Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from RAZOR Network and our guest was Divij, Head of communications, and Hrishikesh , Founder and CEO of RAZOR Network. The AMA took place on 01 February.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram&Bitcointalk community
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Razor! Welcome to Satoshi Club
Gold Rocket | Satoshi Club:
Good evening, dear community!
Let’s start our today’s series of AMA marathons with Razor.
Gold Rocket | Satoshi Club:
Today our guests are @hrishikeshio @divij33!
Divij:
Hello Everyone.
Hrishikesh | Razor.network | Don’t send ETH:
Hey Everyone
Excited for this AMA.
Mary | Satoshi Club:
Hello! He should be able now!
Gold Rocket | Satoshi Club:
Welcome to Satoshi Club, guys!
Hrishikesh | Razor.network | Don’t send ETH:
Mary | Satoshi Club:
Hello and welcome to Satoshi Club
How are you today, guys?
Hrishikesh | Razor.network | Don’t send ETH:
Thanks @madamlobster @GoldRocket27.
Divij:
Gold Rocket | Satoshi Club:
We are very glad to welcome you to Satoshi Club
Mary | Satoshi Club:
Gold Rocket | Satoshi Club:
Hrishikesh | Razor.network | Don’t send ETH:
Doing very well and excited to interact with the Satoshi Club community
Mary | Satoshi Club:
That’s great! Let’s start our party!
Divij:
Sure
Mary | Satoshi Club:
Could you please introduce yourself and tell us more about Razor Network?
Gold Rocket | Satoshi Club:
How did you get to be involved in crypto & Razor?
Hrishikesh | Razor.network | Don’t send ETH:
I am Hrishikesh. The founder and CEO of Razor network.
I have worked in various positions such as data scientist and product manager before discovering Bitcoin and Ethereum at the end of 2015. I found the technology fascinating and decided to start working as a blockchain developer 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.
Divij:
I’m Divij, working as Communications Head for Razor Network. I have a bachelors in Business Administration with a specialization in Marketing. I’ve been involved in the Blockchain Space for almost 3 years now and have worked with various projects over the years like LCX, DeFi Money Market, PlotX to name a few in roles ranging from Communications to Marketing.
Hrishikesh | Razor.network | Don’t send ETH:
Razor Network is a blockchain agnostic decentralized oracle network with a focus on Maximum game-theoretical 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 can thwart any attack that can happen on the oracle.
Razor is blockchain agnostic and will be integrated with many blockchains. We have partnered with many blockchains such as Matic Network, SKALE, Conflux, Meter, Persistence, etc. We will be announcing more blockchain integrations soon.
Mary | Satoshi Club:
Great! A lot of experience and i see that you founded amazing project! Cool job!
Gold Rocket | Satoshi Club:
Excellent background!
Means you are experienced crypto followers
Hrishikesh | Razor.network | Don’t send ETH:
Thanks! Very passionate about crypto for quite long time indeed.
Mary | Satoshi Club:
I see some familiar names here!
Gold Rocket | Satoshi Club:
Thanks for the great intro! Ready to jump into community questions?
Divij:
Hahaha. Good to be back here
Mary | Satoshi Club:
We as well and we’re always happy to welcome new projects here!
Divij:
Let’s get it started.
Hrishikesh | Razor.network | Don’t send ETH:
Lets do it
Gold Rocket | Satoshi Club:
Q1 from Telegram User @Highpee
As published by coindesk, your seed funding and private sale has been largely successful as it has allowed you to raise about $3.7 million together with the support from your backers and partners. How do you intend to deploy the expenditure of this fund within your project? Also, for those who couldn’t join the private sale, will there going to be a public sale event to capture more interested investors? If yes, when do you intend to have it and what will be the mode of participation?
Hrishikesh | Razor.network | Don’t send ETH:
We will largely be spending the funds to hire really good developers and continue developing and maintaining our oracle. We also have a large number of integrations and partnerships announced already and more will be announced soon. We will be spending resources to build the integrations, develop more features, expanding community, and continue expanding our list of partners.
Divij:
I’ll answer about the Public Sale. We have been preparing a lot of stuff in the background in the last few months and our community has supported us on this journey so we decided to go with a fair participation method for the public sale so that all of our community members can participate in it. We will be announcing more details about our Public Sale in the coming days. Join our announcement channel so that you don’t miss out on the announcement?—?https://t.me/razor_announcement.
Gold Rocket | Satoshi Club:
Great strategy!
Join Satoshi Clubbers
Mary | Satoshi Club:
Did you already start to hire?
How many team members do you have now?
Hrishikesh | Razor.network | Don’t send ETH:
Yes we already started hiring and have about 9 members. Our extended team including interns is almost 20!
