New Technology Introduction
RedStone has introduced a new push-based oracle technology that provides price updates every 2.4 milliseconds to improve efficiency in blockchain trading.
Deployment on MegaETH
This new oracle system has been launched on MegaETH, an Ethereum layer-2 network, and may expand to other blockchain networks in the future.
Functionality and Data Source
The oracle gathers pricing data from centralized exchanges and directly delivers it to applications and smart contracts on the MegaETH chain through native nodes.
RedStone, a company that specializes in blockchain technologies, has developed a new type of technology called a push-based oracle system. This system is designed to improve the speed and efficiency of blockchain trading by providing much quicker price updates. These updates occur every 2.4 milliseconds, which is significantly faster compared to previous systems. The goal of this technology is to reduce delays (latency) that can hinder the performance of onchain transactions and applications, thereby increasing their effectiveness.
Initially, this advanced oracle system is being used on MegaETH, a second-layer network built on top of the Ethereum blockchain. Layer-2 networks like MegaETH aim to enhance the performance and scalability of Ethereum by handling transactions off the main Ethereum blockchain. By introducing their oracle technology to MegaETH, RedStone aims to showcase its benefits in a real-world environment. Additionally, there’s potential for this system to be extended to other blockchain networks, which could further boost adoption and efficiency across various platforms in the cryptocurrency ecosystem.
The primary function of this oracle is to fetch price data from centralized exchanges, which are platforms where cryptocurrencies are traded. It then feeds this information directly into applications and smart contracts that operate on the MegaETH chain. This process is facilitated by nodes – essentially computers or servers – that are specifically tailored to work with the MegaETH network. By doing so, the oracle ensures that price data is current and accurately reflected in transactions and applications, helping users make better-informed decisions.
Hot Take
The introduction of RedStone’s push-based oracle is a significant leap forward in reducing trading latency in blockchain technology, which could make decentralized finance (DeFi) more efficient and appealing. By tackling latency issues, RedStone is setting a new standard for speed and reliability in blockchain price updates, which will be crucial as DeFi and blockchain applications continue to grow in complexity and adoption. As this technology expands to more chains, we could see a wider impact across various sectors that rely on real-time data.
