FLB
@flb
Deep Dive into Redstone Oracles ($15m+ in Funding) dApps urgently need data feeds that are timely, reliable, and secure. Enter RedStone Oracles, a top-tier provider stepping up to meet this demand. Trusted by 100+ dApps and securing billions in value, RedStone offers customizable, cost-efficient data streams. Beyond dApps, RedStone supplies data feeds to blockchains and layer 2 scaling solutions, compatible with both EVM and non-EVM systems. 🧵/
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FLB
@flb
The Problems RedStone Solves Problem #1: Standard data delivery is inefficient and costly. • Data is often pushed to the blockchain regardless of usage, inflating costs. Solution RedStone provides data on-demand, cutting the costs of 'on-chain' data. Data is stored off-chain and fetched when needed. For data integrity, RedStone uses Arweave's decentralized storage, ensuring tamper-proof historical data. RedStone boosts efficiency and slashes costs for dApps accessing data feeds. Problem #2: The usual monolithic structure of oracles limits scalability. • A consequence is that makes it challenging for protocols to reduce latency/list new assets. Solution RedStone was designed with a modular architecture making it easy to incorporate new assets/reduce latency, allowing dApps to scale more efficiently. This means constructing the oracle in such a way that its various components—such as data sources and delivery methods—can be easily updated without disrupting overall functionality.
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FLB
@flb
RedStone Tokenomics (The token has not yet been launched) Some of the possible details of the token have been published: Data Access Fees End users reward data providers with tokens for granting access to valuable information. Fees and subscription terms are set by the provider, reflecting their effort, data demand, and competition. Locking Providers must detail data scope, sources, and update frequency. Breaching these terms incurs token-based penalties. To assure users, providers lock a specific number of tokens for a set period. Dispute Resolution Given the diverse nature of data, disputes over quality may arise. A token-facilitated process involving juries rewards those who vote with the majority and penalizes the losing side, ensuring fair resolutions. Bootstrapping the Market In the market's early stages, tokens can be distributed to providers to reward their availability and stimulate growth before user demand catches up.
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