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Decentralized Oracle Platform, RedStone, Raises $525K in First Round of Funding to Expand Its Market

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Decentralized Oracle Platform, RedStone, Raises $525K in First Round of Funding to Expand Its Market

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RedStone, the creator of the next-generation decentralized financial oracle platform, has raised $525,000 in its pre-seed funding round. Under the leadership of Maven 11 Capital, Arweave, Collider Ventures, KR1, 1kx, and Bering Waters Ventures are major investors in private equity SAFT finance.

The success of this funding round marks a new milestone in RedStone’s journey to become the preferred Oracle platform for decentralized finance (DeFi) users. The data oracle is an important part of the DeFi infrastructure. It enables access to external data sources (e.g. coin price information) without the need for a central intermediary.

“DeFi has experienced a colossal expansion, yet the oracle technology is lagging behind with the infrastructure created a few years ago. RedStone is looking to fill that gap by offering fast, cost-efficient and convenient tools for providing data to blockchain protocols. I’m privileged to be surrounded by a group of very experienced investors who can help Redstone to reach its full potential.”

said Jakub Wojciechowski, CEO, and founder of RedStone.

RedStone is the next generation of cross-chain data oracle technology that provides fast and affordable data access, full historical audit trails, and an insurance-backed decentralized dispute settlement mechanism. Today, RedStone supports 150 assets from three providers and the Oracle polling interval is up to 10 seconds.

Some protocols store price data directly on transaction blockchains like Ethereum. The high gas costs associated with such public agreements are the greatest challenge for many oracles today. Since these costs cannot be passed on to the users, oracles have to subsidize their services by assuming these costs; this is not a sustainable business model. In contrast, RedStone’s storage cost is 1 million times lower than Ethereum’s using Arweave, which enables it to offer customers low-cost services based on a sustainable long-term business model.

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RedStone uses Arweave’s highly secure, low-cost distributed storage infrastructure to scan data sources and store information to provide a fully verifiable historical audit trail of information.

“Arweave provides permanent, on-chain storage that reaches extreme scale. That is why we are so excited about RedStone’s work – they are unlocking the ability for decentralized oracles to process enormous amounts of data.”

said Sam Williams, CEO of Arweave.

If there is a dispute about the quality of the data, users can check the anti-tampering history to confirm what data was originally provided, and then the decentralized governance mechanism will decide the claim. The applicant then receives compensation from an insurance fund consisting of mortgage funds provided by RedStone network participants.

The proceeds from this oversubscription funding round will enable RedStone to further expand its partnership with the data providers and agreements it supports. It will also allow Redstone to focus on its long-term product roadmap, which includes products like cross-chain data bridges. In the future, RedStone’s uniquely flexible and cost-effective architecture has the potential to address DeFi niches beyond simple price data, such as the provision of information on trading volume, volatility, and order book structure.

About Redstone

RedStone is a next-generation cross-chain data oracle that provides pricing data for financial protocols. It uses the Arweave blockchain to create affordable storage with a permanent audit trail, provides an automatic dispute settlement mechanism, and receives insurance support through mortgages.

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