Razor Network partners with MobiFi to offer secure and reliable cryptocurrency price feeds
Razor Network is pleased to announce that we have partnered with MobiFi to offer secure and reliable cryptocurrency price feeds for their unique yield engine. This engine acts as a bridge for transparent and rewarding payment systems to connect mobility service providers and travelers. In simple terms, you not only get incentives for traveling but can also use your mobility credits for yield farming on the MobiFi platform.
How does MobiFi work with Oracles?
MobiFi consists of the Mobifi Platform and the Mobile Application, which act in conjunction as a Mobility Aggregator, leveraging smart contracts to connect different mobility service providers and travelers worldwide. You can think of it as e-commerce for traveling, where you get your favorite transport option anywhere in the world, and you also get to pay with digital currency. On top of this, you get rewards for traveling, which are used to perform yield farming, amongst other things.
Razor Network provides decentralized and secure oracle services to blockchain applications. A range of smart contracts today require external data feeds to trigger their execution. Oracles retrieve and verify external data for blockchains and smart contracts through APIs or market data feeds.
MobiFi will employ Razor Oracles to integrate with exchange rate data to offer mobility services and access to decentralized finance (DeFi) for token swapping and the ability to exchange into fiat.
The DeFi applications that follow MobiFi development would require cryptocurrency price feed data from the external world for providing various services. Centralized Oracle services offer this service, but their centralized architecture by nature leads to the risk of a single point of failures, such as downtime, DDOS attacks, and data hacks. Furthermore, such services might also rely on human operators, making them prone to human greed or inadvertent errors.
Secured by a highly efficient Proof of Stake consensus algorithm, Razor ensures maximum game-theoretical security and guarantees that smart contracts that use Razor can always access reliable and secure off-chain data.
“Razor’s end-to-end decentralized Oracle system provides maximum game-theoretical security, ensuring that our clients’ smart contracts always get reliable and secure external price feeds. By utilizing Razor’s staking-based data oracle, MobiFi will be able to focus more on building rather than worrying about data quality. We’re sure that our collaboration will help MobiFi scale new heights in the DeFi space.”
- Razor Network
“One of MobiFi’s core functionality is to offer DeFi services to enable investment on users’ dormant mobility fund. Due to the fact that the whole mobility services are built on top of Corda, we need to offer token swap from Corda to Ethereum (ERC20) and then to the other cryptocurrencies. Razor’s staking based data oracle provides trustable external data to our smart contract and enables us to focus more of our energy on building the product itself and not worrying about the data quality.”
- MobiFi
About MobiFi
MobiFi is a financial orchestrator for Mobility as a Service (MaaS). We’re building the transportation UX of the future — simplifying the mess of mobility services that many consumers face today while also allowing them to earn on their mobility credit. Once complete, our platform and tokenized payment system will boost mobility service provider efficiency and coax users into more sustainable transportation decisions.
Stay up to date on MobiFi
Twitter | Telegram | Website |Whitepaper
About Razor Network
Razor Network is an entirely 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. Razor has already partnered with some of the blockchain industry’s leading players, including Matic Network, SKALE Network, Persistence, Mantra DAO, and OpenDeFi. The headquarters are located in Singapore.
Learn more about Razor
Follow us on Website | Medium | Telegram | Twitter
Read our Explainer and Whitepaper
Reach out — hello@razor.network
