What is Razor Network (RAZOR)?
Razor network is a decentralized Oracle platform that provides data for smart contracts. The biggest difference to other oracles is that Razor Network does not depend on a central server to provide information to the project partners’ blockchains. In addition, the project is characterized by efficiency, fault tolerance and security.
Razor’s platform can operate independently and pull data from the outside world. And because it is decentralized, it has greater network resilience than centralized oracles. In addition, it can deliver data much faster with the least likelihood of traffic jams. Razor is also blockchain agnostic and can be used by anyone at any time.
The platform uses a Proof-of-Stake (PoS) consensus model to encourage user participation in project activities. Stakers are incentivized for helping to keep the platform trustworthy, and those stakers can also be penalized for trying to report inaccurate data.
Features of Razor Network
Razor Network was designed to have the following properties as an oracle:
High economic security
This refers to the amount of resources a hacker would need to compromise the entire network.
In other Oracle projects, the fees for some data or information requests vary widely. For example, a blockchain platform could request data such as the value of USD and charge a very small fee for such request.
At this point, this demand capacity is assigned to one or more stakeholders. This increases the possibility that a staker will provide incorrect data. This has a huge impact on smart contracts as incorrect information can lead to mass liquidations.
In summary, this is the importance of economic security in data requirements. Razor Network offers the same economic security for all data requests, regardless of the fee charged for them.
Razor does not rely on intermediaries or central servers to make data requests. Transactions only take place between the platform and its blockchain counterpart.
In addition, the Razoe Network is multi-node operated to eliminate a single point of failure on the network. Because it follows the PoS consensus model, hackers trying to attack the network must expend large amounts of resources attacking a large number of nodes before they have a chance to compromise the entire network.
Protect stakers from various types of attacks
Razor has a dispute settlement system in place to ensure that the information reported by the nodes is correct.
Protect customers from malicious stakeholders
The PoS model enables Razor to identify malicious nodes that are attempting to forge information provided to the network. Malicious nodes are penalized to protect customers.
Razor implements a PoS chain with Honey Badger Byzantine Fault Tolerance (BFT) to prevent fraudsters and censored customers from falsifying data made available to the network. This chain is compatible with the Ethereum Virtual Machine (EVM).
Ease of use for developers
Developers don’t need to understand the architecture to run the entire platform to integrate Razor.
Resistance to attacks arises from the cooperation of several stakers
Because Razor has multiple layers and features that allow the network to dispute results from nodes, it is resistant to attacks that stem from the collaboration between malicious actors. There will be a dispute settlement mechanism to prevent attacks.
Razor’s platform is mature and complex, but that is exactly what ensures the security of the entire network. Its network consists of three main layers with different functions. This is:
This is where stakers report information about data requests from customers. Stakers are rewarded for their honest performance, and those who report false information can be punished by confiscating their tokens.
Analysts can edit selected queries, reveal secret and desired data points, propose a lock, challenge locks, and send the results to the smart contract upon completion. There are two ways to use Oracle: automatically or manually. With the manual method, all of this work is done by the stakers.
Basically, this layer has the task of determining the order in which the requests from Oracle have to be processed and the fees that the customer has to pay.
This is the application layer that Razor is used on.
How is Razor Network different from other Oracle platforms?
Below are the highlights of Razor Network compared to Oracle projects, including network attack resistance, 2 operating mechanisms including automatic and manual.
Basic information about the RAZOR token
- Token name: RAZOR token
- Ticker: RAZOR
- Blockchain: Ethereum
- Token standard: ERC-20
- Contract: 0x50de6856358cc35f3a9a57eaaa34bd4cb707d2cd
- Token Type: Utility, Governance
- Total supply: 1,000,000,000 RAZOR
- Circulation supply: 43,174,778 RAZOR
- 40% allocated for token mining
- 22.2% sold through seeds & private sales
- 19.8% will be allocated as the company’s reserve fund
- 10% go to the creator of the project
- The project development team accounts for 6%
- 2% for project consultants
Token release schedule
RAZOR token rate today tokens
What is RAZOR token used for?
RAZOR has 2 main functions:
- Staking to get rewards.
- Align or export changes to parameters in the log.
RAZOR token retention wallet
RAZOR is an ERC20 token, so you have many wallet options to store this token. You can choose from the following wallets:
- Floor purse
- Popular ETH wallets: Metamask, Myetherwallet, Mycrypto, Coin98 Wallet
- Cold wallets: Ledger, Trezor
How to earn and own RAZOR tokens
Buy RAZOR tokens directly on the exchange.
Where can I buy and sell RAZOR tokens?
Currently, RAZOR tokens are traded on many different exchanges with a total daily trading volume of up to $ 2.2 million. The 4 exchanges that have listed RAZOR tokens include: Balancer, Lbank, Gate.io, MXC, Uniswap, AEX, Hoo.
What is the future of the Razor Network project, should I invest in RAZOR tokens or not?
Razor network is a recently started Oracle project. Since Razor Network is a later Oracle project, it has built in many advantages over previous Oracle projects. A major advantage of the Razor Network is its ability to withstand attacks on the network. While there are certain advantages over the Oracle pioneer Chainlink, Razor Network currently has many customers using its Oracle service. Going forward, Razor Network needs to be more active in expanding its customer and customer network to compete with large projects like Chainlink as well as recently launched projects.