Recapitulation of Razor Network AMA event held at AMA LOVERS CLUB

Venue: https://t.me/amaloversclub

Date: Friday, 23rd October, 2020

Time: 14:00 UTC

The Razor Network team was represented by Himanshu Bisht, Head of marketing at Razor Network and Divij, Communications Head for Razor Network. They both judiciously shared with us detailed knowledge and information about the project.

1st Segment: INTRODUCTION

Q1 : Can you please introduce yourselves and your backgrounds, also if you have a team, you can introduce your team

Ans : Hi, my name is Himanshu Bisht. I am an engineer turned into an entrepreneur and marketer. With 6 years of experience in marketing and sales, now I am the head of marketing at Razor Network.

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 introduce the RAZOR NETWORK project, what critical problems does it solve that existing solutions are not solving and what’s your Comparative advantages

Ans : Razor Network is a decentralized oracle network with a focus on Maximum 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 makes the oracle extremely secure and makes it impossible to attack the oracle successfully.

Razor network utilizes proof of stake consensus algorithm. In order to participate in the network as a validator, you will need to “Stake” your Razor tokens.

Answering the second part of your question. 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.

Apart from that, we have the following differentiating factors:

Truly decentralized and permissionless
Only oracle to offer Fast AND Secure results
Flexibility to request results in an automated and manual fashion
Game theoretically sound and resistant to collusion, bribing, Sybil, and censorship attacks
In-house synthetic asset app “Razor Synthetic Assets” to increase adoption

Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap

Ans : Razor Network has already been live on the testnet for the past months, we also have released a few products like Razor Synthetic Assets alpha, RazorScan.

Next Year we are planning to go live on the Mainnet as well as launching Dispute Rounds, Reality Aware Tokens and DeltaOne V1.

More details will be published on our website soon — https://razor.network

We have also partnered with Matic and Skale you can read about the partnership below:

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-Scale infrastructure will provide developers with the necessary tools to build highly scalable, secure, and high-performance DApps with access to real-world data on the SKALE platform. You can read more here —
https://medium.com/razor-network/razor-network-partners-with-skale-to-provide-access-to-real-world-data-8de0450a0306

2nd Segment: TWITTER QUESTIONS

Q1 : After analyzing your project and its way of operating, can you consider that your platform is friendly for all users? How does the #razor project intend to stand out among others and win the attention of future new investors?

Ans : Razor is designed to help blockchain projects to bring maximum transparency and security who need real world data for smart contracts. It’s easy to develop on Razor. More details on the projects will be announced soon

Razor Network has the following differentiating factors:

  1. Truly decentralized and permissionless
    2. Only oracle to offer Fast AND Secure results
    3. Flexibility to request results in an automated and manual fashion
    4. Game theoretically sound and resistant to collusion, bribing, Sybil, and censorship attacks
    5. In-house synthetic asset app “Razor Synthetic Assets” to increase adoption

Q2 : What oracles will Razor Network use to get accurate data? How does Razor Network prevent oracles from providing false information? What advantages of Razor Network oracles have over Cosmos, Oracle, or Polkadot?

Ans : An attacker can bribe the majority of the stake in a trustless way and can compromise the results of the oracle. To prevent this, Razor Network has an in-built dispute resolution mechanism.

Any result of the oracle can be disputed by paying the “Dispute bond”, which can be paid collectively. The disputers win a reward of 50% of the dispute bond if they successfully dispute a round.

If the bond is successfully paid within the dispute period, the query enters a dispute round. In the dispute round, the stakes are higher, the amount of penalty for voting incoherently is higher and the queries are answered manually by the validators. The results of the dispute round can be further disputed. The amount of participating stake, and the dispute bond amount is doubled every round. If the disputer wins the dispute, their dispute bond is refunded, else it is confiscated and rewarded to coherent validators.

Due to this mechanism, even if an attacker compromises the oracle, the result will likely be disputed by an honest actor. The attacker will have to pay double the bribe to compromise the dispute round. Even if they are successful in doing that, that round will again likely be disputed and so on. This can go on till the whole network participates in the dispute round. If that round also fails to resolve the dispute, the network forks in two networks, and the market decides the honest fork.

Q3 : One of the desing goal of Razor network is “ protect the users from malicious stakers, so can you explain how a staker can be a bad actor? Also how do you gonna do this? There is any punishment system?

Ans : 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.

Q4 : The “oracles” that many projects use are centralized, completely different from the decentralized nature of the cryptocurrency industry and blockchain technology. What are Razor Network solutions for these projects ? How different from CENTRALIZED with DECENTRALIZED oracle?

Ans : 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 RZR tokens. It does not require permission from us or anyone else.

