Razor Network Community Update: August 2022
With another month down, we have now entered the last month of Q3 2022. With that, we also have another update on everything that happened in the previous month. While August 2022 was eventful like any other month at Razor Network, it also marked a few landmark developments making it a bit more special.
All Audits Passed, with Flying Colors!
In the last month, we received official word from two leading cybersecurity firms tasked with auditing the Razor Network nodes and smart contracts. Both firms had very little to say with respect to the audit as there were no serious flaws to be found anywhere.
Razor Network’s smart contracts were audited by SlowMist, a very reputable brand that counts a few marquee names as its clients. After subjecting the Razor Network smart contract codes to a series of stringent tests, including black box, grey box, and white box testing, the SlowMist explored all possible shortcomings and attack vectors that could be exploited. The smart contracts and rest of the code performed as designed, showing no severe flaws to pass these tests with flying colors. Altogether, the SlowMist team identified one potential low-risk issue and suggested minor improvements in two more areas, all of which were addressed in no time.
Halborn Security was entrusted with the security audit of Razor Golang Node and associated oracle smart contracts. During the audit process, top-tiered security professionals at Halborn reviewed the codebase and conducted a series of automated and manual tests over a period of four weeks. The process included research into the architecture and purpose of the contracts, static security analysis of various components, manual assessment of security vulnerabilities, dynamic analysis of Razor Go functions and data types, guided fuzzing, and more. In the end, Halborn Security detected a couple of medium impact and a few low impact/low likelihood issues, which were remedied immediately. Overall, Razor Network easily cleared Halborn’s security audit as well, emerging more secure than ever.
More Institutional Validators Join Razor Network
The number of institutional validators on Razor Network are constantly increasing. The two latest entrants to the list in the previous month are NGC StakeX and Stakin. NGC StakeX is an institutional validator service operated by NGC Ventures.
Meanwhile, Stakin is expert in the fields of Network Infrastructure, Artificial Intelligence, Cybersecurity and Finance, Stakin validator service has further strengthened Razor’s validator network by providing an option to operate on 37 different networks whenever ready.
Community Outreach Initiatives
As a part of the regular community outreach initiative, Razor Network, represented by its CEO Hrishikesh participated in two AMA sessions and one Twitter Spaces event. During the AMA sessions, Hrishikesh interacted with members of WolfonAir and Satoshi Club communities, fielding questions regarding the project, its benefits, future plans, and more.
Updates from the Tech Side of Things
With Razor Alpha now live, the team decided to encourage more participation by reducing the minimum staking requirements to 1 million $RAZOR. Other notable changes made to the platform include the introduction of TVL numbers for $RAZOR visible across all pages, the display of raw and effective values on the governance parameters page, and network-level APY on the homepage.
The team has also amended the unstake/withdraw modal to make network activities easier. Now users can see the Epoch windows and the actions allowed for those respective timeframes. Last month also witnessed the introduction of $RAZOR Ethereum-Schain bridge, allowing $RAZOR holders to swap their tokens from the Ethereum protocol to the SKALE network for participation in the Razor Network Alpha launch.
Wide Awake Through September
There is no need to wake anyone at Razor Network up once September ends. The team intends to continue working throughout the month and beyond to ensure smooth functioning on the Razor Alpha chain on SKALE while introducing new features and upgrades. Keep an eye on our official channels for more updates throughout September and for the next community briefing scheduled for next month.
About Razor Network
Razor Network is a blockchain agnostic, truly decentralized oracle platform designed to meet the diverse requirements of Decentralized Finance. At Razor Network, we are working on creating the next-generation oracle system focusing on maximum game-theoretical security and fully permissionless complete decentralization.
Stay updated with the latest developments by following us on GitHub.