Scalable Data Streams For Elrond Smart Contracts Via Razor Network Oracles
The Internet of Money will interconnect multiple blockchains and centralized systems. And it will be trustless, thanks in large part to decentralized oracles - services that verify and send data to a blockchain from any off-chain source.
We’re therefore happy to announce that Elrond smart contracts will receive trustworthy off-chain data via the decentralized Razor Network oracles.
“Applications operating at an internet-scale on Elrond will require off-chain data to be delivered as fast as the blockchain can process them. We look forward to seeing Razor Network act as a swift data funnel for Elrond smart contracts.” said Beniamin Mincu, Elrond CEO.
Razor Network is building a decentralized oracles network that uses incentivized agents to process and deliver trustworthy information feeds to blockchain applications. It aims to be a scalable protocol that delivers data points at high speeds, while also mitigating risks such as bribing attacks or invalid source attacks.
The integration will provide a data stream between Elrond and systems that are external to it. Some examples include the delivery of price feeds to the Elrond Network to be used in DeFi products, or delivering data from Elrond Smart contracts for other blockchains to use as input.
“We’re excited about taking on the challenge of feeding decentralized data to the Elrond Network, at the scale that matches its capabilities.” said Hrishikesh Huilgolkar, Razor Network CEO.
The integration with Razor Network is important because it will complement the other oracles that deliver data to our blockchain. It will thus create a broader spectrum of available information points and give Elrond developers additional options for optimizing cost, speed and data availability.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Razor Network
Razor Network is a completely decentralized Oracle network for Decentralized Finance and other distributed applications and services. Razor avoids any weakness associated with conventional centralized oracle networks and is secured by a highly efficient Proof of Stake network which punishes misbehaving nodes through a strict Slashing mechanism.
For more information, please visit us:
Latest news on Elrond
Check out our latest blog posts and updates
Elrond DeFi 2.0: The Era Of Autonomous Banking, A 100-Trillion Dollar Opportunity
Onboarding The Next Billion People, Toward A Multi-Trillion Dollar Market
It’s time to build. Introducing the Innovations Of The Elrond Architecture And Our Developer Toolkit