[ccpw id="39382"]

HomeCrypto NewsMarketShiba Inu: Unification Provides Major Update on Shibarium

Shiba Inu: Unification Provides Major Update on Shibarium


Written By:

The Shiba Inu community will soon welcome the Verified Open Randomness (VOR) and Oracle of Oracles (OoO) smart contracts on the Shibarium testnet.

The Unification Foundation, the non-profit organization behind the Unification Protocol and Shibarium, has issued a progress report regarding Shibarium. The team recently announced their ongoing efforts to implement OoO and VOR contracts on the Shibarium testnet.

Lucie, a prominent Shiba Inu community influencer, drew public attention to the update in a tweet today, citing an excerpt from an official Medium post.

Per the excerpt, Unification is currently focusing on integrating the Verified Open Randomness and Oracle of Oracles (OoO) smart contracts onto the Shibarium test network, Puppynet. 

VOR is a contract used for producing verifiably random outputs, essential for applications such as lottery systems and gaming dApps requiring randomness.

Oracles are smart contracts that can retrieve data, such as crypto prices, from external sources, and provide that data to the blockchain. They facilitate this by acting as bridges between the real world and the blockchain.

However, oracles are vulnerable to attacks that can lead to exploitation, such as the manipulation of asset prices. To address this issue, Unification introduced the Oracle of Oracles, which is resistant to hacking. They are now working towards deploying it on the Shibarium testnet.

Unification disclosed that they had deployed a test FUND token on the Shibarium testnet and linked the main Ethereum Goerli test network (L1) to the Shibarium test network (L2) via a bridge. The team further noted that they successfully transferred xFUND test tokens between both networks without any complications.

Unification revealed that their next plan is to deploy the 000 and VOR Router smart contracts on the Shibarium testnet. With the VOR Router, other smart contracts can utilize the VOR contract to generate random values. Following the deployment of these smart contracts, the team will activate the Oracle applications to serve data requests.

What are the Implications to Shibarium?

This update shows that progress is being made toward the eventual launch of the Shibarium mainnet. Moreover, with VOR, developers can create games, lotteries, and other applications that require a random element to function properly. This should help introduce such dApps to the network.

Furthermore, the integration of OoO on Shibarium guarantees that dApp oracles are impervious to hacks and flash loan attacks, instilling trust among builders and encouraging more participation on the layer-2 network.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

More from Author