Raze Network— Telegram AMA — April 10
On Saturday, April 10, we had the pleasure to welcome to our Telegram chat:
Justin Kellison, Project Lead.
We asked him questions about the development of RAZE Network.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Raze Network is a Substrate-based, cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi and Web3.0 stack.
The Raze Network applies zkSNARKs to the Zether framework to build a second-layer decentralized anonymous module. It will then be imported as a substrate-based smart contract.
The underlying logic of Raze Network is to mint private tokens from base tokens on the contract at a minting value ratio of 1:1. zkSNARKs are key to maintaining anonymity, while also providing the required information for data parsing. It will have three technical abilities: Mint, Transfer and Redeem.
Q — Ayeley Commodore-Mensah from GAINS: Let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
A — Justin from RAZE Network: Hey guys, I am Justin Kellison. I have been a contributor in the crypto industry for around 4 years now, and have worked with few multi-million dollar DeFi projects. I have mostly worked on the marketing front and have created exposure and content for the projects I have managed.
I came into crypto in late 2017 and stayed throughout the bear market, learning and growing my network over time. Through my network, I came in touch with the RAZE team and joined them in this beautiful journey!
My focus here will be on growing and strengthening the RAZE community and create ELI5 content for them. The one most asked for.
Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on the project? And how many people are on the team?
A — Justin from RAZE Network: I have been working with the team since the beginning of this year. The devs came together in Q3 2020 and did their initial research on it (all well-versed in zkSNARKs algorithm).
Things took a spike in Q1 2021 and we onboarded many new team members and advisors.
Currently, we are a team of 20 members, plus 6 additional advisors.
Out of the 20, 8 are developers! 🙌
About Raze Network
Q — Ayeley Commodore-Mensah from GAINS: What is RAZE Network about in a few simple sentences?
A — Justin from RAZE Network: It is more than few lines, but this pretty much sums up what RAZE Network is about:
RAZE Network is a second-layer protocol that will provide cross-chain payment privacy for the entire DeFi stack of the Polkadot ecosystem.
Since the Zether framework we use was designed to support the Ethereum account model, the RAZE contract will support both tokens issued in the Polkadot ecosystem such as DOT & Kusama as well as ERC-20 cross-chain private payment.
Through our RAZEVM integration, we will be able to connect to any DeFi or Web3.0 product, and then mint privacy tokens in a 1:1 ratio.
By using zero-knowledge algorithms, the identities of involved parties, balance, and the transaction amount will be anonymized, thus protecting privacy to the fullest extent.
Our targeted market is really huge as we can connect to any chain which supports smart contracts. Ethereum, Polkadot, and Binance Smart Chain will be amongst the first ones!
Q — Twitter user @Yamini14727511: How does RAZE Network achieve private transactions? What kind of algorithms do you use?
A — Justin from RAZE Network: So RAZE Network uses zero-knowledge algorithms to achieve this.
A “data range” is shared with the other party, so that that individual/firm etc can confirm that a person is eligible for particular criteria or not.
This way the information is shared with others, but exact information is still not revealed.
This is something that will be used worldwide in time when the world realizes the need for preserving privacy.
Q — Telegram user Memo: Why is privacy so necessary in this type of financial system that I start with totally public and transparent principles? Is there really no other solution to security without affecting transparency and the public channel?
A — Justin from RAZE Network: You can’t have true crypto adoption if every transaction you do is public on the blockchain ledger.
This is not good for both professional and personal life. This increases security and safety risks, and potential FUD/FOMO/Leakage of info on the business side.
This is the field we are targetting, providing privacy to transactions that are meant to be private.
Q — Twitter user @Kamdevgab: Will the minting process be difficult for the end-user? How will it all work?
A — Justin from RAZE Network: It will actually be a very easy process for the user to mint and redeem their token.
-> A user will just have to go to his preferred dApp (Uniswap, Aave, Pancakeswap, etc)
-> Mint private versions of their token directly on that platform
-> Use the services provided by that dApp in a completely anonymized manner
Once the task is done, just redeem it back to its native form using the Redeem Module.
A very easy and simple process, but this way you can anonymize transactions on your preferred dApp and no one will be able to track it.
Q — Telegram user Amos: Will RAZE Users be able to transfer any token between any blockchain?
A — Justin from RAZE Network: Through our bridge, yes.
Q — Telegram user Karan: Why is there a block function in the smart contract? What was the function of that?
