The Streamr and RedStone Finance node integration creates a next-generation oracle platform powered by the Streamr decentralized real-time data Network. The Streamr Network will provide the ephemeral data transport layer that propagates real world data through the RedStone Finance oracle platform. RedStone finance receives over 100,000 requests a day to their DeFi data api—and that figure grows steadily.
RedStone Oracles open a new chapter for DeFi data feeds
RedStone is a cross-chain oracle that focuses on long tail and custom data related to NFT, carbon footprint, commodities prices and much more. RedStone aims to unlock new opportunities for DeFi and beyond—supporting over 1,000 crypto and real world assets already.
All that data can be sourced to any EVM-compatible chain such as Ethereum, Celo, Avalanche or Polygon thanks to the RedStone EVM-connector.
Streamr provides real-time data availability to decentralized platforms
RedStone nodes include a price requester module that fetches signed data from the Streamr Network and attaches it to meta-transactions before submitting them on-chain. When the transaction is executed on-chain, it can access the attached data. This mechanism eliminates the need to push data to the blockchain regularly, making the whole process more efficient and cost-effective.
Streamr’s Head of Ecosystem, Matthew Fontana, added:
“As decentralized applications and services become more complex, the need for real-time data availability increases. Oracles are a great example of a service that benefits from a fast, scalable and decentralised data network for real world, cryptographically signed and verifiable data.”
Traditionally, oracles simply update data every interval, i.e. every 10 minutes. RedStone, however, took a novel approach of storing data off-chain and validating it on-chain when a transaction is triggered. Such an architecture allows minimal costs and brings completely new data feeds into the blockchain ecosystem. On top of that, for large datasets solutions, RedStone created a dedicated Contracts SDK on the Arweave blockchain, enabling efficiency and scalability.
“Our mission is to bring a diverse, truly decentralized and reliable data ecosystem for DeFi. Therefore, Streamr is a unique partner that will help us in this journey. In the future, we plan to implement economic incentives for security in the system, like token staking by data providers and dispute resolution mechanisms.” ~ Alex, core developer of RedStone Oracle
To learn more and get involved, check out RedStone’s channels:
Twitter: twitter.com/redstone_defi
Discord: discord.com/invite/PVxBZKFr46
