Razor Network — A Decentralized Oracle Network that Enables Phenomenal Benefits for various DeFi enthusiasts
The world of digital and crypto technology has experienced a lot of exponential growth, which leaves various paths for great innovations to be introduced and automated such as the DeFi (Decentralized Finance) medium. Due to the high demand for this community’s refined commerce mechanisms, most of the projects out today have utilized this mechanism not just to satisfy users but to reel them in. But over the years, several projects related to this mechanism have experienced certain issues which need to be addressed such as scalability, privacy for data, and so on. Razor network medium works hard to divert these iterated issues while providing other amazing qualities for users globally. More info about its features and capabilities will be discussed throughout the article.
RAZOR NETWORK DESCRIPTION
Razor Network is a decentralized oracle network that connects smart contracts with real-world, off-chain data in a quick, robust and secure way. It was launched in 2019. Razor Network’s core component is a set of smart contracts that can run on any Ethereum-compatible blockchain.
THE NETWORK’S MECHANISM AND OVERALL SYSTEM DETAILS
Razor Network also uses a proof-of-stake (PoS) consensus Functionality to encourage user participation. Loyal stakers are incentivized to keep the platform operational and malicious stakers are punished for reporting incorrect data. Razor network can also be deployed on any Ethereum compatible blockchain. Currently, they plan to deploy iton a separate, decentralized, proof of stake blockchain compatible with Ethereum. Research and evaluation of any other scalability solution will be performed later. The protocol may need to be modified to secure the oracle, the scalability layer, and the bridging mechanics to make the results available to other blockchains.
BENEFITS THAT RAZOR NETWORK ENABLES
Its collaboration with POLYGON Network permits multiple DApp developers creating on Matic to have the authority to access off-chain data via Razor’s Oracle network, and optimize the worth of their DApps even further. Razor Network also works to provide reliable and secure real-world data for projects. There are also spots for stakers as well to earn, Stakers / Liquidity Providers get to enjoy passive returns on ETH and Polygon Network. The network also creates social media engagement that commands reward (Contest), while developing an Open room for an ambassador program, which is referred to as Knight.
TOKEN DETAILS
The Razor network will have a native utility token called “RAZOR”. RAZOR are ERC20 tokens on the Ethereum main net. These are necessary to perform a variety of activities in the Razor network. There will be an initial supply of RAZOR and the rest will be minted and distributed to stakers as block rewards.
Razor Network partners with DFYN Network on Polygon/Matic Network which ushers in crypt asset farming for $RAZOR holders on the network. For more details on the token and its entire ecosystem, check out: https://razor.network/
ENDNOTE
There are a lot of innovations in the Decentralized Finance spectrum today, and the majority of them usually rely on data to run fully automated platforms. This is why it is very important to have platforms that bridge on-chain and off-chain data accurately. A very small mistake could result in massive losses that could bring down the trust of the people towards DeFi altogether. Projects that help prevent this from happening are crucial. Razor’s platform is secure from attacks and malicious actors, making it a welcome development for the DeFi space. Not only does it empower smart contracts to perform accurately based on reliable data, but also provides opportunities for people to participate in the process of linking a blockchain to the real world
