All about Redstone oracle (a review of its tech and how to be part of community incentives)

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5 Jan 2024

Redstone oracle is a modular oracle that feeds data to DApps and smart contracts on various Layer 1 and Layer 2 blockchain. The modular nature of the Oracle ensures that data integrity is maintained from source to destination (smart contracts), the wide range of assets data feed provided by Redstone Oracle is also a key feature, with a database of over 1000 assets from 50 data sources, great right, and what's more, we all care about security, it's code has been audited by Packshield, ABDK and others.

The core difference why Redstone oracle might be the go-to Oracle for modern Defi includes

Data providers can avoid the requirement of continuous on-chain data delivery

Allow end users to self-deliver signed Oracle data on-chain

Use the decentralized Streamr network to deliver signed oracle data to the end users

Use token incentives to motivate data providers to maintain data integrity and uninterrupted service
Leverage the Arweave blockchain as cheap and permanent storage for archiving Oracle data and maintaining data providers' accountability "

Interestingly, it is currently feeds data to more than 20 chains Optimism, Manta Pacific, Zksync, BSC, Polygon, Polygon Zkevm, Scroll and a whole others, little wonder why it's popular to these emerging powerhouses (https://showroom.redstone.finance), your guess is as good as mine 😉.

Wondering how Redstone oracle works, watch out for my next blog.

How to be part of the community

We all know that community is the core of all projects which is why the Redstone team are community driven. Recently, they launched an expedition to incentivise their community through performing simple social and on-chain tasks which will earn participants the RedStone Gems (RSGs)
Additional RSGs can be earned by being active on discord, completing galxe quest and by being an ambassador (miner) by performing zealy tasks, the expedition is expected to last till Q3 2024, so you have more than enough time to join, the higher your ambassador role, the higher your reward rate, to begin, simply join their discord
https://discord.com/invite/redstonedefi
and locate the official links for the galxe page and other helpful links.

On joining, to to the warpy channel and link your wallet using the command /linkwallet

In summary, to be able to earn RSGs, these have to be done