Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Razor Network January 18, 2021. This guest star Divij, Head Communication of Razor Network. If you were unable to join the live AMA, no worries, here comes our 101th AMA recap!
We are glad to meet here:
Divij, Head Communication of Razor Network
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Razor Network?
Hello, I’m Divij, working as Communications Head for Razor Network. I have a bachelors in Business Administration with a specialization in Marketing. I’ve been involved in the Blockchain Space for almost 3 years now and have worked with various projects over the years like LCX, DeFi Money Market, PlotX to name a few in roles ranging from Communications to Marketing.
Q2: Can you briefly describe what is Razor Network?
Razor Network is a blockchain agnostic decentralized oracle network with a focus on Maximum game-theoretical security, complete decentralization, and being fully permissionless. Razor achieves this while still being fast and practical for Decentralized Finance. Razor network uses a sliding court mechanism where any result of the oracle can be disputed iteratively. This can thwart any attack that can happen on the oracle.
Q3: What companies/projects do you see as competitors, and how does Razor Network stand out compared to them?
Razor network is designed from the ground up to provide maximum game-theoretical security without compromising speed. This means it’s impossible to profitably attack the oracle. Apart from that, Razor is fully decentralized, permissionless, and fast.
Host: Wow, this is very promising, especially with a fully decentralized, permissionless and fast!
Q4. What is the use-case or MVP Product of Razor Network?
Razor’s Testnet is already out since a few months and the mainnet will be live this year. If you wan to try out our testnet you can check out our docs on how to do so: docs.razor.network
Host: Wow great, this time razor brought their product that previously held AMA here at their early stage. It’s so good, they really grow really fast
Q5. What are the major milestones Razor Network achieved so far & what are in future pipeline?
Razor Network has been live on the testnet for a few months. We have also released a our network explorer – Razorscan.io
We also finished our Private Round last year successfully. – https://www.coindesk.com/razor-network-oracles-funding-round
This Year we are planning to go live on the Mainnet. Also we are planning to have a public sale very soon.
We have also partnered with amazing projects such as SKALE, Matic, Persistence, OpenDeFi, MantraDAO, Conflux, XDC, Sentinel.
More details will be published on our website soon – https://razor.network
Host: Wow, thats really great! Amazing Progress from Razor Network Have many partnership and will be release the Mainnet soon
Divij: Thank You
Q1. How the Oracle network works securely end-to-end without central bottlenecks and How does it support the dispute resolution mechanism? Can we say better for Razor than oracle?
Decentralization is an important goal of the network. This is because centralization puts a high amount of power in a small group of entities, which makes a lot of attacks feasible and jeopardizes the trustworthiness of the protocol.
Razor network is fully decentralized and does not have centralized bottlenecks. Anyone can become a validator in Razor by staking RAZOR tokens. It does not require permission from us or anyone else.
Host: Wow, thats really great! Many improve from Razor Network
Q2. What is the main obstacle to widespread adoption of cryptocurrencies? What measures is @razor_network taking to popularize the use of crypto even more, especially in the traditional financial sector?
Razor Network will not only target applications on the Ethereum mainnet, but we have also partnered with multiple L1 and L2 chains to offer a fully decentralized oracle on their platform.
We have also built an in-house synthetic asset platform called deltaOne which will utilize Razor oracle. This will bootstrap a user base for Razor oracle.
We are also part of the Association of Decentralized oracles, where we are collaborating with other oracle projects to standardize oracle integration. We believe that many projects will prefer to use multiple oracles instead of just one. This partnership will enable projects to easily integrate multiple oracles in their project.
Host: Wow, that’s a very interesting feature, I hope users can enjoy it all safely. Because, Security its really Important in this Industry.
Q3. Razor Network Partners with Skale and Matic Network. What are the positive results that can be expected from this partnership? And in the future, are there any major steps that the Razor Network will take?
Matic – Matic Developers will now be able to access verified data seamlessly through Razor’s Decentralized Oracle Services. This integration will add increased utility to the ever-growing developer ecosystem on Matic and allow application developers on Matic to use Razor Oracle. You can read more here – https://medium.com/razor-network/razor-network-partners-with-matic-network-af6521b6771f
Skale – The Razor-Skale infrastructure will provide developers with the necessary tools to build highly scalable, secure, and high-performance DApps with access to real-world data on SKALE platform. You can read more here –
Host: That’s Really Interesting, this collaboration makes it possible to add new features and good security later
Q4. I read that within the Razor network ecosystem, the honest validators are rewarded and those who report incoherently are penalized. How do you penalize those users?
The validators who fail to maintain the following conditions may be penalized.
