Razor network is a decentralized oracle network. Razor Network consists of validators who lock in their tokens as a “Stake” and provide data to the network. The honest validators are rewarded and those who report incoherently are penalized. The core of Razor Network is a set of smart contracts, that can run on any Ethereum compatible blockchain. Razor relies on the underlying blockchain for providing certain properties such as censorship resistance, security from network partition attacks, etc.
Razor network consists of stakers who accept queries from a job queue, perform fetching of information from the real-world, process and aggregate the results and serve them to the requesting application. Stakers are awarded for reporting coherently and penalized for reporting incoherently.
Razor network uses a proof of stake consensus algorithm and uses a native utility token called RAZOR. RAZOR are needed to be locked to participate as a staker in the network. Stakers are awarded fees as well as block rewards for participating in the network.
The amount of staked tokens of the staker determine their influence in the network.
The design goals of the Razor network are to ensure the long term sustainability of the oracle and the data feeds it provides, a high degree of decentralization, high economic security in a way that protects both stakers and clients of the oracle from various attacks.