Gold Rocket | Satoshi Club:
Good number
Mary | Satoshi Club:
Very nice numbers!
Ready to proceed?
Hrishikesh | Razor.network | Don’t send ETH:
Sure
Let’s go
Gold Rocket | Satoshi Club:
Q2 from Telegram user @JesusFre1tes
Razor Network is partnering with DeFi Infrastructure Meter to provide secure data. How will this partnership help both platforms include trusted, decentralized, real-world data to Meter’s blockchain network? What security strategies will they create together to make this data invulnerable and tamper-resistant?
Divij:
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.
You can read more about our partnership with Meter in our blog?—?https://medium.com/razor-network/razor-network-is-partnering-with-defi-infrastructure-meter-to-provide-secure-reliable-and-b2870913be9d.
Mary | Satoshi Club:
Cool partnership! As i know you have more, yes? With another projects
can you tell our members more about another partnerships?
Divij:
We have partnered with many exciting projects. Our currently announced partners are as follows:
Matic, SKALE, MantraDAO, Meter.io, Persistence, XDC network, OpenDeFi, Conflux Network, Sentinel, Dafi.
We have many more partnerships planned in near future. Stay tuned for the announcements!
Gold Rocket | Satoshi Club:
These are very cool collaborations! and many of these names are our good friends!
Mary | Satoshi Club:
We definitely will!
Divij:
Mary | Satoshi Club:
Ready for the next question?
Divij:
Sure
Hrishikesh | Razor.network | Don’t send ETH:
Yes
Gold Rocket | Satoshi Club:
Q3 from Telegram user @Arisabela
Razor Network is proposing a decentralized oracle platform which addresses various shortfalls in the current designs,can you tell us what do you consider are the current weaknesses of the oracle technologies and how is Razor going to solve them in a decentralized way?
Hrishikesh | Razor.network | Don’t send ETH:
Most of the oracles use the Schellingcoin mechanism. The mechanism is flawed and is vulnerable to various attacks. Razor Network uses a modified Schellingcoin algorithm with a sliding court mechanism. This includes an iterative dispute resolution mechanism which makes it robust against all kinds of game theoretical attacks.
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. The dispute rounds can be iteratively disputed further, making profitable attack impossible.
Due to this mechanism, even if an attacker compromises the oracle, the result will likely be disputed by an honest actor.
Divij:
Comparison with other Oracle Networks can be found here.
Mary | Satoshi Club:
Is this mechanism unique? Does anyone else use it?
Oh, this visualization really works
Hrishikesh | Razor.network | Don’t send ETH:
This mechanism is unique for Defi oracles. It has been proven to be secure already in Augur and Kleros, but they are quite slow and not suitable for DeFi space.
Razor network is the only oracle which is bringing the mechanism to fast DeFi oracle space.
Gold Rocket | Satoshi Club:
I choose Razor
Divij:
Mary | Satoshi Club:
I see! Bring us more innovations
thank you for your job!
Ready for the next question?
Hrishikesh | Razor.network | Don’t send ETH:
Just following my passion of crypto and solving the oracle problem
Sure
Mary | Satoshi Club:
Gold Rocket | Satoshi Club:
Q4 from Telegram user @MCBTrade
How will Razor Network fully automate the recovery of data stored in its system, without compromising security and decentralization in the long run? Can you give information about your technological infrastructure to do this?
Divij:
Proof of stake is the core consensus mechanism of Razor Network. Proof of stake allows Razor to achieve the following goals:
- Proof of stake provides Sybil attack resistance. This is because becoming a validator requires staking tokens and doing that without owning tokens is not possible.
- The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.
- Dishonest/incoherent validators are penalized and their stake is reduced. This disincentivizes bad behavior. A part of the tokens collected as a penalty is distributed to honest stakers, further incentivizing honest behavior.
Decentralization is an important goal of the network. This is because centralization puts a high amount of power in a small group of entities, which makes a lot of attacks feasible and jeopardizes the trustworthiness of the protocol.
Razor network is fully decentralized and does not have centralized bottlenecks. Anyone can become a validator in Razor by staking Razor tokens. It does not require permission from us or anyone else.
We encourage decentralization in the protocol through the following ways:
- A fair and wide distribution of tokens.
- The protocol is permissionless. We, or anyone else, don’t have the power to decide who is allowed or otherwise, to participate in the network.
- Queries are randomly assigned to the stakers, making collusion and bribing difficult.
- Secret voting and dispute mechanism makes it secure from bribery attacks.
Mary | Satoshi Club:
How many tokens user need to have to become validator?
Hrishikesh | Razor.network | Don’t send ETH:
This is not finalized. We are doing optimization and simulations to decide on the minimum stake. We will announce it once it is finalized
Mary | Satoshi Club:
Got it! What about tech requirements?
