RedStone, a promising oracle : a quick overview of the project overall.
Good morning, RedStoners, and Newcomers.
Today, I wanted to do an article that will resume RedStone, and spread the words about this oracle that I’ve been fascinated with the past few weeks.
By doing so, I will explain the way the providers works on the RedStone ecosystem as well how the tokenomics is handled, the current adoption of RedStone, and finally, how RedStone ambassador program works and communities is handled.
Remember that I’m still a beginner in the ecosystem. I joined the project a month ago from a friend telling me about the project, and went to read the official documentation, as well as several threads to learn more about it over the past weeks.
For the smoothness of this article, I’ll separate the content in three different sections.
1 ) Redstone ecosystem & economy model
I. Providers and tokenomics 🪙
III. The treasury and funding
2) Adoption of RedStone Oracle
I. Partnerships & investors
II. EVM and EVM non compatibles chains list
III. Securities & audit
3) Promoting engagements among the communities
I. Expeditions & RSG (RedStone Gems)
II. Ambassadors
Conclusion
Sources & links
1) Redstone ecosystem & economy model
I — Providers & tokenomics 🪙
Providers are important. Why ? Like their name says, they provide to the ecosystem, and allows the users to interact within. They still need to do an audit, and they have one tool available in order to maximize their trust to their user base : stacking the most token possible.
In order to reassure the users that the tokens will still have liquid being available, it’s necessary to lock the tokens by showing that they support RedStone, and will be able to compensate back their users in the case of an emergency (hack, breach, as an example)
The question is : how do those providers benefits from the token itself if they need to purchase it in order to help RedStone ecosystem ?
By rewarding them by their communities themselves. The more people interacts with them, the more tokens will be handed out to them as a fee by using their services. Just like a centralized bank that collect fees on each transaction, providers requires the user to hand out a part of their tokens on each interaction, as well as sometimes asking for a subscription to their service.
This way, providers will need to be the best, in order to attract more people, as well as providing securities and showing their proof of work. It will allow each provider to give the best that they can.
This allows us to jump to the next subject of this part, Tokenomics.
The whole use case of the token still remains mostly hidden, for now. The token isn’t released yet, but we do have a few juicy information from the official RedStone documentation, explained above about the providers.
While it’s mostly speculation, it’s highly possible that the token will have more use case over the next years, and it will be officially released. Token generation event hasn’t been explained, nor how vesting will be implemented.
Don’t be fooled as well, the token doesn’t exist and doesn’t have a name, for now. So there’s no way to buy it from anywhere. (don’t get scammed !)
Even so, participating on their ambassador program may or not reward you with tokens, with what we called an airdrop. You’ll find it more about the last part of this article.
II. The treasury and funding
RedStone had secured 7 millions on their earliest days, from multiples VC funding sources. The highest one was estimated at 7 millions.
With each funding sources, they reached more and more goals, making it able to recruits more team members to work on the project.
To find the participant of this funding, follow the link written by RedStone : https://medium.com/@RedStone_Finance/redstone-raises-7m-seed-round-from-lemniscap-blockchain-capital-coinbase-ventures-arweave-and-52bb73541f38
2) Adoption of RedStone Oracle
I. Partnerships & investors
Investors are required for almost ANY projects that dares to generate a revenue. Bringing it to life requires people who believe in it, and having top class investors backing up your projects are important.
Coinbase, shown as the screen above, or Sandeep Nailwal, Polygon Co-founder has official backers, show that the RedStone teams has proven to them that their project is viable with a goal in mind.
Investors don’t only bet money, but as well as their reputation. Which is why it’s important to keep in mind that more renown investors being a part of the project is a proof of viability.
II. EVM and EVM non compatibles chains list
RedStone is integrated on more than 30 chains, with more coming. The earliest integration was Zksync, a popular chain. You can find the complete list here : https://docs.redstone.finance/docs/smart-contract-devs/supported-chains
Furthermore, it’s possible to integrate RedStone with yourself, thanks to the official documentation. An official channel on their discord is also available if you need help from the RedStone core teams themselves.
As you can see from the picture above, there are three different ways to integrate RedStone, based on the dAap needs. Since it ‘s a little bit technical, I’ll let you read it by yourself if you’re interested to learn the architecture (recommended for developers) !
