Oraichain: World’s First Fully On-Chain Verifiable Random Function Service On Fantom

Source : zycrypto.com

Advertisement

&nbsp

&nbsp

The world’s first AI Layer 1 for Data Economy and Oracle services Oraichain has announced the enabling of Verifiable Random Function services on Fantom. Going forward, Fantom dapp developers will be able to harness the fully decentralized and publicly verifiable random number generator to bring more capabilities to DeFi, NFTs, and more.

This is a major development as randomness plays a crucial role in enabling fairness in dapps. It is also used to validate the rarity of assets and engenders competition. Such random values generated by APIs do not guarantee the integrity of dapps, hence the need for the fully on-chain VRF services brought by Oraichain which ensures transparency and tamper-proof outcomes.

“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.

Randomized number generators that utilize on-chain data can be easily attacked by malicious miners and Oraichain VRF 2.0 is designed to change that. This works by fully generating random values and verifying their group signature on-chain, which makes it impossible for anyone to tamper with the random generation process.

Oraichain VRF 2.0 also decentralizes all aspects of the randomness generation process by automatically recovering the final group signature from a predetermined threshold of VRF executors which is then verified against a group of public keys. The transparency is further enhanced by applying a hash function to generate random values on-chain using a smart contract.

Advertisement

&nbsp

&nbsp

With this in place, Fantom developers can now quickly and easily integrate publicly verifiable randomness into highly scalable and cost-effective DeFi, NFT, and gaming applications. This brings fairness and transparency to all scenarios, including assigning rare NFT attributes to newly minted tokens, creating unpredictable in-game scenarios, game match-making engines, and the distribution of limited-edition assets among many others.

Oraichain VRF 2.0 can be easily implemented since it has a plug-and-play design with a simplified verification process as it’s built directly upon Oraichain’s mainnet 2.0 Layer 1 infrastructure. Anyone can also query the blockchain to verify a VRF output using the in-built block explorer.

An AI-powered blockchain and Oracle ecosystem, Oraichain aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. The project’s main mission is to bridge the gap between AI and blockchain technologies in order to revolutionize the AI, DeFi, and Blockchain industries.

Leave a Reply

Your email address will not be published. Required fields are marked *