Announcing Razor Network — A truly decentralized oracle network
After almost a year of research and development, we are happy to announce Razor Network.
Razor Network is a decentralized oracle network. The goal is to create a decentralized oracle that offers maximum game-theoretical security without compromising speed.
Let’s explore the goals of the protocol.
High economic security
Economic security is the amount of financial resources required to compromise a network. Any decentralized network can be compromised with high enough financial resources. However, if the financial benefits of compromise are less than the cost, it is unprofitable to attack the network, hence unlikely that anyone will attempt to do so.
Providing high economic security is one of the biggest design goals for this protocol. There is a clear need for an oracle protocol that provides this feature. Providing high and calculable economic security provides guarantees for applications to be secure until a certain degree of economic value.
Razor provides the same economic security to all requests regardless of the fees being paid.
Do note that if the results are disputed, the economic security provided is higher in the dispute round, since more stake is involved in the dispute phase if the dispute rounds are also disputed, the economic security doubles in every dispute round.
High degree of decentralization
Blockchain is sometimes referred to as a “trust machine”. This is because blockchain removes the need for trusting intermediaries and allows a platform to do peer to peer transactions without counterparty risk. Many decentralized applications are taking advantage of this property to build decentralized financial applications.
It is essential to for oracle platforms to have a high degree of decentralization, which means that to compromise the network, a large number of entities need to be compromised.
To achieve this, Razor uses a proof of stake network where a large number of individual stakers can participate. Razor acts as an abstraction layer between clients and stakers so that any stakers can join and leave the network without having any effect on the client applications. Game theoretical and cryptographic measures such as commit-reveal scheme provides further collusion and censorship resistance.
Protection of stakers from various attacks
The dispute resolution system in Razor protects honest stakers from selective misinformation and collusion attacks.
Protection of clients from malicious stakers
A proof of stake consensus protocol is used in Razor to punish malicious stakers. This protects the clients from malicious stakers who may try to report incorrect or inaccurate data points in order to influence the result.
Ease of use for application developers
In Razor, decisions such as choosing a level of economic security, aggregation function, selecting stakers, etc. have been abstracted away for the benefit of developers. Developers can quickly and safely integrate Razor without knowing the underlying architecture.
Collusion and bribing attack resistance
Due to the layered design and possibility of disputing results, Razor Network is resistant to such attacks. Collusion and bribing may be possible at one round of the oracle, but such results will likely be disputed and will be overturned in the dispute rounds.
Would you like to
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- Explore Razor Network
- Visit our Website
- Try DeltaOne, Our synthetic assets platform
- Reach out — hello@razor.network
