They play an important role in decentralized finance (DeFi) applications, supply chain management, insurance, gaming, and many other industries.
What is a Redstone Oracle?
RedStone is an Oracle that provides frequently updated, reliable and diverse data feeds for your dApp and smart contracts at multiple L1 and L2 layers.
RedStone provides seamless connectivity between different blockchains, allowing them to securely exchange information. By enabling interoperability between different blockchains, Oracle's Redstone plays a key role in strengthening the DeFi ecosystem as a whole.
It uses 3 different models to provide data depending on the smart contract architecture and business requirements: RedStone Core RedStone Classic RedStone X
RedStone provides a modular architecture that ensures data integrity for smart contracts. The company offers three integration options, supports more than 1,000 assets from 50 data sources, and works with more than 20 blockchains. RedStone has partnered with DeltaPrime since March 2022, and its code has been audited by renowned security experts.
Investors and investments
The project has raised a total of $7M, which is pretty impressive.
Among the investors can be distinguished: Stani Kulechov Sandeep Nailwal Alex Gluchowski Emin Gun Sirer Richard Ma Jacob Blish Сoinflipcanada Marco Cora Patrick Dai Justin Reyes Lemniscap Coinbase Ventures Blockchain Capital Distributed Global KR1 Lattice Arweave Bering Waters SevenX Ventures Folius Ventures Numeus The Graph 4SV Compute Ventures Permanent Ventures
Conclusion
Redstone Oracle facilitates seamless communication between different blockchains, promoting interoperability and connectivity. The platform's commitment to improving connectivity and integrating real-world data enhances the overall reliability and functionality of DeFi protocols. Redstone Oracle's partnerships and collaborations underscore its importance and validate its commitment to driving innovation in the DeFi industry.