Razor Network — Telegram AMA — March 02
On Wednesday, March 02, we had the pleasure to welcome to our Telegram chat:
We asked them questions about the development of Razor Network.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Q — Ayeley from GAINS: Tell us about your role with Razor Network, and give us a brief summary of the team behind the project?
A — Hrishikesh from Razor Network: I am Hrishikesh. The founder and CEO of Razor network. I have worked in various positions such as data scientist and product manager before discovering Bitcoin and Ethereum at the end of 2015. I found the technology fascinating and decided to work as a blockchain developer in this field in 2016. I have worked with various companies as a blockchain developer including ConsenSys. I have made open source contributions to projects such as the Ethereum and Raiden networks.
We have a team of 15 folks from diverse backgrounds. Our developers have deep experience in blockchain and full-stack development. We are extremely passionate about decentralization and smart contract security.
A — Pankaj from Razor Network: Hi, I am Pankaj Shukla. I take care of the marketing efforts at Razor Network. I tweet about my learnings of the WEB3 space, feel free to connect!
About Razor Network
Q — Ayeley from GAINS: What is the Razor Network project about in a few simple sentences?
A — Hrishikesh from Razor Network: Razor Network is a blockchain agnostic 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. Using a dispute resolution mechanism increases the game-theoretical security and protects against multiple kinds of attacks. Our utility token is called RAZOR.
Razor is blockchain agnostic and will be integrated with many blockchains. We have partnered with blockchains such as Polygon Network, SKALE, Algorand, Elrond, Conflux, Persistence, and many more. Our vision is to create the most secure oracle network and be the leading oracle in the space.
Q — Ayeley from GAINS: Your incentivized Testnet had been live for over a month now. Can you tell us more about it? When should we expect the mainnet release?
A — Hrishikesh from Razor Network: We got hundreds of responses to participate in our incentivized testnet. We selected around 85 of the applicants based on their responses. The test net ran for 4 weeks. The participants were distributed testnet RAZOR tokens which they can stake or delegate to other stakers. A reward of 500,000 RAZOR will be awarded to the participants based on various factors regarding their participation.
The testnet ran smoothly without any issues. It can be explored here. We are targeting the mainnet release in Q2 2022. We are planning for one more phase of incentivized testnet and security audit completion before release. We will announce more details and forms to express interest in participation. Please follow us on our social media to stay updated.
Q — Telegram user Cryptocean: Is Razor suitable for Newbies in the crypto field?
A — Hrishikesh from Razor: We have developed and released our network explorer and staking portal. Using this newbies can delegate their tokens easily without any technical knowledge
Q — Telegram user Bruce: You chose Proof of Stake consensus mechanisms over PoW and the rest, can you tell us about the benefits it provides to the platform
A — Hrishikesh from Razor: Proof of Stake is a 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.
Q — Twitter user @meml1997: I saw users can become “Delegators” in Razor Network, can you tell us more about this? What role do the delegators have on the platform? How can someone become one? What are the benefits a user gets from being a delegator and how do delegators help the growth of the ecosystem?
A — Hrishikesh from Razor Network: Razor network is a proof of stake network. Once our mainnet is launched, anyone can stake their $RAZOR to become a data validator. Users can also delegate their $RAZOR to other stakers. A simple portal is created for users to delegate their razor at razorscan.io Since running a node and becoming a staker is a big responsibility and requires some technical knowledge, not everyone will be interested in that.
Those users can easily delegate their tokens to one of the existing stakers in the network. They can go to razorscan.io and delegate their tokens on any of the stakers based on their performance, commission, reputation, etc. Delegators will earn block rewards from the network. They will have to pay a comission to the stakers they have delegated to.
Delegators increase the economic security of the network just like stakers/validators.
Q — Telegram user Abisola: Can you tell us the measures you’ve put in place to help discourage stakers from giving false/incoherent reports? If you could tell us the gravity of the penalty that will befall such stakers so that people with the intention of cheating could have a rethink and desist from such act?
A — Pankaj from Razor Network: There are governance parameters in place that reward honest stakers and penalize the ones that act maliciously
Q — Telegram user 💐🌷Crypto Flower🌷💐: How does Razor Network deal with malicious validators? How often do you allow errors before taking the decision to deny them access?
A — Hrishikesh from Razor: The consensus algorithm automatically penalizes validators who are reporting data incoherently. A certain “tolerance” is provided within which, no penalty is given. The tolerance is decided individually to each data feed and can be changed by the governance mechanism.
Q — Telegram user Maria Fuentes: I understand that they are powered by the Polygon network, but does that mean that for now the oracle services will only work in the applications of this network? If so, do you also plan to expand to other networks?