Make sure the node is online
Report data coherently (honestly)
Keep data secret during the COMMIT phase of the epoch.
If it is proven that the validator is acting in a malicious way, some of their stake will be reduced and rewarded to other honest stakers. In this manner, they are penalized.
Host: Wow, that’s a good. beneficial rule for those who are honest and there are no manipulatives from those validators
Q5. Is Razor Network fully decentralized ? I means it Razor Network have a fully decentralized Oracle Network or do they retain some centralized bases ?
Razor network is fully decentralized and does not have centralized bottlenecks. Anyone can become a validator in Razor by staking Razor tokens. It does not require permission from us or anyone else.
We encourage decentralization in the protocol through the following ways:
- A fair and wide distribution of tokens
- The protocol is permissionless. We, or anyone else, don’t have the power to decide who is allowed or otherwise, to participate in the network.
- Queries are randomly assigned to the stakers, making collusion and bribing difficult
- Secret voting and dispute mechanism makes it secure from bribery attacks.
Host: Wow this is very good, everyone can feel good about this rule, Thanksyou for answering in our Sessions
Live AMA Session
Q1. Is Razor Network a global or local project, can anybody from anywhere use your project without any kind of restrictions?
Razor is a Global Project registered in Singapore. Users from around the worls can use Razor Network since its a decentralized
Q2. What is the advantage of deploying the system to blockchain agnostics on Razor Network, how does this benefit scalability and what role does the oracle infrastructure play on Razor?
Razor is blockchain agnostic and will be integrated with many blockchains. We have partnered with many blockchains such as Matic Network, SKALE, Conflux, Persistence, etc. We will be announcing more blockchain integrations soon. This means projects from all these blockchains will be able to use Razor Network.
Q3. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about Razor Network current partners, plans for partnerships and what everybody stands to gain from these partnerships?
We are really proud to have a lot of really great partners already and are working on collaborating with more projects. You can read more about our current partnerships below:
- Matic – https://medium.com/razor-network/razor-network-partners-with-matic-network-af6521b6771f
- Skale – https://medium.com/razor-network/razor-network-partners-with-skale-to-provide-access-to-real-world-data-8de0450a0306
- Persistence – https://medium.com/razor-network/razor-network-inks-partnership-with-persistence-9b4efaa03428
- OpenDeFi – https://bit.ly/3kl2RRr
- XinFin’s XDC Blockchain Network – https://bit.ly/2Hxwly8
- MantraDAO – https://medium.com/razor-network/mantradao-to-integrate-razor-networks-oracle-for-secure-price-feeds-bde14b4dff14
- Conflux – https://bit.ly/3m4Q06y
- Sentinel Network – http://bit.ly/3mgMiXz
Q4. Many blockchain projects are on paper only and no product or product has no practical meaning. Please let us know what is Razor Network currently practical product in use? What are your plans for the product to be better in the future?
We’ve been building for almost 2 years and Razor Network has built the following products:
- Razor decentralized oracle network https://razor.network
This is our decentralized oracle network. This is our main flagship product
- Razor Synthetic Assets – https://deltaone.finance/
Using this application, anyone can create synthetic assets for any asset in the world. Users can use their Razor tokens as a collateral.
- Razor testnet Explorer – https://razorscan.io/
This can be used to explore our testnet
- Reality-aware tokens https://medium.com/razor-network/realityaware-tokens-e8a7ee19bcb5
This is a new token standard created by our team. It can be used to create tokens that are aware of real-world data.
Q5. Where do I get information about your team? Do you have a plan to identify your team later?
The information about our team is already available on our website – https://razor.network/
We are also backed by prominent VCs – https://www.coindesk.com/razor-network-oracles-funding-round
Q6. What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
We value our community greatly, we have a lot of great things planned for our community members. We started our Ambassador Program recently – https://t.me/razor_announcement/51
Every successful project has some behind the scenes story, So what is the story behind Razor success? What is Razor mean?
In early 2019, Hrishikesh was exploring real-world applications of blockchain. At that time DeFi was in very early stages but was slowly proving to be a promising use-case. But as he did more research I quickly realized space was limited due to the centralized nature of the oracles used. This will always be a limiting factor of DeFi unless the oracle problem is solved.
The Oracle problem is a very well known and notoriously difficult problem. He loved the challenging nature of the problem and started designing and analyzing different mechanisms for a fully decentralized and secure oracle. Over the period of two year, Hrishikesh continued to research and development of Razor to make it the most robust, secure, and fast oracle network.
Thank You for having us for the AMA, we had a really great session and enjoyed answering all your questions. If you have any more questions feel free to join our community.
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Razor Network
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