Blockchain, Hot News

Razor Network rears Millions to build Oracles

Razor network has raised a total of $3.7M in seed and private sales round, which has led by investors in the blockchain.

According to a press release, some of the prominent VCs involved in the funding round have included IOSG Ventures, Origin Capital, Kosmos Ventures, Genblock Capital, and Bitblock Capital.

The CEO of Razor Oracle Network, Hrishikesh Huilgolkar, noted that today’s most oracles systems were centralized systems. The firm added that if any node in centralized oracle systems gets compromised, it could adversely impact the smart contract’s performance, which accesses data from it.

Among several other decentralized options, the Chainlink network has become popular in the last couple of months. Twenty-nine projects integrated the decentralized oracle provider in October; ever since its launch, Chainlink has been integrated into 315 projects.

But in September, Chainlink has suffered an attack by a hacker who targeted a selected few node operators to disrupt the network through unnecessary on-chain computation. Around 700 ETH has been drained from nine node operators in the attack.

The firm states that Razor’s platform gears Proof of Stake consensus mechanism and claims that it would “ensure that all nodes act in a sincere and trustworthy manner” by employing slashing penalties on nodes that misbehave.

Before the funding round, Razor has teamed up with Layer 2 scalability solution provider Matic Network and elastic dApp development platform SKALE Network.

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