RedStone MoonRacle – Delivering diverse data feeds to Moonbeam

By October 21, 2022Polkadot
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Originally posted here.
By: Az

Overview

Some of the RedStone finance team members, including COO Marcin Kaźmierczak, recently took place in the Moonbeam Connected Contracts Hackathon, bringing a powerful “tool” to fruition with their project submission. The RedStone team is well known for providing quality solutions for Web3 problems. This time is no exception, with their hackathon project called MoonRacle, a […]

The Post

Some of the RedStone finance team members, including COO Marcin Kaźmierczak , recently took place in the Moonbeam Connected Contracts Hackathon , bringing a powerful “tool” to fruition with their project submission. The RedStone team is well known for providing quality solutions for Web3 problems. This time is no exception, with their hackathon project called MoonRacle, a custom oracle built to deliver diverse data feeds to Moonbeam.

Let’s take a look!

MoonRacle

Redstone is known for their custom Oracle feeds, that help projects and developers obtain the exact data they need while knowing it is reliable. MoonRacle is the custom Oracle solution for the Moonbeam network blockchain, that can deliver price feeds for over 1,000 assets, all the way from cryptocurrencies, Fiat currencies, NFTs, commodities and stocks – with a 10-second refresh rate. This data is pulled from 46 separate sources.

The Problem that the team identified was a current lack of such a diversified and customisable Oracle within the Moonbeam ecosystem.

According to Marcin, such status stifles the Moonbeam Web3 expansion.

MoonRacle fills that gap and is able to create oracle data from any API. It uses the approach of keeping data off-chain while optimising the process of data delivery to dApps within the Moonbeam ecosystem.

During the hackathon, the team obtained data on the most expensive property in America from Propy – one of the companies in the Arrington Capital portfolio.

You can check out the price oracle here .

But what are the benefits of using such an oracle?

MoonRacle takes advantage of the Moonbeam blockchain features, such as EVM compatibility and Polkadot security, while offering unique customisability of data feeds for Web3 developers.

The journey to creation

No innovation comes without facing a few challenges along the way.

And according to their hackathon submission page , the team behind MoonRacle ran into a few of their own.

Their biggest challenge was integrating RedStone Oracles on Moonbeam and making sure everything worked in a stable and scalable fashion.

They also needed to find reliable data feed URLs that they could use to integrate with the Moonbeam ecosystem. According to the submission page, the team found that the Propy API fit that description just right, making the integration straightforward.

They also found the actual integration of MoonRacle onto Moonbeam a little harder than initially expected, when it came to them performing their tests, but in the end, they were successful.

The MoonRacle team

So who exactly is the team behind MoonRacle?

Marcin Kaźmierczak – BizDev (and COO at RedStone)

Cezary Haliniarz – Full-Stack Developer

Alex Suvorov – Full-Stack Developer

RedStone’s journey

In August, RedStone announced that they had raised a $7M seed round led by Lemniscap, and would use the funds to enable the team to continue building and working towards their mission of creating the right tools needed to help power Web3 innovation and development. And it looks like they are living up to this promise.

ICYMI:

Check out some of the RedStone team’s other recent accomplishments below.

Oracles Of Russian Harm – By RedStone (Kyiv Tech Summit)

RedStone LensScore – On-Chain Reputation

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