RedStone (RED Token) What is it?

Source: BTCHaber Original Title: What is RedStone (RED coin)? Original Link: https://www.btchaber.com/redstone-red-coin-nedir/

Introduction to 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) obtain accurate data by streaming price data. For example, if a decentralized finance (DeFi) protocol allows users to borrow using Bitcoin as collateral, it needs to know Bitcoin’s real-time price to ensure sufficient collateral. RedStone provides price information services in this regard.

Traditional oracles push data to the blockchain. RedStone adopts a modular design, allowing both data push and data pull, separating data storage from delivery processes to achieve a cheaper, faster, and more efficient workflow.

Founders of RedStone

RedStone was founded by Jakub Wojciechowski in 2021, who is currently the CEO. Co-founders include Marcin Kazmierczak and Alex Suvorov.

How RedStone Works

RedStone transmits off-chain data to the blockchain only when needed, rather than continuously processing data. Instead, it retains data in a storage area until requested by the user.

The system sources data from over 50 different sources, ensuring data quality even if one source fails. After collection, the data is processed by data provider nodes. These nodes clean the data and perform cryptographic signatures. Ultimately, the data is stored in the storage area until needed.

What is RED Coin

RED Coin is the utility token of the RedStone ecosystem. RED is used to create a sustainable economic model for the oracle network. Users can also stake RED, which serves as a security mechanism. Those providing false data may lose their staked RED.

According to the official website, the maximum supply is 1 billion RED. It is an ERC-20 token running on the Ethereum mainnet, also available on Solana and Base networks. Token distribution is as follows:

• Early Supporters: 31.7%
• Ecosystem and Data Providers: 24.3%
• Core Contributors: 20%
• Community: 10%
• Protocol Development: 10%
• Launchpool: 4%

How to Buy RED

To purchase RED, first create an account on a cryptocurrency exchange and complete the KYC process. Once your account has a balance, deposit funds via bank transfer, credit card, or other payment methods. After depositing, you can buy the desired amount of assets.

Typical steps to purchase:

1. On the exchange’s homepage, select “Buy/Sell” or “Market,” and search for RedStone or RED to purchase
2. Click the “Buy” button to start the transaction (create an account if needed)
3. Enter the amount in your local currency for purchase, confirm the transaction amount
4. The exchange will automatically check your account balance; if insufficient, deposit the needed funds
5. Finally, click “Buy” again to confirm; the purchase executes immediately, and assets arrive shortly

Disclaimer: This article does not contain investment advice or recommendations. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.