What is Razor Network?
Razor Network is a decentralized oracle network that provides real-world data to smart contracts. It enables developers to create secure, reliable, and trustless applications on the blockchain. The network is powered by a distributed ledger technology called Tendermint Core, which allows for high throughput and low latency transactions. The oracles are incentivized with RAZOR tokens, allowing them to earn rewards for providing accurate data.
The Razor Network consists of two components: the Oracle Layer and the Data Layer. The Oracle Layer is responsible for collecting off-chain data from various sources such as APIs, webhooks, and other external services. This layer then verifies the accuracy of this data before sending it to the Data Layer. The Data Layer stores this information in an immutable ledger that can be accessed by smart contracts.
Razor Network also includes a governance system that allows users to vote on changes to the network’s parameters such as transaction fees and staking requirements. This ensures that all participants have a say in how the network operates.
Overall, Razor Network provides developers with an easy way to access reliable off-chain data without having to worry about security or trust issues. By using this platform, developers can create powerful applications that leverage real-world data in order to provide more value for their users.
