The Pillars of RedStone's Data Ecosystem
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RedStone is pioneering innovative blockchain solutions focused on managing data complexities. This article explores the key components of RedStone's robust data ecosystem.
RedStone sources data from diverse decentralized exchanges (DEXes) like Binance, Coinbase, and Kraken as well as on-chain DEXs such as Uniswap and Balancer. Over 50 data aggregators including CoinmarketCap, Coingecko, and Kaiko also feed data into the ecosystem. This diversity of data origins strengthens the protocol.
Independent node operators meticulously aggregate and process data using methodologies like median, Time-Weighted Average Price (TWAP), and Linear-Weighted Average Price (LWAP). Techniques like outlier detection ensure data accuracy. Node operators digitally endorse aggregated data, underscoring its credibility.
Dual broadcasting enables flexible data dissemination. Price feeds distribute through the StreamR platform and open-source gateways, adapting to demand.
On-Chain Various data integration techniques customize to specific uses. Relayers and bots initiate actions like liquidations based on predefined conditions. Users also contribute data by interacting with the protocol.
Cryptographic checks thoroughly verify data origin and timestamps, establishing authenticity and currency. This validation anchors data reliability.
Off-chain data encoding seamlessly packages data into structured formats appended to transactions. The ContractWrapper executes this behind the scenes, ensuring smooth user experiences. Data unpacking extracts these packages, validates signatures to confirm trusted sources, and checks timestamps for relevance.
RedStone's meticulous data sourcing, processing, accessibility, integration, verification, and formatting exemplify its commitment to transparent, high-fidelity data solutions that are advancing decentralized finance. As RedStone evolves, its data-first approach will continue pioneering blockchain technology.
