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Streamr x RedStone: Changing Oracles landscape together

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During the last 6 months we have been using Streamr nodes as an essential part of RedStone oracles. We would like to update how our cooperation is going, what have we learnt, and what has changed during the collaboration.

 So at the beginning let’s recall how we use streamr: 

“RedStone nodes include a price requester module that fetches signed data from the Streamr Network and attaches it to meta-transactions before submitting them on-chain. When the transaction is executed on-chain, it can access the attached data. This mechanism eliminates the need to push data to the blockchain regularly, making the whole process more efficient and cost-effective.”

When a user needs to consume data, Redstone smart contract extracts the signed data with a timestamp, verifies it, and passes it to the target defi contract. Streamr Nodes store data for a short period of time and allow us to keep data off-chain, when it’s not needed, saving gas costs and at the same time preserving decentralization and security.

Over the past few months the way we use Streamr has changed – previously Streamr Nodes were used as additional data broadcasting channel, and now since it has proven to be a truly decentralized and reliable system, it has become our core channel for delivering data to end users. In the meantime we managed to get new capabilities from the use of Nodes by:

  • Building a temporary storage layer of Streamr Nodes data – it is giving easy access to recent, verified data.
  • Adding data compression before broadcasting signed data packages to the Streamr Network which reduced the packet size by two times – this allowed us to achieve higher network bandwidth and more efficient data flow.

Streamr has enough bandwidth for all our needs, recent benchmarks have shown that basically any package with size up to 1mb has average transfer speed of 7s.

Right now we are developing solutions to archive data from Streamr Nodes on Arweave chain – that will give us even more options for using this data (e.g. using historical data in DeFi protocols), and increase the significance of Streamr in our ecosystem even further. In addition together with the Streamr team we keep on thinking about new security measures to ensure data availability and DDoS protection.

In conclusion, we’re very satisfied with the use of Streamr Network and excited that by adding new upgrades together with the Streamr team we manage to squeeze out as much potential as possible. We cannot wait to see how our cooperation develops in the future!