On Mar 19, Raze Network joined the AMA with the Polka Warriors community. Raze Network revealed many special things about their project and roadmap, as well as answer questions from the community about trustless privacy technology that they are building on the Polkadot ecosystem.
Raze Network is a Substrate-based, cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. Their core mission is maintaining policy privacy of users while still keeping the transparency of blockchain.
This AMA was held on Telegram channel of PolkaWarriors with the participation of Justin Kellison - Project Lead of Raze Network. Many interesting questions were asked, such as: Products of Raze Network, Roadmap of project and plan for project’s future. Below is the recap of this AMA.
Before the start of the AMA session, Justin had a short introduction about him and his project - Raze Network.
Below is a summary of the outstanding questions and answers from the AMA session.
1. Raze Network uses a "Secret DeFi Bridge" which users can use to hide their history trading and it is compatible with Uniswap, AAVE, Compound, among others, what are the steps for the users to have this feature?
Justin:
Good question.
-> A user will just have to go to the dApp
-> Mint private versions of their token directly on that platform
-> Use the services provided by that dApp in a completely anonymised manner
Once the task is done, just redeem it back to it's native form using the Redeem Module.
An easy process, but this way all the transactions you do are anonymised and no one can track it.
Compatible with any dApp, whether it's on Polkadot or Ethereum (EVM compatible).
2. Kindly share your opinion regarding the current state of the DeFi market? Do you think DeFi full potential has been unlocked? How will RAZE NET make the DeFi world a better place, easy to use and accessible to all?
Justin:
We actually recently published an article covering the DeFi space.
Here: https://raze-net.medium.com/raze-network-why-defi-cannot-be-wrong-2374e5f96eb7
Though Decentralised Finance has seen immense growth lately, we do believe that it's just a fraction of what is yet to come.
Imagine a place where you can interact and use services without relying on a centralised party, having full control over your funds and privacy.
Though privacy can be compromised if your address is found, and you will be tracked without your knowledge.
Here comes RAZE Network.
Raze Network will provide cross-chain end-to-end payment privacy for the entire DeFi stack. The identities of involved parties, transaction amount and balance will be anonymised.
As it is decentralised, no one will be able to stop you. And thus there will be huge demand for such privacy-preserving decentralised transactions, as not all transactions are meant to be made public.
3. How is the Raze Network's DeFi-based cross-chain security protocol different from other protocols built on Polkadot platforms? Besides, what are the advantages Polkadot do you believe will make Raze Network perfect compared to using other plf
Justin:
Good question.
We actually have this covered in our doc too: https://docs.raze.network/getting-started/ecosystem-fits
RAZE Network can connect to any DeFi or Web 3.0 product, thus the scope is huge.
We are already getting good interest for integration from some of the prominent/well-known crypto projects.
RAZE Network will not be limited to one platform, instead users will be able to use services of any DeFi product out there, who integrate RAZEVM, in a private/anonymised manner.
For your second question, RAZE Network will benefit from the growing Polkadot ecosystem. But it will also help Polkadot as it will provide privacy to these transactions, and will bring liquidity from Ethereum to Polkadot with the use of our cross-chain bridges (something which is in the roadmap).
4. Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, some of those didn’t go so well due to easily avoidable mistakes.
Justin:
Though most of the team is anonymous because of potential regulatory issues, we have recently published some info about the team/advisors in our website: https://raze.network/
Very well-known people have joined RAZE Network after doing their due-diligence, and will help in making RAZE Network a success.
We have also given little team background in our Web3 grant application: https://github.com/w3f/Open-Grants-Program/blob/d073858fdf067619e87fb2b4420420581b5cc6e2/applications/Raze_Network.md
Moreover, we will be open-sourcing our code this month only. So the community must trust the code rather than who is building it.
Ultimately it's the code which makes a project secure and successful, and open-sourcing it should create confidence amongst the community!
5. What are the key milestones on your roadmap — both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?
Justin:
Currently we are working on our Substrate-based smart contract, which is using zk-SNARKs algorithms.
In future we will also be working on cross-chain bridges and a cross-chain AMM protocol.
Our next 3 near milestones are :
- Open-sourcing our code
- Token economics Whitepaper Release
- Token Generation Event
We are expecting the first two to be out this month only, and TGE sometime in early April.
Meanwhile we will also be announcing a bunch of good partnerships, and will be doing various promotional activities to create awareness about RAZE Network.
Please also check our recent MEME/Sticker contest here, and feel free to join and contribute: https://raze-net.medium.com/raze-network-stickers-and-meme-competition-9d46d9cc0bf8
In the live questions sections, Justin did answer several short questions from the Polka Warriors community.
1. Do you have any competitors in the market? And what are your strengths and weaknesses?
Justin:
As previously said, RAZE Network is unique as through it you can connect to any DeFi or Web3.0 app, and use their services in a completely anonymised manner.
As we can connect any dApp out there, our scope/market potential is very high.
Outlined here: https://docs.raze.network/getting-started/ecosystem-fits
2. For the success of a project, investors, community and developers play a major role. What is the RAZE NETWORK strategy to get them involved?
Justin:
Through our fundraising rounds, we have already onboarded many valuable partners and advisors who will help us in all fronts.
Our team is still growing and currently consists of 26 members, 6 of them are advisors (very-well known).
We will be open-sourcing our code and collab with many media publications/agencies to create more awareness about RAZE.
Much more is to come in the next 20 days.
3. All project coins have their main Utilities & real-life usecases ! So, Can you tell us what the main role of your coin in your ecosystem is? Explain it’s Utilities & Real-Life usecases ? and Why should i invest in your coin for the long term?
Justin:
RAZE token will be a privacy-preserving token. Any transaction on RAZE network will require $RAZE as gas fee. Plus through $RAZE you will be able to participate in governance and voting.
$RAZE token is also deflationary, a certain percentage of every transaction on RAZE network will be burned, in form of $RAZE tokens.
Here: https://docs.raze.network/getting-started/token-economics
4. Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
Justin:
Yes this will be necessary as RAZEVM must be integrated with these DeFi apps, so that users can mint tokens directly on their platform. Only a few lines of code are required for the integration.
Seeing RAZE’s potential and usecases , we have already been approached by many crypto projects to integrate their platform with RAZE.
This will provide their platform’s users a chance to do private transactions while using the same service as before.
You will soon see many partnership announcements coming in upcoming days. Stay tuned for that
5. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Justin:
We will be open-sourcing the code soon, for anyone to come and check the code.
We are also in touch with Certik to audit our code, and we will update the community once Audit starts and the final result arrives.
Security is most important for us and we will surely take the best security measures.