Hrishikesh | Razor.network | Don’t send ETH:
Since it is a proof of stake protocol, it does not require a very fast hardware. It can run on any computer connected with internet! I am sure someone will run this on a Raspberry Pi in the future
Mary | Satoshi Club:
Wow, it gives hope to everyone!
Thank you for your answers!
Gold Rocket | Satoshi Club:
Sounds good!
You pay great attention to honesty and decency, but what about the audit of smart contracts by the way?
Hrishikesh | Razor.network | Don’t send ETH:
We have already released our testnet and open sourced our smart contracts with majority of features developed. However the development is not fully complete.
In the coming months, we will complete the development and after that complete the auditing of smart contracts.
Gold Rocket | Satoshi Club:
Thank you very much for the information!
Mary | Satoshi Club:
Ready for the next question, guys?
Divij:
Let’s go
Gold Rocket | Satoshi Club:
I saw that not so long ago you published your tokenomics for the sale structure Razor tokens.
Share this with us
Divij:
Tokenomics #Razor
We’re delighted to announce the release of our long-awaited TOKENOMICS!
(Https://twitter.com/razor_network/status/1354698371123052546)Yes, your wait ends here. Razor’s team of experts have worked for months to structure the sale of RAZOR tokens. It covers details about RAZOR, supply, allocation, price & sales.
The total supply of RAZOR will be 1B, of which 400M RAZOR tokens will be distributed to stakers as block rewards. For in-depth numbers, releases, and information, please check our tokenomics page here
http://bit.ly/3ppXaFb.
Retweet: https://bit.ly/3px5Iu0
You can find it in the above message.
Gold Rocket | Satoshi Club:
Thanks for sharing
Q5 from Telegram user @Antoni_azx
Trough its Proof of Stake consensus algorithms, Razor Network applies “strict Slashing penalties” for malicious nodes while simultaneously encourages honest nodes, can you tell us how are these penalizations and on the other side how do you reward the honest ones?
Hrishikesh | Razor.network | Don’t send ETH:
Truth-by-consensus algorithm is another name for the Schellingcoin oracle mechanism. This is the mechanism used by Razor network with some modifications.
The essence of this algorithm is that whatever the majority of stakers vote to be true is considered to be truth and the minority is considered malicious and penalized.
The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.
Dishonest/incoherent validators are penalized and their stake is reduced. This disincentivizes bad behavior. A part of the tokens collected as a penalty is distributed to honest stakers, further incentivizing honest behavior.
Mary | Satoshi Club:
Gold Rocket | Satoshi Club:
Thanks
Ready for the next question?
Hrishikesh | Razor.network | Don’t send ETH:
Yes!
Gold Rocket | Satoshi Club:
Q6 from Telegram user @Brainchest.
In addition to the Oracles, in what other directions do you develop? I read that you did the deltaOne?—?synthetic asset platform. Will it be used for loans, yield-farming, other services, perhaps DEX?
Hrishikesh | Razor.network | Don’t send ETH:
Razor Network has built the following products:
Razor decentralized oracle network https://razor.network
This is our decentralized oracle network. This is our main flagship product.
Razor Synthetic Assets?—?https://deltaone.finance/
Using this application, anyone can create synthetic assets for any asset in the world. It uses Razor network oracle for pricefeeds. We developed it to show the power of fast and secure Razor oracle.
Razor Network Explorer?—?https://razorscan.io/
This can be used to explore our testnet.
Mary | Satoshi Club:
Thanks! Guys! We will have live part now! Ready?
Hrishikesh | Razor.network | Don’t send ETH:
Lets go
Divij:
Mary | Satoshi Club:
Let’s go
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @Bean Q10
In the context you mentioned “Disputed Bond”. I still don’t understand what it is, can you introduce more about it? And when to use it?
Hrishikesh | Razor.network | Don’t send ETH:
An attacker can compromise the results of the oracle by bribing the stakers of the network. 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. Another way to describe it is “security deposit” to dispute the result. If someone creates unnecessary dispute or loses a dispute, their deposit is confiscated. The disputers win a reward of 50% of the dispute bond if they successfully dispute a round.
If the bond is successfully paid within the dispute period, the query enters a dispute round. In the dispute round, the stakes are higher, the amount of penalty for voting incoherently is higher and the queries are answered manually by the validators. The results of the dispute round can be further disputed. The amount of participating stake, and the dispute bond amount is doubled every round. If the disputer wins the dispute, their dispute bond is refunded, else it is confiscated and rewarded to coherent validators.
Due to this mechanism, even if an attacker compromises the oracle, the result will likely be disputed by an honest actor. The attacker will have to pay double the bribe to compromise the dispute round. Even if they are successful in doing that, that round will again likely be disputed and so on. This can go on till the whole network participates in the dispute round.
