Razor Network partners with Matic Network

Razor has joined forces with Matic Network to provide decentralized oracle services to DApp developers using Matic’s layer 2 scaling solution.

Blockchain developers have been actively researching into different techniques of making blockchain networks more scalable so that they can handle the high volume of traffic that Web3.0 DApps are required to support. One such area of active research is what is known as “Layer 2 (L2) scaling” solution, which moves and settles transactions off-chain and broadcast only the final state to the entire blockchain network (as compared to “Layer 1 (L1) scaling”, which improves the network transaction throughput of the base chain itself).

Matic Network is a leading L2 scaling solutions provider, which uses an adapted version of the Plasma framework along with Proof-of-Stake (PoS) consensus-based side chains to improve scalability considerably. Matic is now securely integrated with the Ethereum blockchain but intends to support other major smart contract platforms in the future. This will enable Matic to implement interoperability features alongside offering scalability to existing blockchains, such that users can communicate and transfer value across multiple blockchains.

Matic empowers developers to create scalable DApps while ensuring a superior user experience in a secure and decentralized manner, by providing SDKs and APIs for fast and easy development. A range of smart contracts today requires access to trusted and real-time data from the external world, such that their execution can be triggered by real-life events. It’s no different for the developers in Matic’s ecosystem either; integration with reliable and robust oracle service will enhance the value that their DApps offer.

The partnership with Razor Network fills this lacuna. Razor’s blockchain platform provides decentralized oracle service to connect smart contracts with real-world data in a fast and secure manner. Built on Ethereum, Razor also uses the PoS consensus algorithm, and guarantees that nodes behave in a trustworthy manner by enforcing strict Slashing penalties in case of fraudulent behavior. From Razor’s point of view, this partnership introduces Razor’s technology to Matic’s global community of builders and developers.

Speaking about the partnership, Hrishikesh Huilgolkar, CEO of Razor Oracle Network, said,

“Matic is one of the leading blockchain scaling solutions available today. Developers are already using Matic’s low fees and fast settlement features to build secure, robust, high-performance distributed applications, which will serve millions of users in the near future. Our association with Matic will ensure that developers on their platform can access best in class decentralized oracle services as well. This will increase the value of Matic’s solution”.

Sandeep Nailwal, COO of Matic Network, said,

“Matic Developers will now be able to access verified data seamlessy through Razor’s Decentralized Oracle Services. This integration will add increased utlity to the ever-growing developer ecosystem on Matic.”

Razor Network — A truly decentralized Oracle platform for Decentralized Finance. We are working on a next-gen oracle network. Please follow us on Github and Telegram for updates.

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