RedStone

Redstone can be for oracles, what L2s are for Ethereum. A data scalability layer that is customizable, inherits the security of the destination chain, and has this module, an off-chain component that allows a lot of customizability.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].

Token

Launch

• "The token has not being launched yet." (5-2023)

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].
• Built on: Redstone is the first Oracle on zkSync, and they are active on zkEVM.

How it works

• From this announcement (29-4-2022):

"RedStone works a bit differently from other oracles. Often, oracle protocols store data directly on-chain, meaning transactions fees and transaction speed can hamper oracle usability. RedStone instead applies a mechanism based on a meta-transaction pattern, verifying the information integrity on-chain through signature checking. For the verification process, RedStone utilizes Arweave’s unique decentralized storage network. RedStone’s data is accessible from any website, mobile application, or backend server. All data comes with a verifiable cryptographic signature allowing for blockchain grade integrity. You can access the data by an http-api or using RedStone’s npm library that comes with extra features."

• From this article (13-7-2021):

"RedStone samples data sources and stores the information using Arweave's highly secure, low-cost decentralized storage infrastructure, providing a fully auditable historical audit trail of information. In the event that there is a dispute concerning the quality of data, the tamper proof historical record is consulted to confirm what data was originally supplied, and a decentralized governance mechanism then provides a ruling on the claim. The claimant then receives compensation from an insurance fund comprising the staked funds provided by RedStone's network participants."

Scaling

"For scalability, instead of pushing data directly on-chain, we build an abstraction layer in the middle. The feeds are pushed to a data delivery network and remain in that layer until someone really needs to execute a transaction on-chain." (22-5-2023)

Oracle Method

• "Model X prevents front running and automatically settles transactions once they're recorded, so there is no possibility to front run enterprise updates." (22-5-2023)

Roadmap

• Can be found [Insert link here].

Usage

Projects that use or built on it

• Has a long list of most well known chains saying it supports them. Also non-EVM chains like Elrond, TON and Klaytn (5-2023).
• Redstone is the first Oracle on zkSync (22-5-2023).
• Stacks (29-4-2022)

Team, Funding and Partners

Team

• Full team can be found [here].

Funding

• As of 23-10-2023, Lemniscap, Blockchain Capital, Coinbase Ventures, Distributed Global, Lattice, SevenX Ventures, TRGC, The Graph, Stani Kulechov, Sandeep Naiwal, Alex Gluchovski, Emin Gun Sirer, Richard Ma, Patrick Dai were also mentioned on the website.
• $535K round (13-7-2021) Led by Maven 11 Capital, With Participation From Arweave, Collider Ventures, KR1, 1kx and Bering Waters Ventures.

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