• Chainlink (LINK) has rolled out a new feature called the Verifiable Random Function Oracle (VRF).
  • Chainlink will depend on VRF to speed up smart contract development in gaming, security and other categories.
  • The feature will do so by boosting randomness and make the platforms more tamper-proof.

Chainlink, an Ethereum-based decentralized oracle network, has launched a new feature called the Verifiable Random Function Oracle (VRF). According to a blog post, VRF aims to accelerate the development of smart contracts in gaming, security and other platforms by boosting randomness and make them more tamper-proof. 

Chainlink stated: 

The VRF secret key is a number the oracle chooses from the uniform distribution on {0,…,#secp256k1-1} in a cryptographically secure way. (secp256k1) is the elliptic curve used by Ethereum’s cryptography. Associated with this secret key is a public key, which is used to identify the oracle. The oracle registers the public key with the on-chain machinery, along with the chainlink job-ID it will respond to.

Owing to the provable randomness of the oracle, VRF can be used to make games more trustworthy and carry out tasks such as randomly assigning judges to cases at a law court, according to Chainlink. 

VRF has already attracted its first adopter in PoolTogether, a no-loss savings game that is powered by audited, secure smart contracts. The firm noted that it would soon replace its current manual and centralized process of winner selection with VRF, thereby boosting the transparency of its system. 

The PoolTogether Protocol uses random numbers to select the winner of each prize. Initially, this randomness generation process was a manual and centralized process, making it difficult for some users to fully trust PoolTogether Protocol’s ability to generate a provably fair winner.


 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”

Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”

Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.

More Cryptocurrencies News
Bitcoin still consolidates despite positive spot ETFs demand

Bitcoin still consolidates despite positive spot ETFs demand

Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.

More Bitcoin News
Why is ONDO’s price outlook bullish?

Why is ONDO’s price outlook bullish?

DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.

More Cryptocurrencies News
Maker price eyes a rally on technicals and on-chain metrics

Maker price eyes a rally on technicals and on-chain metrics

Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.

More Cryptocurrencies News
Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.

Read full analysis
Five best Forex brokers in 2024

Five best Forex brokers in 2024

VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals. 

Read More

BTC

ETH

XRP