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RedStone (RED Coin) What is it? A detailed explanation of the blockchain oracle project
Source: BTCHaber Original Title: What is RedStone (RED coin)? Original Link:
What is RedStone?
RedStone is a blockchain oracle. Oracles serve to transmit real-world data onto the blockchain. The platform’s cryptocurrency is RED.
Its main purpose is to help decentralized applications (dApps) access accurate data by transmitting price stream data. For example, if a decentralized finance (DeFi) protocol allows you to borrow with Bitcoin, it needs to know Bitcoin’s real-time price to ensure sufficient collateral. RedStone provides price information services for this purpose.
RedStone’s Unique Design
Traditional oracles adopt a “push” model, transmitting data to the blockchain. RedStone uses a modular design that supports both “push” and “pull” data modes. This allows the storage and delivery processes to be separated, enabling cheaper, faster, and more efficient workflows.
RedStone Founders
RedStone was established in 2021 by Jakub Wojciechowski. Wojciechowski currently serves as CEO. Co-founders include Marcin Kazmierczak and Alex Suvorov.
How RedStone Works
RedStone only transmits off-chain data to the blockchain when needed, rather than continuously processing data. Instead, it stores data in a designated area until requested by the user.
The platform sources data from over 50 different sources to ensure that data remains unaffected even if one source experiences an outage. After collection, data is processed by data provider nodes. These nodes clean the data and sign it cryptographically. Finally, the data is stored in the storage area and used only when needed.
What is RED Token?
RED token is a utility token within the RedStone ecosystem. RED is used to create a sustainable economic model for the oracle network. Users can also stake RED. Staking RED acts as a security measure—those providing false data may lose their staked RED.
According to the official website, the maximum supply of RED is 1 billion. It is an ERC-20 token running on the Ethereum mainnet and also exists on the Solana and Base networks. Token distribution is as follows:
How to Buy RED Tokens
To buy RED tokens, first create an account on a cryptocurrency exchange and complete the identity verification process. Ensure your account has a balance—fund it via bank transfer, credit card, or other payment methods. After depositing, you can purchase the desired amount of RED tokens.
Disclaimer: This article does not contain investment advice or recommendations. All investment and trading activities carry risks; readers should conduct their own research before making decisions.