BTC $42614.59 (-2.8%)
ETH $3005.77 (-1.8%)
USDT $1.00 (-0.0%)
BCH $544.24 (-0.4%)
BSV $158.56 (12.4%)
LTC $157.96 (-1.2%)
BNB $368.16 (-0.9%)
ADA $2.12 (-0.6%)
DOGE $0.21 (-0.0%)
BTC $42614.59 (-2.8%)
ETH $3005.77 (-1.8%)
USDT $1.00 (-0.0%)
BCH $544.24 (-0.4%)
BSV $158.56 (12.4%)
LTC $157.96 (-1.2%)
BNB $368.16 (-0.9%)
ADA $2.12 (-0.6%)
DOGE $0.21 (-0.0%)

Ethereum Networks Partner to Enhance Oracle Security

Ethereum Networks Partner to Enhance Oracle Security
  • Razor Network will integrate Paid Network’s MVP to enhance its business services.
  • Paid MVP will combine individual digital identification and mobile identification once launched.
  • The partnership is expected to improve oracle security in the blockchain space.

Two Ethereum networks have teamed up to boost Oracle security. Razor Network, dubbed as the first truly decentralized generic oracle network, will soon add Paid MVP to its system.

Although Paid Network has yet to launch Paid MVP, it will work to improve digital identification once in use. Paid MVP will allow users to create a wallet that can be used as a digital signature. The digital signature will work as a unique ID that marks wallet activities to one person.

The MVP will also fuse individual and mobile IDs. Hence, this will help the UN’s goal for each person in the world to have a digital ID by 2030.

For now, Razor Network helps to verify data on the blockchain. Razor verifiers PoS system to stake tokens to verify data. Oracles will also use staking to ensure that the data they deliver is correct.

Razor designed its oracle network to resist most game theory flaws. Thus, this enables Razor to be a fast and efficient oracle service.

The Razor Network uses smart contracts that can be run on any blockchain like Ethereum. While Paid Network uses Plasm to operate on both Ethereum and Polkadot.

Since Oracle security is hard to solve, partly due to a lack of reliable decentral oracle service providers. Most likely, this project will lead to more DeFi project executions without relying on CeFi. In the end, allowing for more efficient crypto services.

Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.