AMA Recap transcript with Razor Network Founder and CEO Hrishikesh Huilgolkar
Naga: Can you give a short introduction about yourself, your crypto and non-crypto background?
Hrishikesh: I am Hrishikesh. The founder and CEO of Razor network. I have worked in various positions such as a data scientist and product manager before discovering Bitcoin and Ethereum at the end of 2015. I found the technology fascinating and decided to work as a blockchain developer in this field in 2016. I have worked with various companies as a blockchain developer including ConsenSys. I have made open source contributions to projects such as the Ethereum and Raiden network.
Naga: What exactly is Razor Network?
Hrishikesh: Razor Network is a decentralized oracle network with a focus on Maximum security, complete decentralization, and being fully permissionless. Razor achieves this while still being fast and practical for Decentralized Finance. Razor network uses a sliding court mechanism where any result of the oracle can be disputed iteratively. This makes the oracle extremely secure and makes it impossible to attack the oracle profitably.
Other oracles in the space are either fast and unsecure or slow and secure. Razor is the only oracle which is both FAST and SECURE.
Razor network utilizes proof of stake consensus algorithms. In order to participate in the network as a validator, you will need to “Stake” your Razor Tokens.
Mohit: “Makes it impossible to attack the oracle” <—- One of the reasons why OpenDeFi has partnered with them.
Naga: Can you share your roadmap and what major milestone has Razor Network achieved so far.
Hrishikesh: Razor Network has been live on the testnet for the past months, we also have released RazorScan, our testnet explorer. Early next year we are planning to go live on the Mainnet. We will also be going live with Dispute Rounds and subjective queries next year.
We recently raised $3.7M from major VCs in the space in our private rounds. https://www.coindesk.com/razor-network-oracles-funding-round We are also planning to do a potential public round in the coming months.
Naga: What is the partnership between OpenDeFi and Razor Network about, how will this partnership benefit both projects?
Hrishikesh: We are delighted to partner with OpenDeFi. Through this partnership, OpenDeFi will integrate with Razor’s Oracle network for the assets when Razor is live on mainnet.
Razor will provide OpenDeFi’s smart contracts with a trusted and uninterrupted feed from the global precious metal and crypto markets and guarantee that investors are able to purchase assets at exactly the same price at which they have bid.
Razor will also provide price feeds to OpenDeFi for adding new asset classes in the future.
Mohit: OpenDeFi is tokenizing real-world assets and building financial services on top of it.
Most of these functionalities require a price oracle – whether its calculating the loan %, the swap, earning yield on assets.
It is CRITICALLY important that the Oracle that we use is fast, secure and memcache issue resistant.
Razor makes this happen for us.
While we’re testing with several oracles on different chains at the moment, I feel razor would be adopted for several assets on at least one blockchain.
Naga: Can you share some of the features and products of Razor Network
Hrishikesh: The oracle problem is one of the most difficult problems to solve in the blockchain ecosystem. It is extremely difficult to design an oracle that is fully secure but at the same time fast enough for Defi and other applications. The current design of the oracle is the result of over a year of research and development and allows Razor to be both FAST and SECURE.
The main features of the Razor network are:
- Truly decentralized and permission-less.
- Only oracle to offer Fast AND Secure results.
- Flexibility to request results in an automated and manual fashion.
- Game theoretically sound and resistant to collusion, bribing, Sybil, and censorship attacks.
- Razor decentralized oracle network – razor.network
- Razor Testnet Explorer – razorscan.io
- Reality-aware Tokens – https://medium.com/razor-network/realityaware-tokens-e8a7ee19bcb5 This is a new token standard created by our team. It can be used to create tokens that are aware of real-world data.
Naga: The Oracle Market is competitive, what are the advantages of Razor Network over other Oracles
Hrishikesh: Comparison with some major oracle networks can be seen in this image. Security and decentralization are the most important characteristics when it comes to decentralized oracles. As you can see Razor is the only oracle that offers robust security against all kinds of attacks, without compromising speed.
Community: How can Razor defend against collusion, bribery, and censorship attacks? Can you explain a little bit about the #Razor Dispute escalation and resolution mechanism?
Hrishikesh: Razor is secure against all such attacks. We can take bribing attack as an example to explain how it works.
An attacker can bribe the majority of the stake in a trustless way and can compromise the results of the oracle. To prevent this, Razor Network has an in-built dispute resolution mechanism.
Any result of the oracle can be disputed by paying the “Dispute bond”, which can be paid collectively. The disputers win a reward of 50% of the dispute bond if they successfully dispute a round.
Community: Razor Network has two Actors participating in the network, these are the Stakers and the Client. Isn’t these 2 the same? How does a staker differs from a client and is it possible for a person to fall into the 2 categories at the same time?
Hrishikesh: Stakers and clients are different actors.
Clients are apps such as OpenDefi who want to fetch data from the internet.
Stakers are our validators or data providers who stake their razor tokens and report the external data.
It is, of course, possible for a person or company to play both roles but it does not make any effect on the operation of the oracle.
Community: Currently #Razor network is blockchain agnostic and can run on any ethereum compatible network. So in the future do you plan to develop that Razor can be compatible with other platforms like bep2 or tron?
Hrishikesh: Yes Razor can be deployed on any ethereum compatible blockchains. We are also exploring some integrations with non-ethereum compatible blockchains.
We don’t have any comments about BEP2 and Tron specifically at the moment. Stay tuned 😉
Community: How many operations per second can Razor Networ execute and how do they work so that the validators do not collapse, is there any internal innovation that improves this process?
Hrishikesh: It totally depends on the underlying blockchain. Razor network is extremely scalable by itself. We believe Eth 2.0 and other scalability solutions will make Razor extremely scalable.
Community: What are the main use cases of the Schell (SCH) token within the Razor Network ecosystem? What benefits do users who own SCH token receive?
Hrishikesh: Razor network is powered by its native utility token called RAZOR token.
Since Razor Network is a proof of stake protocol, it requires validators in the network to stake their Razor tokens to participate in the network. If the validators report the data accurately and honestly, they can get new tokens as a reward. If they behave dishonestly, they can get a penalty.
Please Join Razor Network Telegram group to be eligible for reward