For blockchain smart contracts to work, they need access to externally fed data. Such data is necessary for operation of various decentralized applications. Oracles are the means by which data is fed to these smart contracts. Normally, this is done traditionally via centralized oracles. But using centralized oracles defeats the purpose of decentralization plus there is the risk of data being fed being manipulated by centralized oracles hence the need for decentralized oracles. Decentralized oracles are trustworthy due to its decentralized nature, therefore the accuracy of the data being fed by decentralized oracles can be trusted as accurate.
Razor network is a truly decentralized oracle network for the decentralized blockchain ecosystem. Its usecases spans :
- Decentralized Finance
- Decentralized Insurance
- Decentralized Synthetic Assets
- Decentralized Stablecoins
- Decentralized Identity
- Decentralized Atomic Swaps
Razor Network provides data to the smart contracts using a network of stakers. These stakers are validators who lock in their tokens as a “Stake” and provide data to the network. These validators get rewarded for participating in the network by staking and providing data.
Razor Network is aimed at providing a decentralized way to verify and provide data to a blockchain. Since entire economies are being built on top of blockchain which rely heavily on the external data, it is extremely important that the data is provided and aggregated in a decentralized way to avoid many kinds of attacks. These attacks include :
- Takeover attack by controlling the majority of the validators
- Bribe attack
- Bribe signaling attack
- Providing invalid or compromised data source
- Making invalid queries to the oracle
- Censoring reports of honest validators.
Razor is not only fast but also extremely robust and economically secure and covers a large number of use cases by allowing results to be fetched both manually or automatically.
Razor Network has a number of features which make it unique. They are :
1. Truly decentralized
End-to-end decentralized oracle network with no centralized bottlenecks
Dispute escalation and resolution mechanism makes it extremely resistant to collusion, bribing and censorship attacks
Automated fetching of the data without compromising security and decentralization
Deployed on a scalable network and blockchain agnostic.
5. Proof of Stake
Secured by highly efficient Proof of Stake network with strict penalties for misbehaviour
More Information :
Website : https://razor.network/
Twitter : https://twitter.com/razor_network
Telegram : https://t.me/razornetwork
Medium : https://medium.com/razor-network
Github : https://github.com/razor-network/