So what is Blockchain Oracle?
A blockchain oracle is a technological system that serves as a bridge between a blockchain and the external world, providing smart contracts with access to real-world data. In the context of blockchain technology, smart contracts are self-executing program with the terms of the agreement directly written into code. While smart contracts are powerful for executing predefined actions automatically if certain conditions are met, they often lack the ability to collect real-world information on their own.
This is where blockchain oracles come into play. Oracles act as trusted data sources that feed external information into the blockchain, enabling smart contracts to make decisions based on real-world events or data. Oracles can provide information such as stock prices, weather conditions, sports scores, and more. This is importance since the blockchain itself is self contained where there is no external interference. Thus, Oracle fits this gap where a reliable external data can be fit into the smart contracts.
One cannot speak of blockchain oracle without speaking of Chainlink. Built on the Ethereum blockchain and developed by Sergey Nazarov and Steve Ellis, Chainlink stands as a decentralized oracle network designed to enable the bridging data from external sources to smart contracts within the blockchain. Chainlink is the currently the number one oracle by Total Value Secured, according to Defillama.
While Chainlink is the dominating player in this area, it is not the only one. In 2022, CoinCentral did an assessment and provide a list of top 10 decentralized oracle network. You can read in more detail here https://coincentral.com/top-10-blockchain-oracles-in-2022/. Fast moving to 2024, this number has surged to more than 51, according to Defillama.
RedStone was found by Jakub, the Founder and CEO. You may wonder why bother to create yet another Oracle Network right? You see, RedStone has a mission to disrupt blockchain Oracles since its inception back in 2020 when RedStone jointed the Open Web Foundry incubation program. Since then, it has successfully integrated production-ready storage-less oracles, causing significant disruption in the Web3 and DeFi sectors.
Why did RedStone creates another Oracle Network?
- On demand data push of real world data to blockchain to avoid wastage;
- The scalability is hindered by outdated and monolithic architecture, posing challenges in listing new assets and reducing latency.
- Protocols face limitations in making comprehensive decisions regarding trusted sources and conditions for updating data.
- Unreliability of the existing relayers and end user could be cut off from the service at any moment.
Current Ranking of RedStone
On DefiLlama, RedStone currently sits on the 11th position with a total value secured of some USD 115 million as of 12 January 2024.
Why should you engage?
I am very excited for RedStone Team and rooting for their success. I am equally interested in their upcoming RedStone Expedition.
Here is what they say on their blog:
A groundbreaking blockchain adventure unfolding over three immersive seasons. At its core are RedStone Gems (RSG), securely stored on the Arweave blockchain, serving as activity points earned through diverse engagements such as community campaigns, ambassador programs, and on-chain collaborations.
You can also get special boosts linked to Discord roles and NFT ownership, participants can accumulate RSG points rapidly. A personalized dashboard facilitates progress tracking, and Discord integration through Warpy ensures participants are rewarded for server activity. With partnerships playing a vital role and a roadmap guiding the journey through 2024, the RedStone Expedition offers a unique opportunity to delve into innovation, challenges, and substantial rewards, contributing to a revolutionary blockchain project.
Your adventure begins now! ♦️⛏