Chainlink Challenged: Competition Emerges for LinkMarines
Today we're joined by Jacob and Marcin, co-founders of RedStone. RedStone is an oracle in the crypto space picking up steam. We get into the nitty-gritty details of oracles, how RedStone is going up against the oracle monolith Chainlink, how they differentiate, and they share an exclusive update with us. But first, we begin with Jakub and Marcin's introductions and what they're working on inside of RedStone.
7 Key Takeaways
- Oracles; the data delivery services to blockchains are one of the most important parts of the blockchain stack and the core piece of the infrastructure.
- Redstone's goal is to be the most innovative oracle. They give a lot of customizability and innovation for the new players coming into the market.
- For scalability, instead of pushing data directly on-chain, we build an abstraction layer in the middle. The feeds are pushed to a data delivery network and remain in that layer until someone really needs to execute a transaction on-chain.
- Redstone can be for oracles, what L2s are for Ethereum. A data scalability layer that is customizable, inherits the security of the destination chain, and has this module, an off-chain component that allows a lot of customizability.
- Model X prevents front running and automatically settles transactions once they're recorded, so there is no possibility to front run enterprise updates.
- They are very excited about ZK networks. Redstone is the first Oracle on zkSync, and they are active on zkEVM.
- Stablecoins, LSTs, and Real-world assets, like tokenized bonds, stable assets, and stablecoins on top of that, may push DeFi Summer 2.
00:34 Professional background and history of Redstone
07:30 The competition landscape and Chainlink
11:03 What is different about Redstone
15:00 State of the Oracle’s space & decentralization
18:33 Redstone special announcement
20:37 About crypto events
23:22 About Modular Design
30:36 Redstone’s business model
32:19 Redstone’s plans for 2023 and beyond
35:54 Future of DeFi
44:24 What makes you Defiant?