A — Justin from RAZE Network: Main modules are: Mint, Transfer, and Redeem.
There are 2 additional modules: Lock and Unlock. These 2 modules help in accessing all the DeFi services where locking of funds is required.
Q — Telegram user Akeem Anike: Do you provide privacy service to NFT transactions too? How can you tap into the booming market of NFTs?
A — Justin from RAZE Network: That’s correct.
Both NFTs and our zkSNARKs are using smart contracts, so we can provide anonymity to NFT transactions too (another booming sector). That’s why we have also partnered with the Phantasma chain recently. 👌
Q — Telegram user Jemo Kedurang: Elaborate us three technical abilities by zkSNARKs as the key to anonymity on RAZE Network.
A — Justin from RAZE Network: RAZE Network will mainly use three technical modules to achieve this:
- > Mint: Converts any token into an anonymized version of itself.
-> Redeem: Converts the anonymized token back into its native form.
-> Transfer: Enables the anonymous transfer of the token, conceals the identity of both sender.
Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?
A — Justin from RAZE Network: $RAZE token will be required for all transactions on RAZE Network, as a gas token.
This is one of the biggest utility for $RAZE token.
— $RAZE is a privacy-preserving token, and will also act as a Governance-token. The community will be able to propose changes in the protocol, and then vote on it to implement the changes.
— $RAZE token will also be used to provide liquidity reward, to incentivize the liquidity in the decentralized ecosystem.
— Also a small portion of the transaction fee will be burned, thus the $RAZE supply will be deflationary.
This is also covered in our Docs.
Q — Ayeley Commodore-Mensah from GAINS: Is there any existing crypto company that does this and what sets RAZE apart?
A — Justin from RAZE Network: There is actually none.
Other privacy projects usually focus on just one service, while RAZE can connect to any DeFi or Web 3.0 product out there and use the services provided by them in a completely anonymized manner.
This is something unique we are offering. Plus we are also not limited to one chain or ecosystem.
RAZE Network can connect to any chain which supports smart contracts (Eg: Ethereum, Polkadot, Binance Smart Chain, Tron, etc).
Thus we can cover almost all of the DeFi ecosystem!!
This picture explains it well!!
Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Justin from RAZE Network: Yes, we have had our seed and private rounds, and we got connected to various prominent strategic investors of this industry!
Our next and final phase is our public round, which will happen in mid-April only.
We are taking a very unique approach for this, but this sums it up.
All funds will be used to fund development, or in marketing, or used as a reserve for any future need! 💯
Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? And what should we look forward to in the coming months?
A — Justin from RAZE Network: Currently we are working on our substrate-based smart contract, which is using zkSNARKs algorithms.
Our roadmap consists of a whole privacy-focused ecosystem, which will include RAZE Swap (AMM), RAZE Lending, and RAZE Bridge. All these services will be available on our layer-2 privacy-preserving network.
In Q3 we will be having our product launch! 👌👌
Q — Twitter user @Vyach235: How do you see DeFi’s potential for RAZE Network right now? How will RAZE Network make the DeFi world a better place, easy to use, and accessible to all?
A — Justin from RAZE Network: We, like others, are very bullish on the DeFi world.
We do believe Decentralised Finance has much room to grow. And as we can connect to any dApp or Web 3.0 product out there, our potential market will also increase accordingly.
DeFi provides users to do transactions/use services while retaining control of their funds. RAZE Network will add another benefit of preserving your privacy while doing such tasks.
This is something that will be done for the first time on such a vast level, and we are excited to give the DeFi community such a great use case! 💪⚡️
Q — Telegram user Dayo: How do you plan to outperform your competitors who use zksnarks just like you do? What are your outstanding qualities?
A — Justin from RAZE Network: In short
— High Scope as we can connect to any DeFi or Web 3.0 product.
— There is no trust ceremony, but transparent use of zkSNARKs algorithms.
Q — Telegram user Osman: Do you take into account community feedback and requests while creating your project?
A — Justin from RAZE Network: That’s correct. Just so you know, RAZE Network will be a 100% community-managed project in near future. The community will be able to propose changes, and then vote on them. There won’t be any “team” concept at that stage.
Thanks for joining us today, Justin. It was a pleasure having you in our group and taking us through the project. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Awesome. Thanks for the great AMA guys. It was a pleasure to be here! For any further questions about RAZE Network, please feel free to join our Twitter community chat and here;’s our announcement channel. Please don’t forget to follow our Twitter account. — Justin from RAZE Network