Razor Network partners with Elrond
Razor Network is ecstatic to announce that we have joined forces with Elrond to provide secure and trustless real-world data feeds through our decentralized oracle network for applications running on the Elrond Mainnet.
Elrond is a blockchain infrastructure that can operate at internet-scale speeds and costs; in other words, it is a highly scalable, fast, and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy.
How Razor Network Oracles will play a key role in supporting Elrond’s vision
Elrond seeks to innovate the slow deprecated financial technology with state of the art blockchain technology, enabling complex transactions faster, economical, and secure. Through its unique Adaptive State Sharding and Secure Proof of Stake consensus algorithm, Elrond achieves massive scaling while simultaneously maintaining security.
Real-world data validation and price feeds are essential for the seamless functioning of the sprinting DeFi ecosystem. Oracles fulfill this purpose by providing off-chain data and information to blockchain networks, such that the execution of smart contracts can be triggered under specific conditions.
Razor Network, with its completely decentralized oracle solution, will play a key role in building a state-of-the-art DeFi infrastructure on Elrond by providing reliable and secure real-world price feeds to the applications deployed on the Elrond blockchain
Razor Network is Blockchain Agnostic and Truly Decentralized, which makes this whole process of procuring off-chain data economical, reliable, and free from Game Theoretical attacks. Based on the PoS consensus mechanism, Razor punishes misbehaving nodes through strict Slashing penalties, which ensures the fidelity of the data that is transmitted to the blockchain through Razor’s oracle nodes.
“We are pleased to partner with Elrond to work towards realizing our shared vision of helping Developers, Businesses and Validators build the new internet economy worldwide by bringing highly secure data feeds to decentralized applications on Elrond” — said CEO of Razor Network Hrishikesh Huilgolkar.
“Applications operating at an internet-scale on Elrond will require off-chain data to be delivered as fast as the blockchain can process them. We look forward to seeing Razor Network act as a swift data funnel for Elrond smart contracts.” said Beniamin Mincu, Elrond CEO.
Elrond is an internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Razor Network
Razor Network is a completely decentralized Oracle network for Decentralized Finance and other distributed applications and services. Razor avoids any weakness associated with conventional centralized oracle networks and is secured by a highly efficient Proof of Stake network which punishes misbehaving nodes through a strict Slashing mechanism.