Implementation of Blockchain-based Application (Razor Network As A Case Study)
How companies manage processes is very important especially in this digital age and blockchain technology has been positioned to innovate these processes seamlessly. The feature of been disruptive nature of blockchain has drawn the attention of many organizations/companies to explore various commercial use cases for this technology.
Blockchain main concept is a distributed ledger in which all data are recorded and secured by means of cryptographic algorithms that ensure the data is tamper-proof and propagated to all nodes. This single feature enabled crypto assets transactions to be managed without the need of a trusted third party.
A close look at the implementation of blockchain-based applications especially when dealing with inter-organizational processes, you will need to consider the exchange of data between the blockchain and external systems, and on this aspect, blockchain does not access data from external sources, it requires a certain mechanism that provides data to the blockchain which is known as an oracle.
Features of Oracle
Oracles are trusted entities that:
🔹Enable the collection of data
🔹Validate data
🔹Transmit data
All these three features are carried out from external sources which mean, for the design and implementation of blockchain use cases for commercial applications, Oracle is very important.
Razor Network As A Truly decentralized oracle network for decentralized Platforms
Yes, the integration of Oracle into blockchain platforms contributes to blockchain widespread implementation since oracles help solve the issue of bringing external data into the network. Investigating various oracles integration ways could provide a good basis for making necessary decisions when developing blockchain-based applications.
Razor Network as a decentralized oracle network consists of validators who lock in their tokens as Stake and provide data to the network. The honest validators are rewarded and those who report incoherently are penalized. The research shows that the Razor network is an inbound oracle since the network provides smart contracts with data from the external world. It further stated on the documentation that its set of smart contracts can run on any Ethereum compatible blockchain and relies on the underlying blockchain to provide the following properties:
🔹Censorship resistance
🔹Security from network partition attacks etc.
Important Note About Razor Network
Razor is a known project in the DeFi (Decentralized Finance) space with a release of diverse opportunities can users can leverage upon and generate passive returns for themselves.
One of the opportunities is farming on Polygon Network through DFYN DApp.
In conclusion, there is no standalone project when searching for a blockchain project, and Razor Network been one of the blockchain projects established herself by partnering with other projects for collaboration and to push this technology further and provide solutions in a decentralized way. Examples are Polygon Network, SKALE, Algorand, Elrond, Conflux, Persistence, etc.
Website: https://t.co/G3XDZat49Y
Twitt: https://twitter.com/razor_network?t=cwfgswZdeWewSQgW51vQRQ&s=09
Telegram:https://t.me/razor_announcement
