RedStone brings customisable oracle feeds to the Fantom blockchain
Once again, RedStone Finance has announced a new partnership to add to its ever-growing list of collaborations and integrations within the wider Web3 space. This time, the partnership comes to the tune of one of the most well-known Layer-1 (L1) blockchains around.
The Fantom network
The integration will allow developers to build data-driven decentralised applications (dApps) on the Fantom network, fast and reliably.
Let’s take a closer look!
Fantom and RedStone
RedStone Finance and the Fantom Foundation made the announcement of RedStone’s integration into the L1 on Twitter.
In response, Twitter users commented about a migration of developers over to the Fantom network, but it is worth noting that RedStone Finance provides fully customisable Oracle solutions which can integrate into many projects simultaneously. RedStone Finance’s base protocol, however, is built on Arweave.
But what is Fantom?
Fantom is a Layer-1 blockchain. It boasts fast transaction times, high throughput, high scalability potential, and is fully open-source. By using Fantom, developers can build smart contracts for digital assets and dApps. The network uses an asynchronous Byzantine Fault Tolerance (aBFT) consensus protocol called Lachesis – a faster, more scalable, and more secure choice than Classical and Nakamoto consensus methods.
As mentioned on RedStone Finance’s blog, some of the advantages of using Fantom are:
- Speed – Fantom achieves transactions finality in 1 second on average.
- Scalability – Fantom can process thousands of transactions per second and can scale to hundreds of nodes.
- Security – Lachesis provides institutional-grade security to distributed networks. Fantom offers absolute finality, which means that transactions can never be reverted like in networks with probabilistic finality. Fantom is also leaderless. By removing leaders, security doesn’t rely on a small set of actors.
- Smart contract support – Fantom is fully compatible with Ethereum. Developers can create and deploy smart contracts as they would on Ethereum.
- Consensus-as-a-service – Lachesis can be used to create any kind of private and public distributed ledger, using EVM or Cosmos SDK.
The Fantom ecosystem brags an ecosystem of over 200 already-deployed dApps, and it is growing fast, with thousands of active daily users. If you would like to see the full list of projects building on the Fantom network, head here.
But, the Fantom network has gone through many ups and downs. See, it’s all fun and games until your lead developer leaves.
Fantom saw immense growth during the 2021 crypto bull cycle, with many of the smaller projects building on it seeing growth too. Many considered Andre Cronje – one of the leading developers behind Fantom – to be a mastermind of DeFi, so, naturally, when he announced his departure from Fantom and crypto/DeFi as a whole, the project took a massive blow – along with many of the ecosystem’s dApps.
However, after a recent blog post by Andre Cronje about Fantom (titled: Fantom: an inside financial peek at being a “crypto company”) there has been speculation in the crypto space that Cronje may be returning. Time will tell.
See the current Fantom team here.
RedStone Finance Integration
RedStone provides fully customisable oracle solutions, offering data feeds for over 1,100 assets, including crypto, NFTs, equities, commodities, on-chain reputation, and much more.
In their blog post announcement, RedStone Finance speaks of the powerful solutions they can offer developers on the Fantom Network:
“We are also ready to provide custom Data Feeds tailored to the applications’ needs. Non-standard data is our speciality and we enable Fantom Builders to leverage it to the fullest. All of that will enable them to create real business use cases simply not possible before due to the lack of necessary data.”
Read RedStone Finance’s blog post here.