We've been speaking to some of the up and coming teams in the DeFi space, which continues to flourish as new solutions and products enter the market. Our most recent interview saw us speak to Hrishikesh Huilgolkar, CEO of decentralized oracle provider Razor Network. We asked him about the team's mission, technical developments, tokenomics, and plans for the future, in addition to going into detail about specific features.
Here's our shortened list of questions:
1. The Razor Network vision
2. Razor Network Market Cap Potential
3. Best resources to track Razor Network's growth
4. Scalability Solutions
5. The Razor Network USP
6. Razor Scan Network Explorer
7. Oracle queries
8. Developer incentivization
9. Ambassador program
10. Razor Network Partnerships
11. Upcoming developments for 2021
1. At what point did you realize that the market needed an oracle solution like Razor Network?
In early 2019, I 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 I did more research, I quickly realized space was limited due to the oracles’ centralized nature. 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 tricky problem. I loved the challenging nature of the problem and started designing and analyzing different mechanisms for a fully decentralized and secure oracle.
Over two years, we continued to research and develop Razor to make it the most robust, secure, and fast oracle network.
2. How much of the market do you think Razor Network can capture, especially with competition like Chainlink and Band Protocol?
Currently, applications with high TVL require an extremely robust and secure oracle. Since such oracles do not exist, they have to rely on centralized oracles. This is a massive gap in the market that Razor aims to bridge.
Such applications require high economic security, complete decentralization, and game-theoretical security. By targeting the pursuit of such applications, we plan to create a paradigm shift in the market.
3. Is there a dashboard where users can get a comprehensive view of your growth and performance and/or platform metrics?
We have a network explorer called RazorScan (https://razorscan.io) for getting a comprehensive view of the testnet. You can find out the number of stakers, total stake, the different data feeds reported by stakers, etc. This is for visualizing performance and stability rather than growth since we are in the testnet phase.
4. Do you foresee scalability being a major problem for the protocol? Have you considered solutions like Loopring’s zk-Rollups and Optimistic Ethereum?
We realized the scalability issue quite early in the development of the network. Hence we took a blockchain agnostic approach and partnered with many scalability solutions and blockchains. Some of the examples include SKALE, Polygon, Elrond, Algorand, etc. By taking the blockchain agnostic approach, we can utilize the most efficient blockchain for our operations and provide oracle service to applications on multiple platforms.
5. The decentralized oracle space is a competitive one. What do you plan to offer that would distinguish Razor Network from competitors?
We built Razor from the ground-up to create a truly decentralized oracle solution that offers maximum game-theoretical security without compromising speed. This separates Razor from other oracles who only provide either security or speed.
Apart from that, we have the following differentiating factors:
- Fully decentralized and permissionless.
- 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.
6. Tell us more about Razor Scan, which is currently operating on the testnet?
RazorScan is the dashboard specifically designed to track stakers and price feeds. Currently, we are reporting price feeds of BTC, ETH, MSFT, etc.,
Some of the other features are as follows:
- A faucet gives the Schell tokens to users interested in becoming stakers on the testnet.
- A dashboard allows the users to explore transactions and get more information about the votes, blocks, feeds, and staking.
7. What kind of queries can be made on Razor Network?
Razor Network is a general-purpose oracle, which means that it can support any data type. On the testnet, users can currently create queries for price feeds like bitcoin, ether.
In future versions, we will also be supporting manual subjective queries. An example of such a question is “Who won the presidential election of United States?” Such queries are helpful for predicting market-like applications.
8. Any incentives for developers to have them build solutions atop Razor?
We are planning for community and developer grant programs. We are also planning to create an incentivized testnet. We will release further details shortly.
9. Your group of ambassadors, “Razor Knights,” are helping expand the community from the ground up. Could you give us more details for readers about how the Razor Ambassador program works?
The Razor Ambassador program is a medium for us to acknowledge our community members’ efforts who have supported us from the very beginning to where we are today. We first started this program in early January this year to reward those who were spreading the word of Razor with no incentive, just believing in our vision.
We have received immense support from our Knights. As of today, we have doubled the number of Knights from where we started early this year to help us spread awareness as we get closer to the mainnet.
10. Recently, you partnered with Ambee to provide environmental intelligence data. Do you have any more such plans/partnerships to build your ecosystem?
We have partnered with many exciting projects in the past. That includes SKALE, Polygon (previously Matic), Elrond, Algorand, Moonbeam, to name just a few. Our recent partnership with Ambee is another step towards our growing ecosystem. We will keep working on developing many such partnerships in the future.
11. Your backers include Alameda Research, NGC Ventures, and Origin Capital. How have they been assisting you in your development?
Early supporters are critical for any project. We are grateful to find such a tremendous response from our investors and early supporters. We regularly get their advice and support on marketing, operations, and future adoptions on the project. Again, thanks for bringing this up. I would like to use this opportunity to thank everyone who believed in us at the early stages.
12. Can you tell our readers what features/updates you have in store for 2021?
This year, we will continue building great partnerships, expanding our team, and developing our token ecosystem further.
We plan to launch an incentivized testnet followed by our mainnet launch. We regularly hold competitions and events with our partners. I urge your readers to follow us on our social media to be updated with news and announcements.
The Publish0x team will publish more interviews with up-and-coming DeFi projects in the weeks to come. Stay tuned for these!