Recap of the Raze Network AMA with Blockchain Space
On Friday, June 4th, we had the pleasure to welcome to our Telegram chat:
Justin Kellison, The Project Lead at Raze Network.
We asked him questions about the development of Raze Network.
Q~ Thanks for joining us today. Please start off by introducing yourself to the Blockchain Space community and your role in the team?
A~ I am Justin Kellison. I have been a contributor in the crypto industry for around 4 years now, and have worked with few multi-million dollar DeFi projects. I have mostly worked on the marketing front and have created exposure and content for the projects I have managed.
I came into crypto in late 2017 and stayed throughout the bear market, learning and growing my network meanwhile.
Through my network I came in touch with the Raze team and joined them in this beautiful journey!
My focus here will be on growing and strengthening the RAZE community, and create ELI5 content for them. The one most asked for.
Q~ Tell us what Raze Network is, how it works, and what kind of value the protocol adds to the ever expanding DeFi ecosystem?
A~ Raze Network is a second-layer protocol that will provide cross-chain payment privacy for the entire DeFi stack of the Polkadot ecosystem.
Since the Zether framework we use was designed to support the Ethereum account model, the Raze contract will support both tokens issued in the Polkadot ecosystem such as DOT & Kusama as well as ERC-20 cross-chain private payment.
Through our RAZEVM integration, we will be able to connect to any DeFi or Web3.0 product, and then mint privacy tokens in 1:1 ratio.
By using zero-knowledge algorithms, the identities of involved parties, balance and transaction amount will be anonymised, thus protecting privacy to the fullest extent.
Our targeted market is really huge, as we can connect to any chain which supports smart contracts.
Ethereum, Polkadot, Binance Smart Chain, Harmony and IOST will be amongst the first ones!
Q~ Can you share with us detailed information on the $RAZE tokenomics and it’s usecases?
A~ $RAZE token will be required for all transactions on Raze Network, as a gas token.
This is one of the biggest utility for $RAZE token.
- $RAZE is a privacy-preserving token, and will also act as a Governance-token.
- Community will be able to propose changes in the protocol, and then vote on it to implement the changes.
- $RAZE token will also be used to provide liquidity reward, to incentivise the liquidity in the decentralised ecosystem.
- Also a small portion of the transaction fee will be burned, thus $RAZE supply will be deflationary.
Also covered in our Docs:
Signum Capital, Spark Digital Capital, AU21 Capital, CMS Holdings, Master Ventures, PNYX Ventures, Moonwhale and .…
Q~ Can you give us an update on what the team at Raze Network has accomplished till date and your future plans for Raze Network?
A~ Till now, the team has done tons of partnerships with many DeFi products.
Community of all of these projects will turn into our community, as users will be able to access privacy directly from their platform.
Let me share a picture
We are also expecting our testnet this month only.
In future, we will also work creating a whole privacy-focused ecosystem.
That will start with Raze swap, RAZE lending and more!!
QUESTIONS FROM BITCOINTALK
Q~ What is the Dev’s plan to attract investors, how can the project be realized, and how can the project survive in these bad market times?
A~ All of the partners above are actually the one which will bring users to our layer-2 solution.
Users of these projects will be able to mint private tokens in 1:1 ratio on our privacy solution.
This brings demand and liquidity in our network.
Plus our protocol can connect to most of the DeFi ecosystem, so liquidity and demand will never be an issue.
Q~ As part of your ecosystem expansion, you decided to launch RAZE-BSC Bridge, does this mean that DeFi users on Binance Smart Chain can also make cross-chain payments while preserving their privacy from unauthorized surveillance via the mint, redeem, and transfer functions? What exactly is the benefit of this integration ?
A~ The BSC bridge helps to transfer RAZE token between ETH and BSC chain.
But we are already in touch with BSC based projects and those projects can connect RAZEVM to give their users privacy-preserving transactions option.
BSC is compatible with RAZEVM, so the whole ecosystem built on it can integrate our product.
QUESTIONS FROM TWITTER
Q~ As I understand, when using Raze, there are three steps: Mint, Transfer and Redeem. Would you mind giving a brief summary of each of these steps? Also, when privacy coins have been minted, where do the original coins the user is anonymizing reside?
A~ Raze Network will mainly use three technical modules:
-> Mint: Converts any token into an anonymized version of itself.
-> Redeem: Converts the anonymized token back into its native form.
-> Transfer: Enables the anonymous transfer of the token, conceal the identity of both sender and receiver, and the amount being sent.
An easy process, but this way all the transactions you do are anonymised and no one can track it.
Xiaolin : Can we use this three functions on the platform or we have to wait till testnet?
Justin : This will be possible on our testnet, yes.
Q~ To build a solid privacy ecosystem forming around Raze Network, which partners have you integrated from different crypto ecosystems to contribute to their networks and empower users to take back control of their data ?
A~ As shown in the image above, we have around 30+ partners.
Namely IOST, Harmony, MantraDAO, RioDefi, Phantasma, KardiaChain and many more.
Users of their ecosystem will be onboarded on our platform with our mainnet launch. :)
Q~ The zkSNARKs are responsible for maintaining anonymity, but, in terms of security, how likely is it that they could fail and users’ data become vulnerable? In the event of such an error, is your team capable of dealing with the consequences?
A~ Our code is open-souced for anyone to cross-check.
Plus it is audited by certik too:
Raze Network Audit Review
The Raze Network smart contract audited was completed by Certik on April 15th, with 0 critical, major, and/or minor issues.
We will also partner with insurance projects to give additional layer of security to our users.
QUESTIONS FROM TELEGRAM
Q~ I’m interested in adding liquidity to RAZE/RUNE pool on THORSwap, any detailed guide or instructions on how to go about it ?
A~ We are already in the pending pool of THORChain / THORSwap.
You can deposit RUNE/RAZE whenever fund cap is raised, for RUNE to get listed.
Check this out:
Raze Network Goes THORSwap
You may want to check out the #RAISETHECAPS movement on Twitter. It is spreading fast.
Q~ What is RAZE NETWORK’s global expansion plan? Which market does RAZE NETWORK currently focus on? Or focus on building and developing to get customers- users and partners?
A~ Anyone who can contribute is welcome!
Contribute, and be rewarded accordingly.
Q~ What are the benefits currently Raze Network to partnership with OMNI? What do you expect from this partner and how can it help to keep your community growing?
A~ Omni app does provide great privacy, but another layer of privacy will be added with RAZE. On the payment/data transfer level.
Q~ What do you think about the explosion of the NFT + DeFi association that is causing a lot of interest in the world? How does Project RAZE capitalize on and exploit this fact?
A~ We do believe NFT has great potential.
RazeVM can also integrate with NFTs, and we also have partnered with Phantasma Chain on this front. :)
Q~ What is the difference between RAZE NETWORK projects and projects that are on the market? the potential of the RAZE NETWORK project that the client will receive using your software that other projects do not have ?
A~ Though Raze Network also provides privacy at smart contract level, Raze Network protocol is not limited to just one service or product. Raze Network can connect to any DeFi or Web 3.0 product and use the services provided by them in a completely anonymised manner, whether it is staking, derivative, trading, lending etc.
Raze Network is also not limited to one chain or ecosystem. It can connect to any chain which supports smart contracts, for example Polkadot, Ethereum, Binance Smart Chain etc.
This greatly increases our potential market to integrate with, and is one of the major advantage over other privacy projects.
It’s really nice having the Raze Network project in here!!!
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