Blockelite x Razor Network AMA Recap

Blockelite x Razor Network AMA Recap

Thank you to everyone who joined AMA Blockelite x Razor Network on 27th October at 2 PM UTC I 9 PM UTC+7. Here is the recap for those who missed this AMA.

Our special guest today is Himanshu – Marketing Head of Razor Network, Divij – Communications Head of Razor Network

Segment 1: Introduction about Razor Network and Himanshu – Marketing Head of Razor Network, Divij – Communications Head of Razor Network

Q1: Can you briefly introduce yourself as well as Razor Network?

Himanshu – Marketing Head: Hi, 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 – Communications Head: 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.

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.

Himanshu – Marketing Head: 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.

Q2: Razor Network with the goal is to create a decentralized oracle that offers maximum game-theoretical security without compromising speed. What solutions and products will you put in place to achieve that goal?

Himanshu – Marketing Head: The oracle problem is one of the most difficult problems to solve in the blockchain ecosystem. It is extremely difficult to design an oracle that is fully secure but at the same time fast enough for Defi and other applications.
The current design of the oracle is the result of over a year of research and development.

Razor Network has built the following products:

Razor decentralized oracle network- https://razor.network
This is our decentralized oracle network. This is our main flagship product

Razor Synthetic Assets – https://deltaone.finance/
Using this application, anyone can create synthetic assets for any asset in the world. Users can use their Razor tokens as a collateral.

Razor testnet Explorer – https://razorscan.io/
This can be used to explore our testnet

Reality-aware tokens: https://medium.com/razor-network/realityaware-tokens-e8a7ee19bcb5
This is a new token standard created by our team. It can be used to create tokens that are aware of real-world data.

Blockelite Host: When will the mainnet be made public?

Himanshu – Marketing Head: we don’t have to specific dates yet. We are expecting in in Q1 2021 🙂

Q3: Could you explain the main utilities and use-cases of Razor token?

Divij – Communications Head: Razor network is powered by its native token called RAZOR token. Since Razor Network is a proof of stake protocol, it requires validators in the network to stake their Schell tokens to participate in the network. If the validators report the data accurately and honestly, they can get new tokens as a reward. If they behave dishonestly, they can get a penalty.

Blockelite Host: What is Schell? What is the difference between Razor and Schell?

Divij – Communications Head: Our token was earlier called Schell now we’ve renamed it to RAZOR

Blockelite Host: Do you have to change the contract of the token?

Divij – Communications Head: The Token Generation Event has not taken place yet, so no need to change the contact

Q4: Who are the current notable partners for Razor Network and what can we expect from the partnerships that you have?

Himanshu – Marketing Head: 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

Q5: What’s the roadmap of Razor Network?

Divij – Communications Head: 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.

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

Segment 2: 5 best questions from Twitter

Q1: Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term? from @Phuc43529147

Divij – Communications Head: 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.

Q2: Razor made a partnership with Skale, can you explain us why they decided to partner with this project? What does Skale offer to Razor? And how does it benefit the users? from @gibshoon

Divij – Communications Head: SKALE uses state of the art blockchain technologies and approaches like BLS rollups, randomness rotation and incentives, and SGX to allow near-instant and low-cost transactions on Ethereum. Due to these reasons, razor partnered with Skale.

You can read more here –
https://medium.com/razor-network/razor-network-partners-with-skale-to-provide-access-to-real-world-data-8de0450a0306

Q3: Razor Network is blockchain agnostic. Since it has this peculiarity, what advantages do you offer for the different blockchains? The Truth by Consensus algorithm, how does it work and how does it adapt to each platform? from @maharanigis

Divij – Communications Head: As we know Ethereum blockchain has been very successful in attracting developers and to start the DeFi revolution. However, the scalability challenges of ethereum are becoming clear. This shows a need for Layer 2 and other scalability solutions.

Razor network is blockchain agnostic and can be deployed to any ethereum compatible blockchain. Different blockchains have different properties regarding privacy, scalability, security, etc. This gives us freedom to use any blockchain which has suitable properties and allows us to serve applications on multiple platforms.

Truth-by-consensus algorithm is another name for the Schellingcoin oracle mechanism. This is the mechanism used by Razor network with some modifications.
The essence of this algorithm is that whatever the majority of stakers vote to be true is considered to be truth and the minority is considered malicious and penalized.
The mechanism will work in the same way in all platforms.

Q4: Will you agree with me that community is everything? How important is the community to you? and how can we collaborate or help you for the development of the project? from @maitrinh789

Divij – Communications Head: Communities play a very vital role in the building up of the Ecosystem. To succeed in the long term you need a strong and vibrant community to back you and stand behind you. We give a lot of importance to our community. We’ve been working on a lot of stuff in the background for a while now and will be starting to roll out initiatives for our community members. Stay tuned to our ANN Channel for updates – https://t.me/razor_announcement

Q5: Many Decentalized Networks have dependencies on centralized parties, & that a weak link. Are Razor Network fully Decentralized? What are Razor Network’s main problem facing in achieving that? from @LUONGHANHPHUC1

Himanshu – Marketing Head: 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.

Segment 3: Live questions

1. I have read about Razor Network and use Oracle Network but I have doubts about their decentralization intentions, does Razor Network have a truly decentralized Oracle Network or do they retain some centralized bases?

Divij – Communications Head: 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:

  • A fair and wide distribution of tokens
  • 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.
  • Queries are pseudorandomly assigned to the validators, making collusion and bribing difficult
  • Commit reveal scheme for revealing the “votes” and dispute mechanism makes it secure from bribing attacks.

2. 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?

Himanshu – Marketing Head:

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

We don’t see any company as our competitor we want to serve the market in a unique way.

But you can compare other similar projects with Razor here

3. At #RazorNetwork using the Truth by Consensus Algorithm, how does it work and how does it adapt to each platform?

Divij – Communications Head: Razor Network uses a Proof of Stake Algorithm. Proof of Stake is a simple and proven consensus algorithm. That’s why it is used by many reputable projects including Ethereum 2.0

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

4. What are the tasks that stakers must perform on the Razor platform?

Himanshu – Marketing Head: Stakers must perform their tasks diligently on the network to earn rewards. If stakers fail to perform their duties diligently, they may face penalties.

Stakers need to perform the following tasks:

Acquire the required amount of Razor tokens

Run the node on their computer

Stake their tokens

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)

5. Synthetic asset and cryptocurrencies varies alot when it comes to their volatility, why did RAZOR combine these two assets on RAZOR Platform ?

Divij – Communications Head: Synthetic assets are the most promising use case of DeFi and Blockchains in general. If you see the biggest projects in DeFi, they are all either about creating synthetic assets or using synthetic assets.

e.g. Stablecoins are also synthetic assets and they are powering the entire DeFi space.

In order for the blockchain ecosystem to grow, I believe we need to target synthetic assets outside the cryptocurrency space. In the traditional world, derivatives are an 18 Trillion dollar space. Capturing even a small portion of that market can bring the entire space light years ahead.

6. What is your background and how did you come to the idea to create your project?

Divij – Communications Head: 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 I 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.

Oracle problem is a very well known and notoriously difficult problem. I 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 a year, I continued to research and development of Razor to make it the most robust, secure, and fast oracle network.

Divij – Communications Head: 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

Himanshu – Marketing Head: Awesome group. Enjoyed the session.
thank you for inviting us

Our AMA session is now over !!!