Razor Network is a decentralized oracle network that connects smart contracts with real-world, off-chain data in a quick, robust and secure way. The core of Razor Network is a set of smart contracts that can run on any Ethereum compatible blockchain. Razor relies on the underlying blockchain for providing certain properties such as censorship resistance, security from network partition attacks, etc.
The network has a built-in governance, so that the network can thwart attacks while still remaining functional in a constantly evolving environment. Razor network also can dispute the results of the oracle, like in a check and balance system, which makes it resistant to many kinds of game theoretical vulnerabilities.
Razor network consists of stakers who take queries from a job queue, fetch data from the real-world, process and sum up the results and serve them to the requesting application. Stakers are awarded for reporting in a orderly, logical and consistent manner and penalized for reporting loosely and incoherently.
Razor can be used to make two kinds of queries:
● Automated mode queries: The automated queries are relatively faster as no manual procedure is required. .
● Manual mode queries: This query type is more suited for software applications such as prediction markets where the stakes are high, and resolution takes longer.
This allows larger user case coverage.
Razor has solved the problem of speed and security.
Although the Razor token is am ERC20 token, their aim is to be interoperable. The “Razor reach” cuts across multiple ecosystems and blockchains. For instance during the tokens launch in February, a token sale was held. This sale was different from the usual token sale because buyers were to create liquidity in Ethereum using the bonding curve. Razor supplies the Oracle solution for moonbeam which acts a bridge that allows developers and regular users, work with both Ethereum and polkadot, two of the world’s most popular blockchains. It leverages the robust infrastructure and smart contracts of Ethereum and combines them with the rock-solid tools available on Polkadot.
Some features of the Razor network;
● A fast, secure and reliable Oracle system,
● The network covers an enormous number of use cases, by allowing manual and automatic access to results.
Some goals of the protocol are:
● Providing a decentralized way to verify and provide data to a blockchain
● Achieving interoperability
● Providing a fast and reliable network system.
The protocol protects itself from invalid query attacks by;
Clients must pay a “validity bond” for making queries on Razor, in addition to the transaction fee for making the query. The validity bond will be forfeited by the client if the query is ruled out as invalid, else it is refunded back to the client after the results have been finalized and the query is deemed valid.
Since investigating a query requires manual procedures, this can only be done in dispute rounds and manual rounds.
Razor Network’s partners include;
- Knit Finance
- Moonbeam
- Pluto’s Network
- MOAR
- Litentry etc…
Razor Community
Website -https://razor.network/
Telegram-https://t.me/razornetwork
Twitter-https://twitter.com/razor_network
Medium- https://medium.com/razor-network
Discord-https://discord.gg/Js4pBny2rw
