Decentralized technologies such as blockchain are significantly changing many industries including finance. Applications such as decentralized lending, stable currencies, prediction market, and synthetic assets are being researched and built on them. Many such applications depend on real-world data, which is not readily available inside the blockchain environment due to their configuration. Currently, this problem is being solved by something called an ‘Oracle’, which is an entity that reads real-world(external) data and feeds it to the blockchain. Current oracle solutions may work short term but are not suitable for long term applications, which is quite essential in decentralized applications
There is a clear need for an oracle that is both fast and secure. Razor Network fills that gap. Razor Network is a blockchain agnostic decentralized oracle network with a focus on maximum game-theoretical security, complete decentralization, and being fully permission-less. Razor achieves this while still being fast and practical for decentralized finance. The goal of the project is to provide a decentralized way to verify and provide data to a blockchain. Since entire economies are being built on blockchain which relies heavily on external data, it is extremely important that the data is provided and aggregated in a decentralized way to avoid many kinds of attacks. Such attacks include: Take over an attack by controlling the majority of the validators, bribing attack, providing invalid or compromised data source, making invalid queries to the oracle, censoring reports of honest validators, etc.
Razor Network tackles the above-mentioned attacks, thus making it better than other Defi oracles. It has high economic security, a high degree of decentralization, protects the stakeholders from various kinds of attack, Protects clients from malicious stakeholders, has censorship resistance, easy for developers to use, has collusion and bribing attack resistance, is permissionless, offers a high degree of decentralization and economic security. 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.
The network is safe from bribing attacks, safe from invalid source attack, is the only Defi oracle that uses both manual and automated mode of operation, has the ability to appeal results, and has a resolution range of 60secs to 1 week on disputes and manual queries. These factors differentiate it from other oracles. Other differentiating factors include; it is blockchain agnostic with integrations and partnership with many blockchains, is truly decentralized and permissionless, is the only oracle to offer fast and secure results, has the flexibility to request result in an automated and manual fashion, and is game theoretically sound and resistant to collusion, bribing Sybil and censorship attacks. These outstanding features of the Razor Network make it better than other Defi oracles.