You have probably heard of the smart contract, and how it improves transactions between different parties. It was created to help ensure full transparency, during digital transactions, so as to ensure that the interest of every user is protected.

 Despite the great benefits of this smart contract, they face a major challenge of data deficiency, which in turn limits its users.

Looking at the fact that data is very vital for the effective performance of smart contracts on decentralized applications and other systems, its deficiency results in the inefficient performance of the application on which it is adopted.

 As a solution to the unavailability of data for the use of smart contracts, servers which are otherwise known as Oracles, were created to provide data from different sources, for the use of these smart contracts, in order to perform effectively.

 Irrespective of the greater opportunities which has been brought by price Oracles, the major challenge which still makes them unfit in as a source of data for smart contracts is its centralized design, which makes it prone to attack, in turn making the decentralized apps which adopts vulnerable and inefficient.

 To remedy this issue for smart contracts and various decentralized applications leveraging it, here is...

RAZOR NETWORK EXPLAINED

 In the quest to improve the existing Oracles, Razor Network has been created as a reliable Oracle characterized by full decentralization, in contrast to the existing centralized Oracles.

 It is aimed at making available all the data which a smart contract requires to operate in decentralized applications, in a decentralized manner.

Being that Razor Network is decentralized, it ensures that more values are added to decentralized applications, creating more benefits to its users, seeing as it is resistant to different kinds of attacks.

THE OPERATIONAL CONCEPT OF THE RAZOR NETWORK

 In order to efficiently function as a decentralized Oracle for smart contracts, Razor Network makes use of an improved consensus mechanism called the Proof-of-Stake (PoS), an algorithm that helps it to ensure that only high quality and reliable data are made available on the Oracle, for smart contract use, since it penalizes dishonest actors in the system.

It was also designed with the capability of providing the data needed by any smart contract automatically, and with a great speed, so as to make sure that the different Dapps depending on it, works perfectly.

 With its dispute escalation and resolution mechanism, Razor Network achieves the security which has been lacking in the centralized Oracles. This way, it is impossible to launch any attack such as collusion or censorship attack on the system, as it is fully protected against them, all for the benefits of its users.

CONCLUSION

 Having all these in place, the Razor decentralized Oracle is fully equipped to solve the data problems which its centralized counterparts could not, making the use of smart contracts on decentralized applications to be easier, secured and reliable.

 To show how reliable the Razor Oracle is, it is already partnered up with household names in the industry, the likes of METERS, SKALE, XDC, MANTRA DAO, MATIC, OpenDeFi and a lot more, which makes it obvious that upon its adoption, Razor Network will unleash great benefits to its users.

Visit Razor Network