What is RedStone (RED)?

What is RedStone (RED)?

RedStone (RED) is a modular oracle network designed to deliver fast, secure, and cost-effective data feeds to both EVM and non-EVM compatible blockchains. RedStone's unique architecture allows it to scale efficiently, providing customizable data streams that cater to the diverse needs of modern DeFi protocols.

RedStone offers one of the most sophisticated oracles in the blockchain space, known for its deep pricing discovery, speed, and high data quality. Trusted by over 130 clients, including top DeFi protocols, RedStone operates on more than 70 blockchains and supports 1,250+ assets.

RedStone’s technology stack includes an extensive range of data providers, such as RedStone GUARD, and is backed by rigorous audits from leading security firms like Halborn, PeckShield, and Cantina. The platform’s modular architecture allows it to scale effortlessly, providing secure and fast data feeds for any asset. With a track record of delivering low-latency, high-reliability price feeds, RedStone is capable of processing data at the speed required by high-performance blockchain applications. The oracle’s operational excellence has resulted in over $8.6 billion in assets protected, making it a go-to choice for large DeFi projects and enterprises.

Who Created RedStone (RED)?

RedStone was founded by a team of seasoned professionals with extensive experience in blockchain technology and software development:

● Jakub Wojciechowski: As the Founder and CEO, Jakub leads RedStone's strategic direction. Before establishing RedStone in August 2020, he co-founded Alice, a platform focused on social impact projects. Jakub has also served as a Blockchain Architect at Akropolis.io and a Smart Contracts Auditor at Zeppelin Solutions, showcasing his deep expertise in blockchain solutions.

● Marcin Kazmierczak: Co-Founder and Chief Operating Officer, Marcin oversees RedStone's operations. He is also a co-founder of ETHWarsaw, a prominent blockchain conference, and has been recognized in Forbes' 30 Under 30 list in Poland for his contributions to the tech industry.

● Alex Suvorov: Serving as Co-Founder and Senior Software Development Engineer, Alex brings a wealth of experience in software engineering. He has worked as a Freelance Full-Stack Engineer with Toptal and founded codenplay.io, a platform dedicated to teaching coding through interactive methods. Alex's diverse background enriches RedStone's technological advancements.

What VCs Back RedStone (RED)?

RedStone's innovative approach has attracted significant investments from leading venture capital firms and industry stakeholders such as Arrington Capital, Blockchain Capital, Coinbase Ventures, SevenX, IOSG Ventures, Spartan Capital, White Star Capital, Kraken Ventures, Amber Group, Protagonist, and more.

How RedStone (RED) Works

At the core of RedStone’s offering is its decentralized oracle system, which provides real-time data to blockchain applications. Let’s break down how this system works in simple terms.

1. Data Collection and Aggregation

RedStone collects data from multiple off-chain sources. These could include price feeds, weather data, sports scores, or any other type of information that is required by DeFi applications. The data is aggregated and processed before being sent to the blockchain. This ensures that the data is accurate, up-to-date, and reliable.

2. Data Transmission via Oracles

After the data is processed, it is transmitted to the blockchain using RedStone’s oracle network. Oracles act as intermediaries that take off-chain data and bring it on-chain for smart contracts to use. RedStone’s EVM-compatible oracle supports a wide range of blockchains, making it versatile and compatible with popular ecosystems like Ethereum, Binance Smart Chain, and Polygon.

3. Smart Contract Integration

RedStone’s oracle can be easily integrated into smart contracts on the blockchain. For example, a DeFi protocol might use RedStone’s price feed to trigger specific actions, like liquidating a position if the value of an asset falls below a certain threshold. The data provided by RedStone is used to trigger these actions automatically, ensuring that the protocol operates smoothly and according to its rules.

4. Decentralized and Secure

RedStone’s network is decentralized, meaning that it doesn’t rely on a single entity to provide the data. Instead, multiple validators or nodes in the network help verify the accuracy of the data, ensuring that it is trustworthy and not manipulated. This decentralization makes RedStone more secure and less vulnerable to attacks or single points of failure.

5. Smart Contract SDK

RedStone’s Smart Contract SDK allows developers to integrate decentralized data directly into their applications. This SDK is particularly useful for developers building on the Arweave Layer 1 blockchain, providing tools for creating interactive NFTs, data-driven solutions, and even machine learning models that rely on real-time data.

RED Goes Live on Bitget

RedStone Oracle is revolutionizing the way decentralized applications access and use data. With a strong team of experienced founders, backing from top-tier venture capital firms, and a decentralized oracle system that provides accurate and real-time data, RedStone is paving the way for the next generation of Web3 and DeFi applications.

Trade RED, the native token of RedStone, on Bitget to support the new era of reliable and decentralized data for Web3.

RED on Bitget Pre-Market

RED is a part of Bitget Pre-Market, a platform where users can trade tokens over-the-counter before the token is listed for spot trading. Join now to get the best out of it!

Start time: 27 February, 2025

Bitget Pre-Market offers flexibility in trading activities with two settlement options:

● Coin settlement, which uses a 'cash on delivery' method where a security deposit is forfeited if the seller fails to deliver.

● USDT settlement, a new option where trades are settled in USDT at the average index price at the last minute.

To use Bitget Pre-Market, follow these simple steps:

● Step 1: Go to the Bitget Pre-Market page.

● Step 2:

○ For Makers:

■ Choose the desired token and click on ‘Post Order’.

■ Specify Buy or Sell, enter price and quantity, review details, then confirm.

○ For Takers:

■ Choose the desired token, pick ‘Sell’ or ‘Buy’, select the pending order, enter quantity, and confirm.

For detailed instructions on how to use Bitget Pre-Market, please read Introducing Bitget Pre-Market: Your Gateway to Early Coin Trading

Get RED on Bitget Pre-Market now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.