Redlight Finance, a technology company that provides a complete cryptocurrency technology platform, is launching Redlight Chain, a Layer 1 EVM-compatible blockchain with new capabilities.
Redlight Chain strives to solve the blockchain trilemma of scalability, decentralization, and security by optimizing gas-free blockchains. $REDLC is the governance coin of the Redlight blockchain, which innovates and adds new features to solve two significant obstacles: gas prices and congestion.
About $REDLC and the Gasless Blockchain
Redlight Chain is a layer 1 EVM (Ethereum Virtual Machine) compatible blockchain that revolutionizes traditional EVM-compatible blockchains. It is also an ecosystem that opens up the world of encryption to anyone who wants to find secure, decentralized, and scalable solutions.
The platform also demonstrates the appropriate capabilities and advantages of smart contracts and NFTs.
$REDLC wants to solve the problems of traditional blockchains because most real-world industries/companies don’t want to pay gas to execute transactions. The project has this issue as its primary purpose, in addition to its mission to develop a blockchain-compatible EVM that targets scalability, decentralization, and security.
Scalability refers to a blockchain maintaining its transaction/block speed and output as users/industry grow and expand. To this end, $REDLC allows blockchain to be integrated into industries that rely on transactions to pass or use information from one point to another.
As a gas-free blockchain, they will be able to target industries that may only consider blockchain integration. Also, $REDLC is completely gasless, not 0.000001 for another token to get gas, but truly gasless like 0.
Decentralization of $REDLC is achieved through validators (nodes) who manage information on the blockchain rather than a centralized entity controlling it. Most EVM-1-compliant blockchains operate this way using various methods such as Proof of Work (POW), Proof of Stake (POS), and Proof of Authority (POA).
$REDLC is classified as POA, a more advanced form of POS. The validator’s “identity” takes its place and acts as a pledge rather than needing to pledge monetary value.
Security aside – upgradability and flexibility are critical factors for any technology to maintain maximum security. $REDLC uses these elements by keeping a dedicated security team monitoring network and server activity at all times.
Additionally, $REDLC is introduced to the Pocket System. The Pocket System is an intelligent queuing mechanism that allows transactions to be split to ease congestion.
The Pocket System can automatically identify network attacks and reroute them to a separate Pocket for verification without affecting the rest of the network.
Understanding RedLight Finance
Redlight Finance is a technology company that aims to provide a complete cryptocurrency platform that acts as a bridge between the real world and web3 through blockchain technology. Their goal is to achieve this mission through a completely gas-free blockchain.
The gas-free blockchain they developed allows users to provide a use case for traditional cryptocurrency investors by integrating smart contracts.
Most importantly, since there is no gas fee for transactions, Redlight Finance believes this will allow traditional businesses that require large databases of private information (e.g., hospitals and financial institutions) to transition to web3 safely.