We encourage decentralization in the protocol through the following ways:

1. A fair and wide distribution of tokens
2. The protocol is permission less. We, or anyone else, don’t have the power to decide who is allowed or otherwise, to participate in the network.
3. Queries are pseudo randomly assigned to the validators, making collusion and bribing difficult
4. Commit reveal scheme for revealing the “votes” and dispute mechanism makes it secure from bribing attacks.

Q5 : What are the major updates for Razor Network that are coming out in the next years and where can I see your technologies working and how I believe you?

Ans : Razor Network has already been live on the testnet for the past months, we also have released a few products like Razor Synthetic Assets alpha, RazorScan as mentioned above.

Next Year we are planning to go live on the Mainnet as well as launching Dispute Rounds, Reality Aware Tokens and DeltaOne V1.

More details will be published on our website soon — https://razor.network

You can also explore our inhouse app Deltaone here. It’s available in alpha https://deltaone.finance/

3rd Segment: LIVE QUESTIONS

Q1 : I have read your whitepaper: can you clarify a bit about how disputes are resolved in the Razor environment? is it like Kleros? Either the entire network should be involved or what mechanism is to proceed?

Ans : An attacker can bribe the majority of the stake in a trustless way and can compromise the results of the oracle. To prevent this, Razor Network has an in-built dispute resolution mechanism.

Any result of the oracle can be disputed by paying the “Dispute bond”, which can be paid collectively. The disputers win a reward of 50% of the dispute bond if they successfully dispute a round.

If the bond is successfully paid within the dispute period, the query enters a dispute round. In the dispute round, the stakes are higher, the amount of penalty for voting incoherently is higher and the queries are answered manually by the validators. The results of the dispute round can be further disputed. The amount of participating stake, and the dispute bond amount is doubled every round. If the disputer wins the dispute, their dispute bond is refunded, else it is confiscated and rewarded to coherent validators.

Due to this mechanism, even if an attacker compromises the oracle, the result will likely be disputed by an honest actor. The attacker will have to pay double the bribe to compromise the dispute round. Even if they are successful in doing that, that round will again likely be disputed and so on. This can go on till the whole network participates in the dispute round. If that round also fails to resolve the dispute, the network forks in two networks, and the market decides the honest fork.

Q2 : What are the tasks that stakers must perform on the Razor platform?

Ans : Stakers need to perform the following tasks:

1. Acquire the required amount of Razor tokens
2. Run the node on their computer
Stake their tokens
3. Keep the node online as long as they want to participate in the network
If the staker is assigned a dispute/manual round they will have to manually fetch and report data accurately within the specified time (could be up to a few days)

From medium, there is so much other platforms Razor Network has partnership with.

Q3 : Does these partnerships improve Razor Network? If yes in which ways, what is improven with them?

Ans : We already have partnerships with Matic and Skale you can read about the partnership below:

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-Scale infrastructure will provide developers with the necessary tools to build highly scalable, secure, and high-performance DApps with access to real-world data on the SKALE platform. You can read more here —
https://medium.com/razor-network/razor-network-partners-with-skale-to-provide-access-to-real-world-data-8de0450a0306

Q4 : How does Razor maintain and control flexibility, cost and security which are important factors that most be considered on the blockchain?

Ans : Razor network has been in research and development for over a year. Razor is not based on hype but rather on a proven theoretical framework to achieve maximum security and decentralization.
Razor network’s mechanism is game theoretically secure, which is timeless. What is theoretically secure today, will be theoretically secure 10 years from now and so on.
In terms of implementation and underlying chain, we will continue to partner with new chains and deploy our solutions there for better security and speed. In this way we can remain competitive and up to date.

Q5 : What are the distinguishing features of Razor Network that cannot be beat by other platforms? Who would you consider as potential competitor in the market?

Ans : We have the following differentiating factors:

1. Truly decentralized and permissionless
2. Only oracle to offer Fast AND Secure results
3. Flexibility to request results in an automated and manual fashion
4. Game theoretically sound and resistant to collusion, bribing, Sybil, and censorship attacks
5. In-house synthetic asset app “Razor Synthetic Assets” to increase adoption

Q6 : Does Razor Network have a plan to promote, raise awareness, and understanding in the community so that more people get to know Razor Network?

Ans : Yes, we have some great events coming up. You can follow our twitter handle to not miss out. Announcement will be made soon: https://twitter.com/razor_network

CONCLUSION

Before leaving please, do you have any Final Words. Also do good to share every useful links to razor network, and how we can participate in any ongoing programs

Ans : 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.

Telegram Community — https://t.me/razornetwork
Telegram Announcement Channel — https://t.me/razor_announcement
Our twitter: https://twitter.com/razor_network

Blockchain has a great future. We want to invite everyone who is a part of this community to develop with Razor as we were able to achieve the most secure Oracle ever built.

Thank you for this wonderful session.

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