Razor Network is a decentralized Defi oracle. The core of Razor Network is a set of smart contracts, that can run on any Ethereum compatible blockchain. Razor relies on the underlying blockchain for providing certain properties such as censorship resistance, security from network partition attacks, etc.
Razor network is a proof of stake network. To participate in the network as a validator, you will need to “Stake” your RAZORs. RAZORs are the native tokens in the network and they are compatible with the ERC20 tokens standard. Razors are needed to be locked to participate in as a staked in the network. Stakers are awarded fees as well as rewards for participating in the network. The amount of staked tokens of the staked determines their influence in the network.
To become a member tokens have to be staked. Membership is acquired by buying and staking RAZORS, to do this görli ether has to be used to pay for the transaction fees. Some Gorilla ether can be gotten here; https://goerli-faucet.slock.it/ or https://faucet.goerli.mudit.blog/. In other to get started, some Görli RAZORs are also needed and can be gotten through the following steps:
- With the use of an Ethereum compatible browser (e.g. Chrome browser with Metamask plugin)
- Set the network to “Görli testnet” in Metamask
- Go to https://razorscan.io/#/faucet
- Paste your Ethereum address in the address field.
- Click “Get RAZOR”
- Few minutes after your transaction is confirmed, click “Check RAZOR Balance” to confirm you have received some free testnet RAZORs.
After getting RAZORs, you are set to become a member, all that remains is to stake. To start staking, the CLI client needs to be downloaded and installed. After the installation, the creation of a new Ethereum wallet is demanded, after which the bought RAZORs will be sent to this new address. Then, stake RAZORs using this command:
node index.js stake -- the number of RAZORs to stake -- your Ethereum address -- your password
Example: node index.js stake 1000 0xdeadbeef password123
Wait for the staking process to continue. This may take up to 10 minutes. Now that the RAZORs have been staked, queries and validation must begin to avoid inactivity penalties. To start validating, use this command
node index.js vote -- your Ethereum address -- your password --
Example: node index.js vote 0xdeadbeef password123
After the completion of the above steps, your node will start automatically fetching and answering queries. You must keep our computer online to be able to validate without any interruptions.