Recapitulation of Razor Network AMA event held at AMA LOVERS CLUB
Venue: https://t.me/amaloversclub
Date: Thursday, 14th January, 2021
Time: 15:00 UTC
The Razor Network team was represented by @himanshubisht and @divij33. They judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the project Razor Network
Ans : My name is Himanshu Bisht. I am a computer science 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. excited to be here.
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, Globe Exchange to name a few in roles ranging from Communications to Marketing.
Let me tell you a little bit about Razor.
Razor Network is a 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.
Q2 : What critical problems does Razor Network solve that existing solutions are not solving and what’s the competitve advantage
Ans : 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:
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
As can be seen from the table above, there are two kinds of decentralized oracles:
1. Oracles which have fast resolution times but are game theoretically insecure
2. Oracles which have slow resolution times but are game theoretically secure
There is a clear need in the market for an oracle which is both fast and secure. Razor network fills that gap.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines
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, Razor Scan, Reality Aware Tokens as mentioned above.
We also finished our Private Rounds last year successfully.
This Year we are planning to go live on the Mainnet as well as launching Dispute Rounds, Reality Aware Tokens and DeltaOne V1. Also we are going to have our PubliC Sale really soon.
More details will be published on our website soon - https://razor.network
2nd Segment: LIVE Questions
Ans : Is RAZOR network based on decentralized oracle,
Or the project has combinations of both centralization and decentralization ?
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 permissionless. We, or anyone else, don’t have the power to decide who is allowed or otherwise, to participate in the network.
3. Queries are pseudorandomly 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.
Razor itself is a truly decentralized network. In order to participate in the network as a validator, you will need to "Stake" your Razor tokens.
further. Most of the oracles use the Schellingcoin mechanism. The mechanism is flawed and is vulnerable to various attacks. Razor uses a modified Schellingcoin algorithm with a sliding court mechanism.
This includes an iterative dispute resolution mechanism which makes it robust against all kinds of game theoretical attacks.
Q2 : What is the reason behind choosing Proof of Stake ( PoS) consensus algorithm over Proof of Work ( PoW) ?
Ans : Proof of stake is the core consensus mechanism of Razor Network. Proof of stake allows Razor to achieve the following goals:
Proof of stake provides Sybil attack resistance. This is because becoming a validator requires staking tokens and doing that without owning tokens is not possible.
The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.
Dishonest/incoherent validators are penalized and their stake is reduced. This disincentivizes bad behavior. A part of the tokens collected as a penalty is distributed to honest stakers, further incentivizing honest behavior.
Q3 : Partnerships seem to be very important. How’s the status of Razor Network partnerships? Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Ans : 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 - 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
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
Conflux - https://bit.ly/3m4Q06y
Sentinel Network - http://bit.ly/3mgMiXz
Q4 : What benefits will a partnership with Sentinel Network bring to both Razor Network and the users of these two networks? How will you plan on your future partnership development strategy?
Ans : The integration with Razor’s oracle solution would ensure that Sentinel dVPN users are provided with the correct estimate of how much their bandwidth usage in a session will cost in terms of their preferred cryptocurrencies.
You can read more here - https://medium.com/razor-network/razor-has-partnered-with-sentinel-network-to-provide-secure-cryptocurrency-price-feed-to-sentinel-ce1f08bef155
Q5 : Razor will focus on developing customer groups and areas in the near future, do you have any marketing plans in areas with great interest in Blockchain?
Ans : 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.
Q6 : Can you describe the partnership of Razor network to Matic network? What is the objective of this partnership? What is the win-win benefits of of each other?
Ans : The Razor network is a fully decentralized and permissionless oracle. That means we do not choose data sources, data providers, etc. Rather than using a centralized control to secure the data, Razor relies on carefully designed proof of stake consensus algorithm and on-chain incentivization to encourage honest behavior and prevent malicious behavior. Providing false and incorrect data can attract severe penalties to validators. Hence such behavior is prevented.
Matic is a promising plasma-based L2 scalability solution. Many dapps have already started building on the Matic chain. We will provide our oracle services to dapps on Matic to enable fast and secure defi applications based on Razor.
Q7 : Im interested with Razor network project, so do you have any ICO or private sale still on going? Can share link in here?
Ans : Hey, we already completed our Private Round Successfully and will be having our Public Sale really soon. Stay tuned to our channels for more info.
CONCLUSION
Great! What’s the Public sale starting date?
Ans : Hasn’t been announced yet.
Stay Tuned
Thank you AMA Lovers Club for hosting us.
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
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