Acclaimed prediction marketplace, Kalshi, has just revealed its partnership with blockchain oracle RedStone. As a result, Kalshi’s platform will transition on-chain across over 110 networks, according to a recent company announcement.
As a major player in blockchain oracle, RedStone provides price feeds for DeFi (Decentralised Finance) assets. These assets encompass a broad spectrum of tokenised assets, thereby boosting the platform’s versatility. This alliance holds the potential to energize the prediction market space, driving increased engagement and activity.
Furthermore, RedStone boasts a stellar track record in securing financial value. It has reportedly safeguarded over $8.5 billion in claims, showcasing its strong capacity to manage high-value assets. This financial prowess, combined with Kalshi’s solid foothold in the prediction market, signals a promising future for on-chain prediction marketplaces.
Partnership Implications
Transitioning Kalshi’s platform on-chain opens the door to the myriad advantages of blockchain technology. First and foremost, blockchain technology offers heightened transparency. Every transaction is logged on a distributed ledger, accessible to all network participants. This level of transparency can foster trust among platform users, a vital element in the prediction market.
Next, implementing blockchain technology can considerably bolster security. The decentralized nature of blockchain makes it virtually impossible for a single entity to manipulate transaction data. This additional security layer can further boost users’ confidence in the platform.
Last but not least, migrating to an on-chain platform can also amplify scalability. Blockchain networks can process a high volume of transactions, allowing the platform to effectively accommodate a growing user base. Such scalability is vital for platforms like Kalshi, which strive to continuously grow and attract more users.
To sum up, this partnership marks a significant stride for both companies. For RedStone, it presents an opportunity to exhibit its blockchain oracle capabilities in a fresh, dynamic market. For Kalshi, the shift on-chain is set to enhance platform security, transparency, and scalability – qualities highly prized in the prediction marketplace. Consequently, users and stakeholders can look forward to positive developments stemming from this inventive collaboration.
