The Oracle You Can’t Miss After RedStone’s TGE: What Are the Advantages of Switchboard?

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Brief Overview

Most people are familiar with RedStone, a cross-chain data oracle technology that provides fast and cost-effective data access, complete historical audit tracking, and an insurance-backed decentralized dispute mechanism that gives users recourse in cases of inaccurate data provision.

Within four days of its TGE listing on Binance, it surged from around $0.2-$0.4 to $1.45, demonstrating the usefulness of oracle protocols.

However, today we will introduce another oracle protocol: Switchboard.

The article will compare RedStone and Switchboard.

I. Introduction: Do You Know About Oracle Protocols?

1.1 Why Do We Need Oracles?

Blockchain is a closed system, and smart contracts cannot directly obtain off-chain data. Many DeFi or DApp applications require real-time data, such as:

  • Current token price (e.g., BTC/USD)

  • Random number generation (for lottery in blockchain games)

  • Competition results, weather, and other real-world events

Oracle protocols act like an "information bridge", securely fetching data from the off-chain world and delivering it on-chain for smart contract use.

1.2 Simple Analogy: What Is It Like?

Imagine you're playing an on-chain price prediction game with these rules:

Players bet on whether BTC will exceed $100,000 tomorrow.

This game's smart contract needs a real, trustworthy price source, otherwise it's vulnerable to attacks or cheating.

You can use Switchboard as a price oracle, obtaining real prices from CoinGecko or Binance, and feeding them to the on-chain contract to determine the winner.

1.3 Basic Information About Switchboard:

Switchboard is a permissionless, customizable, multi-chain oracle protocol for universal data feeds and verifiable randomness. By allowing anyone to push any form of data, regardless of data type, it provides a one-stop service for users and helps drive the development of next-generation decentralized applications.

Switchboard raised a total of $11 million in seed and Series A funding

(The translation continues in the same manner for the rest of the text, maintaining the specified translation rules for technical terms.)

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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