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Home Press Release Oraichain Enables Decentralized & Publicly Verifiable Randomness Generation For Dapps On Fantom...

Oraichain Enables Decentralized & Publicly Verifiable Randomness Generation For Dapps On Fantom Network

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Tortola, British Virgin Islands, 11th May, 2022, Chainwire

 

Oraichain, the world’s first AI Layer 1 for Data Economy and Oracle services, recently announced the availability of Verifiable Random Function services on Fantom. Developers building decentralized applications (dApps) in Fantom’s vibrant ecosystem will now be able to benefit from a fully decentralized and publicly verifiable random number generator and deliver enhanced capabilities for DeFi, NFTs and more.

Randomness is essential for dApps to enable fairness, validate the rarity of assets and stimulate competition. But random values derived from APIs do not provide integrity guarantees, hence the need for fully on-chain VRF services to ensure transparency and tamper-proof outcomes.

Oraichain VRF 2.0 has been designed to overcome the limitations of randomized number generators that utilize on-chain data, which can be subject to attacks by malicious miners. It works by fully generating random values and verifying their group signature on-chain, making it impossible for entities including dApp developers, node operators and oracles to tamper with their randomness generation process. Oraichain VRF 2.0 decentralizes every aspect of the randomness generation by automatically recovering the final group signature from a predetermined threshold of VRF executors. That signature is verified against a group public key, with transparency further enhanced through the application of a hash function to generate random values on-chain through a smart contract.

Oraichain VRF 2.0 provides the infrastructure Fantom developers need to quickly and easily integrate publicly verifiable randomness into highly-scalable and cost-effective DeFi, NFT and gaming applications. This enables fairness and transparency in any number of scenarios, such as assigning rare NFT attributes to newly minted tokens, creating unpredictable in-game scenarios, game match-making engines, the distribution of limited-edition assets, the selection of airdrop winners from liquidity provider pools at random, and choosing network validators or DAO participants at random for important decision-making.

Developers can implement Oraichain VRF 2.0 in Fantom-based apps with ease. Oraichain VRF is designed as a plug-and-play utility that comes with a simplified verification process as it’s built directly upon the Oraichain’s mainnet 2.0 Layer 1 infrastructure with a built-in block explorer. This enables anyone to query the blockchain to verify a VRF output.

“We are delighted to bring Oraichain VRF 2.0 to the Fantom ecosystem. With Oraichain VRF, Fantom developers can access the necessary infrastructure to quickly develop highly scalable and cost-efficient DeFi, NFT, and gaming products augmented by publicly verifiable randomness,” said Duc. M Tran, Head of Community Relations at Oraichain, in a statement.

About Oraichain

Oraichain is an AI-Powered Oracle and Blockchain Ecosystem. Oraichain data oracle platform aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. Founded by Dr Chung Dao, Oraichain’s mission is to be the portal between AI and blockchain technologies, aiming to revolutionize the AI, DeFi, and Blockchain industries.

 

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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