A — Hrishikesh from Razor: We have partnered with many other blockchains such as Elrond, Algorand, Skale, etc. We are blockchain agnostic and will be available on multiple blockchains.
Q — Telegram user Tila Tequila | Marketing: Can you describe what the use of your token in the Razor Ecosystem is?
A — Hrishikesh from Razor:
$RAZOR is used in the platform for the following purposes:
1. for staking or delegating
2. for voting in governance
3. clients need to stake $RAZOR in order to use our oracle
Q — Ayeley from GAINS: Cool. Can we stake tokens? How does it work and how can we get started?
A — Hrishikesh from Razor Network: Razor network is a proof of stake network. Once our mainnet is launched, anyone can stake their $RAZOR to become a data validator. We have a few staking opportunities live currently, you can find the details here.
Users can also delegate their $RAZOR to other stakers. A simple portal is created for users to delegate their razor here. Meanwhile, token holders can use our token to participate in liquidity mining on Dfyn network.
Q — Ayeley from GAINS: Where is the token listed? How can we get some $RAZOR tokens?
A — Hrishikesh from Razor Network: Our token is listed on Uniswap, dfyn, mexc, gate, etc. Please check CoinGecko for the full list.
Q — Ayeley from GAINS: A lot of crypto users care greatly about security. Have you completed audits?
A — Hrishikesh from Razor Network: We are in contact with leading auditors in the space to audit our smart contracts. We will get the audit completed before the mainnet release.
Q — Telegram user ALICAN ☄️: The biggest problems of today’s projects are interoperability and security. Can you talk about RazorNetwork’s interoperability? What kind of strategy does RazorNetwork follow to be transparent and reliable?
A — Hrishikesh from Razor: We are have partnered with many blockchains such as Polygon, Skale, Algorand, Elrond, etc. Razor is blockchain agnostic and can support many blockchains. We are working on building a novel decentralized bridge solution to provide our oracle data to different blockchains in the most efficient way.
Q — Twitter user @TridevPramanic1: Collaboration and partnership are the most important foundations to help improve adoption. What are your current partners, partnership plans and what can everyone benefit from this partnership?
A — Pankaj from Razor Network: Razor Partnerships
Knit Finance | MOAR Finance | Plutos Network | Litentry | VortexDeFi | CellFrame | Injective Protocol | Ambee | MobiFi | SpiderDao | Web3API | Paid Network | Elrond | Algorand | Moonbeam | Meter | Dafi | Sentinel Network | OpenDeFi | Conflux | Mantra Dao | XinFin’s XDC | Persistence | Skale | Matic Network
A — Hrishikesh from Razor Network: Our oracle data will be available on different blockchains as mentioned above. Different Dapps can use our oracle price feeds in their application after release. We will continue to increase our number of partnerships in the coming months.
Q — Telegram user Shadow: What is your strongest advantage that you think will make your team lead the market?
A — Hrishikesh from Razor Network: We are obsessed with decentralization, permissionlessness, and security. A lot of other projects in the space cut corners around these features in order to go to market faster. But we take things slow and steady and do not compromise on these features.
This will make Razor the most secure, decentralized, and trustworthy source of truth in the industry and allow us to capture a significant market share.
Q — Ayeley from GAINS: What are some major milestones achieved by Razor Network since your launch and what should we expect in the coming months?
A — Hrishikesh from Razor Network: We have completed the development of our first version. We are implementing bug fixes and minor UX fixes. We have successfully completed our first incentivized testnet without issues.
We have developed and released our network explorer and staking portal razorscan.io We have partnered with a large number of projects in the space and will continue to increase the number of partners in the coming months.
In Q2 this year we are planning a mainnet release.
In Q3 we are targeting the second release of our mainnet with more advanced features and taking the oracle security to the next level.
Q — Telegram user Coco T.: Will you have an ambassador program in the future?
A — Pankaj from Razor: We actually have an ambassador program running for almost two years now called “RAZOR KNIGHTS” we had recently opened the forms for new joiners. You can join the ambassador family when we open up the forms next time, stay updated on our social for the same!
Q — Telegram user Irfane: How confident is your team that you will attain the roadmap in your website, especially this year?
A — Pankaj from Razor: Our Oracle Network is feature ready, we are just performing stress tests, bounties currently. We want to complete a smart contract audit before we go #LIVE on the mainnet. Since major development work is already done we are quite confident we will be meeting all milestones for this year!
Hrishikesh and Pankaj, thanks for coming into our community, and taking the time to answer our questions. Do you have any final words for us? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates 🐋
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.
Thanks for inviting us Ayeley, it was a pleasure talking to Gains Community! Stay updated on our socials a lot of exciting stuff is planned for this quarter 🚀 — Pankaj Shukla from Razor Network