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RedStone joins the Celo ecosystem with an innovative on-demand data fetching architecture

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Custom and cost-efficient RedStone data feeds are now available on Celo

RedStone creates a scalable and highly customizable Oracles ecosystem that takes a brand new approach to deliver data on the Celo blockchain. Any dApp from the ecosystem can now source over 1000 pricing data feeds and easily request new ones. For details on how to integrate head to the official Celo documentation.

From Celo incubation program to pioneering data provider

Do you know what’s the best way to enter a vibrant community, where a lot is already happening? Join it together with other newcomers! That is how RedStone’s journey with Celo started when our team got onboarded to the Startup Pathway Program. It was a great opportunity to understand Celo ecosystem values and other projects’ pain points that need to be addressed. We got to know innovative founders, won the Innovation for Prosperity Award and we created the first working implementation of our data feeds — a synthetic commodities platform to hedge against price fluctuations — on Celo.

CELO price chart from the RedStone App, as of 07.02.2022

We looked into the Celo ecosystem and noticed a gap – an opportunity to diversify Oracle providers for the ecosystem and make data feeds more accessible. Today, we are excited to share that our efforts in the DeFi for the People hackathon led us to win the Interoperability Track and have propelled RedStone to become a perspective data provider on the Celo mainnet. We are proud to report that we have developed pricing feeds with support for over 1000+ crypto and real-world assets!

“Our mission is to foster mass adoption of blockchain solutions around the world by bringing diverse and relevant data to DeFi protocols. With exposure to the real-world data, we’re able to onboard users who haven’t yet interacted with crypto, like citizens of developing countries and socially excluded communities.” ~ Marcin, Head of Growth at RedStone

You can integrate RedStone in a couple of easy steps with the official Celo documentation

What’s unique about RedStone data feeds?

RedStone creates a data ecosystem that focuses on long-tail and custom data related to areas such as NFT, carbon footprint, commodities prices and much more. RedStone uses affordable blockchain storage thanks to Arweave, which was designed to keep data in a cost-efficient manner. As of February 2022 storing 1GB would cost almost 50,000 times less on Arweave than on Ethereum. Low storage transaction costs allow RedStone to process more data with a higher update frequency.

But the true innovation comes from the RedStone architecture. The majority of Oracles constantly store data on-chain and then deliver it to a dApp per request. Such design requires the form of a two-steps approach: First, a dApp’s contract submits a request for data to an Oracle Service and secondly this Oracle Service sends back a response with requested data. Unfortunately, with such a pattern, a contract cannot access data immediately, since it requires two separate transactions. Okay, but how RedStone approach this issue?

We keep data off-chain in a decentralized public cache powered by our partners such as Streamr. When a transaction on Celo is triggered we stick price information to this transaction in a form of metadata with our EVM-Connector, so there’s no need to request it from the blockchain. At the same time, we store that pricing data with the provider’s signature on Arweave to keep consistency.

Simplified RedStone (left) and common Oracle (right) architecture

If you’d see missing data feeds for the Celo ecosystem or had questions about the integration you can reach out directly to the RedStone team on their Discord!

Celo channels

Twitter: https://twitter.com/CeloOrg

Discord: https://discord.gg/SmAdkf75

RedStone channels:

Twitter: https://twitter.com/redstone_defi

Discord: https://discord.com/invite/PVxBZKFr46

GitHub: https://github.com/redstone-finance

LinkedIn: https://www.linkedin.com/company/redstone-finance/

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