What is Razor Network? - Deep Dive into Decentralised Oracles

What is Razor Network? - Deep Dive into Decentralised Oracles

Razor network is a decentralised oracle network. > Anything which provides external data to a blockchain is called an “Oracle”. Razor Network consists of validators who lock in their tokens as a “Stake” and provide data to the network. The...

Razor network is a decentralised oracle network.

Anything which provides external data to a blockchain is called an “Oracle”.

Razor Network consists of validators who lock in their tokens as a “Stake” and provide data to the network. The honest validators are rewarded and those who report incoherently are penalized.

The core of Razor Network is a set of smart contracts, that can run on any Ethereum compatible blockchain. Razor relies on the underlying blockchain for providing certain properties such as censorship resistance, security from network partition attacks, etc.

Detailed introduction For a detailed introduction, please check What is Razor Network?

White paper The latest version of the whitepaper is always available at Whitepaper

Smart contracts Our smart contracts are hosted at Contracts

Please note that the project is in active development and breaking changes are introduced frequently.

Client A javascript reference client is being developed. It can be found here: CLI

Please see Client documentation for more details.

What is Razor Network?

This is an explanation of how Razor Network works to achieve its goals of providing a decentralized, trustworthy, fast and scalable way to provide external data to smart contracts.

Anything which provides external data to a blockchain is called an “Oracle”. Razor Network consists of validators who lock in their tokens as a “Stake” and provide data to the network. The honest validators are rewarded and those who report incoherently are penalized.

The core of Razor Network is a set of smart contracts, that can run on any Ethereum compatible blockchain. Razor relies on the underlying blockchain for providing certain properties such as censorship resistance, security from network partition attacks, etc.

Goals of the protocol

The goal of the project is to provide a decentralized way to verify and provide data to a blockchain. Since entire economies are being built on top of blockchain which rely heavily on the external data, it is extremely important that the data is provided and aggregated in a decentralized way to avoid many kinds of attacks.

The various kinds of attacks that can be faced by a decentralized oracle such as Razor are:

  • Takeover attack by controlling the majority of the validators
  • Bribe attack
  • Bribe signaling attack
  • Providing invalid or compromised data source
  • Making invalid queries to the oracle
  • Censoring reports of honest validators.

Apart from being secure from such attacks, Razor Network has the following features:

  • An oracle which is both fast and secure
  • Cover a large number of use cases by allowing results to be fetched both manually or automatically

How does Razor Network compare to other oracles?

Comparison of decentralized oracle networks

As can be seen from the table above, there are two kinds of decentralized oracles:

  • Oracles which have fast resolution times but are game theoretically insecure
  • Oracles which have slow resolution times but are game theoretically secure

Razor Network’s ICO Public Sale Round on Balancer

Razor Network Oracle ICO

Razor Network will be offering 20 million RAZOR tokens (Around 2% of total supply) through a Balancer Liquidity Bootstrapping Pool (LBP) on 4th February 2021 at 1 PM UTC. The event will continue till around 6th February 2021 at 1 PM UTC, or till all RAZOR tokens have been distributed.

The initial weight of the LBP will be RAZOR: USDC = 90: 10 and will gradually change to RAZOR: USDC = 30: 70 over this offering period. For complete details about the tokenomics, please refer to this article.

The starting price of the $RAZOR token would be around $0.53. The weights of the pool will change gradually. The projected end price is $0.025, which was the price of the Private sale 2, in case no tokens are sold. The end price will however move upwards as more tokens are sold.

You can see the estimated price change in case of no orders here: https://docs.google.com/spreadsheets/d/1ZalwuxGAIjhTTb105Sah4k1OMuX9HF2FfARkicqXczg/edit#gid=0

How to Participate in Razor Network’s Public sale?

The following sections will provide a step-by-step guide as to how you can participate in Razor Network’s Public Sales Round and swap RAZOR tokens on Balancer’s LBP.

  1. Install and Setup MetaMask

  2. Visit the dashboard here: Razor Network Public Sale Dashboard

  3. Buy the $RAZOR on Balancer

Detailed Guide:

You’ll need a Web3 enabled cryptocurrency wallet in order to swap tokens on Balancer’s LBP. Balancer supports applications such as MetaMask, WalletConnect, Coinbase, and Portis.

Here, we’ll see an example with MetaMask, which is one of the most popular and easy to use Web Wallet. You can download and install the MetaMask extension in your browser for Google Chrome and Firefox.

  1. Setup a Metamask Wallet Make sure that you have sufficient ETH in your wallet to pay Gas fees on Balancer. You’ll also need USDC to exchange for RAZOR tokens. Balancer’s multi-pool routing enables other tokens besides USDC to be used as well, but that might result in higher fees as extra hops will be required to complete the transaction. Hence, we recommend you use USDC directly.

  2. Navigate to Balancer LBP

2.1 Go to Razor Network Public Sale Dashboard

Razor LBP

You can get all the information by diving into Quick Links. A price chart is provided, which will enable you to know the current price trend immediately and help you decide on the optimum point of purchase as per your need.

2.2 Go to the Balancer LBP exchange

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IMPORTANT:

These are the contract addresses of the RAZOR token and the RAZOR/USDC pool contract address on Balancer respectively. Please make a note of them and check for the correct token contract address.

· RAZOR token address — 0x50de6856358cc35f3a9a57eaaa34bd4cb707d2cd

· Balancer LBP address — 0xd64bb9076f513d05ac31d1f143edcea6884d595f

WARNING: We anticipate that there will be fake RAZOR liquidity pools created by scammers on Balancer to steal away your funds. Razor Network team will not be responsible if you swap the wrong RAZOR token.

2.3 Unlock your wallet

Step 1: Click on the Connect Button to choose the Wallet.

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Step 2: Open your Metamask wallet and allow it to connect with the balancer LBP.

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Once you will get connected, you can see your address on the top right corner of the balancer LBP. You will need to provide permission to Balancer in order to interact with Balancer’s smart contracts and swap your USDC for RAZOR. Submit the transaction and please wait for it to be confirmed.

  1. Swap RAZOR tokens

MPORTANT Please don’t swap tokens until you have read all the details and understood completely about the RAZOR Public Sale. After successfully submitting your bid, please wait until MetaMask updates the transaction status from “PENDING” to “SUCCESS”. This might take a few minutes depending on the congestion on the Ethereum network. If you don’t see RAZOR tokens in your wallet, Don’t Panic! Follow the instructions given here to add a custom token to get the balance of the Razor token on your Metamask Wallet.

Here are the details of $RAZOR

· Token Contract Address: 0x50de6856358cc35f3a9a57eaaa34bd4cb707d2cd · Token Symbol: $RAZOR · Decimals of Precision: 18

Razor Network — A truly decentralized Oracle platform for Decentralized Finance. We are working on next-generation oracle systems.

· Follow us on Medium · Join our Telegram · Follow us on Twitter · Read our Explainer and Whitepaper · Explore the Network · Visit our Website · Reach out — [email protected]

razor razornetwork ico publicsale balancer ethereum

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