Litentry announced last Friday, April 23, through its Twitter account, its partnership with the decentralized oracle Razor Network, to provide verified real-world data for its DID aggregator.
“Litentry partners with the Razor Network to provide real-world verified data for our DID aggregator. Razor Network is a decentralized oracle that provides data to smart contracts using a network of stakers. And because of that, Razor’s performance is superior and more secure than traditional centralized Oracle services”, he said through an article published on the Medium platform.
The company explained that to ensure that smart contracts can access reliable DID data, Litentry will hire a third party to carry out the DID data verification process.
“Centralized data providers provide this service, but such data is often unreliable, as data providers are prone to data attacks and are subject to single points of failure. To employ a transparent and trustless data acquisition process, Litentry is building a decentralized network of validators on a proof-of-stake blockchain, which will ensure the honesty of validators with contracts executed on-chain”, he added.
While noting that Razor’s decentralized and blockchain agnostic Oracle network provides reliable and secure data sources in real time to meet the various requirements of smart contracts. “Razor Network validators lock your RAZOR tokens as” Stake “and help improve network security. Honest validators are rewarded for their performance, while malicious validators and those who report inconsistently face strict penalties. This mechanism maintains the fidelity of the external data that is provided to the DApps”, he highlighted.
Litentry CEO Hanwen Cheng said that Razor “provides reliable data for decentralized protocols and applications. We are excited to be working with the Razor network and look forward to creating a fair and attractive mechanism for data providers to index identity-related data”.
Also read: Maker added new executive vote to the voting portal
For his part, Hrishikesh Huilgolkar, CEO of Razor Oracle Network, highlighted that Litentry “is playing a crucial role in the blockchain industry today. Since identity data is scattered across multiple blockchain protocols, Litentry aggregates all this information in one place and ensures that the user experience of identity management in DApps is as seamless as it is in Web2.0. We look forward to helping Litentry on this journey by verifying the authenticity of the data that Litentry adds. Growing up alongside projects that share a similar vision with Razor has been one of our main goals, and Litentry is a perfect fit”.
Comments are closed.