Razor Network is partnering with DeFi infrastructure Meter to provide secure, reliable and decentralized real-world data to Meter’s blockchain network.
Meter is a leading DeFi infrastructure with its own built-in meta-stable currency, MTR. Meter can be used as a highly decentralized, high performance side chain to Ethereum, and also interconnect with other blockchains.
Meter uses an innovative economic and consensus design that separates currency creation (Proof of Work for MTR) with record keeping (Proof of Stake with governance token MTRG). A unique feature of its meta-stable coin MTR is that it’s linked to a fixed amount of electricity costs (the price of 10 kWh of electricity) in PoW mining. This connects the coin to stable values in the physical world; the cost of electricity has historically been more stable in purchasing power than any fiat currency in the world.
Meter offers high transaction throughput through its unique HotStuff consensus algorithm, which processes thousands of transactions per second. Meter’s programmable Layer 1 infrastructure can be used as a secure medium of exchange for DeFi apps, or as a sidechain for other blockchains to allow value interaction across crypto assets. All in all, Meter provides the complete platform for creating world class DeFi applications to drive Web 3.0 adoption in the future.
Razor Network’s partnership with Meter will provide reliable and secure off-chain data to DeFi apps built on Meter’s platform. This would ensure that the real-world data feeds that are used by the DApps are as trustworthy as Meter’s platform itself.
Razor’s Oracle solution is completely decentralized and offers maximum game theoretical security. The decentralized nature helps Razor avoid problems such as single points of failure or data hacks that are usually associated with centralized architectures. Moreover, Razor uses a Proof-of-Stake (PoS) based consensus algorithm which punishes dishonest nodes through a strict Slashing mechanism while incentivizing honest nodes through rewards.
Hrishikesh Huilgolkar, CEO of Razor Oracle Network, said about the partnership, “Meter is creating an entire DeFi ecosystem with its own unique meta-stable currency. With Razor Network providing off-chain data, developers of DeFi apps now have to look no further beyond the Meter platform to acquire all the resources that they need. Our partnership will enhance the value of the Meter DeFi infrastructure, and attract more developers to create state of the art DeFi applications and services.”
Xiaohan Zhu, Co-Founder of Meter, added, “We are impressed by Razor’s innovative, highly-secure oracle design. We share the same philosophy of maximum decentralization and are excited to work with Razor to bring reliable data to Dapps built on Meter.”
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