Feb 02, 2021
By: Razor Network
Razor Network’s Oracle to enable smart contracts on Algorand access to off-chain data in a reliable and secure manner
Algorand is an open source, public blockchain protocol that simultaneously delivers decentralization, scale, and security for all participants, thereby solving the classical ‘Blockchain Trilemma.’
Algorand uses its own variant of PoS consensus mechanism, called Pure Proof-of-Stake (PPoS), which automatically entitles all users who hold their native token ALGO to participate in protocol consensus. This approach ties the security of the whole economy to the honesty of the majority of the economy, rather than to that of a small subset of the economy. Other distinguishing factors that separate Algorand from other blockchain networks include extremely high throughput, immediate transaction finality, negligible transaction fees and no forks.
Algorand has already seen a large group of developers rushing to create a range of applications on their platform. A plethora of blockchain projects from various fields, such as decentralized exchange Idex, DeFi liquidity aggregator Orion Protocol, stablecoin issuers Tether and Circle, and investing platform Republic, have also started utilizing the Algorand blockchain. Moreover, the Marshall Islands, an island country situated in the Pacific Ocean, are issuing their own sovereign SOV that will be built on Algorand.
Today, we are excited to announce that Razor Network will integrate decentralized Oracle onto Algorand blockchain. This will enable all smart contracts running on Algorand to access off-chain data through Razor’s Oracle services in a reliable and secure manner.
Razor offers maximum game theoretical security to ensure that the external data feeds that are supplied to Algorand’s blockchain are as secure and robust as Algorand’s network itself. Razor’s end-to-end decentralized Oracle network avoids any weakness associated with centralized networks, and is secured by a highly efficient Proof of Stake network which punishes misbehaving nodes through a strict Slashing mechanism.
Algorand is being used in a host of application scenarios, such as DeFi, stablecoin issuance, asset tokenization, blockchain infrastructure, etc. Supporting such a wide range of use cases would require different types of real-world data for driving end applications. This alliance with Razor will ensure that Algorand provides the best tools to developers building on their platform, not only in terms of blockchain performance but also in terms of the external Oracle data.
Furthermore, Razor’s native token RAZOR will also be issued on the Algorand blockchain. RAZOR will also be available as an ERC-20 token on the Ethereum blockchain. Issuing our native token on Algorand will promote Razor to Algorand’s global community of supporters and DApp developers, leading to a greater adoption of Razor’s Oracle solution as well.
Speaking about this alliance, Razor Network’s CEO Hrishikesh Huilgolkar said,
“Algorand is a scalable, secure, and decentralized smart contract platform, which finalizes blocks in seconds and provides immediate transaction finality. Algorand also offers highly customizable smart contracts for a range of applications, such as asset tokenization and DeFi. Razor always wants to be associated with reputable blockchain projects of the highest grade, and Algorand fits this requirement perfectly. Hopefully, the integration of Razor’s Oracle solution into Algorand’s platform will provide them an edge over other blockchain platforms, and attract more developers to their ecosystem.”
“We are excited to support Razor Network as the first decentralized Oracle platform running on top of the Algorand Blockchain. This is a huge step for the composability of the growing Algorand DeFi ecosystem. Several of our portfolio companies will be using Razor Network natively on Algorand and we can’t wait to see the innovative financial products and platforms the Algorand Dev community will power through Razor Oracle system. David Garcia, CEO and Managing Partner at Borderless Capital
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