III. Securities & audit
Auditing in web3 is almost deemed necessary as many uncertainties arises. While being able to transfer a large part of our funds in instant can be amazing in a lot of cases, malicious actors in space may use this opportunity to steal out a large part of the user base funds in instant.
As an example, some chains were drained (the act of a bad actor sweeping out a large part of the funds from a dAap, chain, etc.) in an instant because of a bad security, and no audit. Testing the network and use cases in many ways is necessary, in order to prevent such hacks to happen in the near future as adoptions becomes larger.
Furthermore, the project itself could be very well the problem, and use the user funds to their own gains, or even gambling it (FTX, BitConnect, Luna). It’s illegal, of course, but there are many ways to prevent it, as many were punished, and even imprisoned for stealing moneys.
RedStone audit is already the first step in stone to show their liabilities. Secondly, they officially doxed on their website, and have an official LinkedIn. We can conclude that this project audit is well made. Doing this kind of research on each project is a requirement in web3.
3) Promoting engagements among the communities
I. Expeditions & RSG (RedStone Gems)
Expeditions are time-limited events offering the users with RSG, called RedStone gems. The reward at the end of the first expedition is still unknown, despite some clues being left out by the RedStone teams over the course of their latest tweets.
« RSG (RedStone Gems) are on-chain activity points in RedStone Expedition. Collecting more of them allows you to get a higher reward at the end of the campaign. » (From RedStone official documentations)
RSG are resources awarded towards the users who interact within RedStone. Be it Discord, X network, there are many ways to obtain the precious gem that’s a part of the first expedition.
The first and easiest way is to join the discord server, and use the #warpy channel after passing the verifying test. After being a part of the discord, sending messages across eligible channels, and reacting will award users with RSG. That way, RedStoners being active will be rewarded more and more, and the Ambassadors programs (which will be explained later on), grants role that will multiply each RSG gained.
Participating in RedStone ecosystem may also award RedStoners with RSG over time. As an example, for each OAT obtained before the launch of the first expedition (part of Galxe task), each one would grant 5000 RSG. An amazing reward to early adopters. It’s highly possible that more OAT over the course of the next month will be available, so don’t miss them out !
It’s still unknown if an airdrop, which is a process of sending out tokens toward the userbase, will happen, based on your RSG. Maybe RSG will be converted at the end of each expedition to a token, or a NFT that’s rarer. It’s all speculation for now.
Official RedStone Galxe: https://galxe.com/RedStone
II. Ambassadors
RedStone official X account usually shares news about the advancement of the projects, and the new onboards chains that are available on Redstone ecosystem.
Participating in the Ambassador programs rewards users with new ranks over times, obtained by answering quiz about RedStone, and participating in daily and weekly quest.
While it is certain, obtaining new roles grants RSG, it also grants multipliers for RSG gains on their discord server. Which means achieving new goals bring already instants rewards to early adopters. Over time, it’s highly possible that the deeper the roles, the harder it will be to reach it. So catching them up as fast as possible would be a requirement for each person invested in.
Conclusion
While RedStone ecosystem is still growing, they have proven overtime by doxing themselves, having a professional network, several documentations, and on chain activities that they’re capable of developing a promising ecosystem.
Securing a 7 million budget, with a compatibility of more than 30 chains and growing, it’s highly probable that RedStone will be one of the most promising Oracles in the next decade, or so. By doing a quick audit on their project overall, we can see that securities matter for them, and they’re working hard on it.
Lastly, their communities are pretty active, with an X account that’s gaining many followers and tractions on different social medias over the past few months.
By shaping the future of Oracles, and web3, I’m enjoying learning more about the promise of the project unveiling more every day. And remember, participating in their first expedition campaign, and becoming an active user will highly rewards you if you have taken the time for it.
Speculating again, but maybe RSG will be linked toward a potential token airdrop ? Who knows.
Sources & link
Introducing RedStone : https://medium.com/@RedStone_Finance/introducing-redstone-1b79875df4f0
RedStone VC funding : https://medium.com/@RedStone_Finance/redstone-raises-7m-seed-round-from-lemniscap-blockchain-capital-coinbase-ventures-arweave-and-52bb73541f38
Ambassadors program : https://redstone-finance.notion.site/RedStone-Miners-Ambassador-Program-0b5c0ac2943549ac943243b693de7bc7
Providers : https://docs.redstone.finance/docs/smart-contract-devs/tokens#locking
Discord: https://discord.gg/redstonedefi
