Razor, one of the most decentralized, secure, and permissionless blockchain oracle networks, has joined hands with Conflux, the only state-endorsed open-source, layer-1 blockchain protocol in China. The partnership is focused on bringing fully decentralized oracle solutions to state-of-the-art DApps.
Blockchains and smart contract protocols cannot access outside data without the help of a robust oracle network. An oracle network provides the outside data to these smart contracts in electronic forms that are referred to as Oracles. These oracle services send and verify real-world data and submit this information to those smart contracts.
In other words, Oracles feed the smart contracts with external information that often helps in triggering the predefined actions of the smart contracts. This external data can be either from the Big-data application or Internet-of-Things.
Likewise, developers creating DeFi platforms require accurate and robust real-time data feeds from the external world. Conflux’s partnership with the Razor oracle network will help such DApps built on the Conflux platform to have access to the best-in-class services.
Talking about this partnership, Eden Dhaliwal, the Global Managing Director at Conflux, says,
The oracle is one of the vital components of any DeFi applications, and with Razor, smart contracts will get a high degree of decentralization, which will reduce the risks of any frauds or bribing attacks. Razor developers have designed a unique dispute-resolution mechanism that protects the smart contracts against attacks. This new mechanism will solve the trade-off between speed and security that exists in a fully decentralized system. Razor oracle network is all set to launch in 2021, which will help developers to create “state-of-the-art” DApps. Before that, the first phase of Ethereum 2.0 will be launched, which will make the Razor launch more up to date.
Moreover, guarantee security is important for mass adoption of any DeFi; Razor will offer the maximum game-theoretical security that will provide secure external data to the smart contracts. Conflux is a high-performance blockchain platform that requires an equally decentralized and robust oracle network like Razor, and therefore, the DeFi developers at both the platforms are looking forward to this partnership to solve the existing trilemma.
Talking about this partnership, Rishikesh Huilgolkar, the CEO of Razor Network, said,