Q2 from Telegram user @Doctor Crypto mangunkusumo
So far the Razor Project has made many milestones, including raising $ 3.7 million in private sales, meaning that investors really trust you. But why is there no certainty when to start the Razor project? Are there any obstacles preventing you from starting this project as quickly as possible?
Divij:
Hey, we have been working hard in the background. Razor Network has been live on the Testnet for a few months. We have also released a our network explorer?—?Razorscan.io
This Year we are planning to go live on the Mainnet, also we are planning to have our public sale very soon details regarding which will be shared within the next few days.
Q3 from Telegram user @Humberto
Razor Network can be deployed on any Ethereum compatible blockchain. What are the possibilities of getting Razor beyond that? What about bridging your techonologies to other Blockchains?
Divij:
Razor is blockchain agnostic and will be integrated with many blockchains. We have already partnered with many blockchains such as Matic Network, SKALE, Conflux, Persistence, etc. We will be announcing more blockchain integrations soon. This means that Projects on different blockchains will be able to use Razor Network.
Q4 from Telegram user @August
Razor Network is a decentralized Oracle network only for projects that have stablecoins? or if not, why do they mention that on their website? Could you explain us in more detail?
Hrishikesh | Razor.network | Don’t send ETH:
Stable coins is just one usecase of Razor Oracle. Razor can be used in many different usecases.
Some of the example usecases are: Prediction Market, DeFi products such as decentralized lending, synthetic assets, decentralized exchanges, identity, arbitration, etc.
Q5 from Telegram user @Garri
Where can you Buy RAZOR token today? Will there be a Public Sale?
Divij:
We will be having a Public Sale for RAZOR Tokens which will have a fair participation method so that all of our community members can participate in it. We will be announcing more details about our Public Sale in the coming days. Join our announcement channel so that you don’t miss out on the announcement?—?https://t.me/razor_announcement
Q6 from Telegram user @Johnny
Hello,
I read where you said that Razor Network is well designed and set up to provide maximum game-theoretical security without compromising speed in the process. What does a game-theoretical security mean? Is this type of security only in theoretical existence or it is practicably acheivable?
Hrishikesh | Razor.network | Don’t send ETH:
It means that the oracle is theoretically secure and not just practically.
When something is theoretically secure that means it is GUARANTEED to be practically secure.
Many of the existing oracle solutions are not theoretically secure. Thats why some of them get attacked again and again. This will not happen with Razor network.
Q7 from Telegram user @Femi Oyinlove
Do you have a newsletter list where you can reach out to your users through emails because I have seen others project using it which from my experience can be effective?
Divij:
Yes we have an active list of our newsletter subscriber who receive all the latest updates about Razor Network via email.
You can subscribe to the newsletter on our website?—?https://razor.network/
Q8 from Telegram user @GNUD
Razor network, is assured by the consensus of PoS. please explain what is PoS and why is it Razor’s choice? How does it work?
Divij:
Razor Network uses a Proof of Stake Algorithm. Proof of Stake is a simple and proven consensus algorithm. That’s why it is used by many reputable projects including Ethereum 2.0.
Proof of stake is the core consensus mechanism of Razor Network. Proof of stake allows Razor to achieve the following goals:
- Proof of stake provides Sybil attack resistance. This is because becoming a validator requires staking tokens and doing that without owning tokens is not possible.
- The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.
- Dishonest/incoherent validators are penalized and their stake is reduced. This disincentivizes bad behavior. A part of the tokens collected as a penalty is distributed to honest stakers, further incentivizing honest behave.
Q9 from Telegram user @Ho-Jin
Since Razor Network utilizes the Proof-of-Stake consensus algorithms, can you shed more light on what kind of penalties will be applied for malicious nodes, also how do you encourage honest nodes?
Divij:
The validators who fail to maintain the following conditions may be penalized.
- Make sure the node is online.
- Report data coherently (honestly).
- Keep data secret during the COMMIT phase of the epoch.
If it is proven that the validator is acting in a malicious way, some of their stake will be reduced and rewarded to other honest stakers. In this manner, they are penalized.
Q10 from Telegram user @Uzhma Ilham Firdani
Hello .Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
Divij:
In early 2019, Hrishikesh was exploring real-world applications of blockchain. At that time DeFi was in very early stages but was slowly proving to be a promising use-case.But as he did more research he quickly realized space was limited due to the centralized nature of the oracles used. This will always be a limiting factor of DeFi unless the oracle problem is solved.
The Oracle problem is a very well known and notoriously difficult problem. Hrishikesh loved the challenging nature of the problem and started designing and analyzing different mechanisms for a fully decentralized and secure oracle. Over the period of two year, he continued to research and development of Razor to make it the most robust, secure, and fast oracle network.
Part 3?—?Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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