Razor Network — CryptoVerse AMA
Date : 21st Jan 2021
Guest : Himanshu Bisht — Head of Marketing
Divij — Head of Communications
Q: Please briefly introduce yourselves and @Razornetwork to our community?
Himanshu Bisht : 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.
Divij : 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 4 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.
About Razor Network : 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.
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Q: How is the mechanism of the Razor Network system? How does the Oracle network work securely end-to-end without central bottlenecks? And How do you support the dispute resolution mechanism through the Razor Network?
A: 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.
Q: How do you think with Asia market? Does your team have any plan to approach ASEAN which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
A: Razor network is based in singapore and most of our team members are based in India. So yes! we have Asian roots.
Coming to question, Asia has, as we believe, lot of potential for crypto and we are rolling out specific strategies to attract community from Southeast Asia and China.
Q: 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?
A: 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.
Q: I read that Razor Network use Oracle Network but I have doubts about their decentralization intentions, does Razor network have a fully decentralized Oracle Network or do they retain some centralized bases?
A: The topmost goal of the project is to be truly decentralized and permissionless. Most of today’s oracles have centralized bottlenecks, which can be attacked and that is their weakness.
Razor network is truly decentralized and has no centralized bottlenecks. Razor network does not require centralized control as it is designed very carefully to be secured by game theory and not by centralized control. All the incentives are properly and carefully designed to achieve that. This was the most challenging part and took more than a year to design and implement.
Q: Reading the news on her twitter profile I found out that Razor has started a puzzle piece challenge. What are your intentions with this type of activity?
What impact do you hope to have on your community and on new people who want to be part of Razor?
A: We truly believe it takes a great community to make a protocol truly decentralized. We have lots of interesting events that happened in the past along with an ambassador program. Also a lot of stuff is in the pipeline that will be announced soon. The Crossword challenge is another step in that direction, through this we’ll educate our new and old users about Razor Network.
Q: There are so many projects out there that are similar to Razor Network. What are your features that are better than your competitors?
A: 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
Here is a comparison sheet
Q: Can anyone be a validator? What are the actions to be considered as honest validator? How does Razor Network detects malicious acts? What are the punishments for being dishonest?
A: The validators who fail to maintain the following conditions may be penalized.
1. 1Make sure the node is online
2. Report data coherently (honestly)
3. 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.
Q: Who are your potential customers and which markets are you targeting on?
A: 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.
Q: 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?
A: We have partnered with amazing projects such as SKALE, Matic, Persistence, OpenDeFi, MantraDAO, Conflux, XDC, Sentinel this helps us to expand our network, we will also be partnering with more projects in the coming weeks.
Q: How was the idea to create this project born? It is very interesting. What do you want to prove? What are your expectations?
A: 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 he 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, He continued to research and development of Razor to make it the most robust, secure, and fast oracle network.
Q: What is the reason behind choosing Proof of Stake PoS consensus algorithm over Proof of Work PoW?
A: Proof of stake is the core consensus mechanism of Razor Network. Proof of stake allows Razor to achieve the following goals:
1. 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.
2. The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.
3. 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.
Q: 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?
A: 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
Q: The original token of Razor was called “ SCHELL” and then was introduced the “RZR”, so can you explain what are the differences between both tokens?
A: Razor ticker is yet to get announced officially to be honest. SCHELL was the previous symbol. The new one will be announced shortly as we saw many scammers could impersonate the project.
Our public sale is very close and you will hear more.
Technically, there is no difference in both the tokens.
Q: Razor Network is blockchain agnostic. Since it has this peculiarity, what advantages do you offer for the different blockchains?
A: 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 allows projects on other blockchains to use Razor Network.
About Razor Network
Razor Network is a decentralized Oracle network for Decentralized Finance and other distributed applications and services. Razor avoids any weakness associated with conventional centralized oracle networks and is secure by a highly efficient Proof of Stake network, which punishes misbehaving nodes through a strict Slashing mechanism.
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