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Oraichain Launches its Verifiable Random Function (VRF) solution for the Fantom Ecosystem


cryptodaily.co.uk 11 May 2022 13:36, UTC
Reading time: ~3 m

Decentralized AI-powered oracle service, Oraichain announced the availability of Verifiable Random Function (VRF) services on Fantom blockchain. The launch of VRF 2.0 aims to enhance the building of decentralized applications (dApps) on the vibrant Fantom ecosystem, boosting trust and fairness in these dApps. 

Created as a developer-friendly service, developers on Fantom will now have access to a “fully decentralized and publicly verifiable random number generator (RNG)” and introduces enhanced capabilities for dApps in DeFi, NFTs, and play-to-earn ecosystems, a statement from the Oraichain team reads. 

As more applications move on-chain, randomness is becoming an essential key to maintaining fairness and transparency on these dApps, validating the rarity of assets and stimulating competition on gambling platforms and online casinos. Several solutions such as generating random numbers from APIs have been tried in the past but they do not provide integrity guarantees. This led Oraichain to launch the fully on-chain VRF services to ensure transparency and tamper-proof outcomes. 

The launch of VRF 2.0 on Fantom 

Oraichain VRF 2.0 is designed to enhance the transparency, fairness, and decentralization of dApps built on Fantom. It aims to solve the limitations of RNGs that utilize on-chain data, which can be subject to attacks by malicious miners. Simply, dApps query for a random number, then Oraichain VRF 2.0 generates the random values needed by the dApps, and verifies their group signature on-chain, making it impossible for entities including dApp developers, node operators and oracles to tamper with their randomness generation process. 

The process is fully decentralized and publicly verifiable on the blockchain ensuring the numbers generated are purely random. It does this 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. 

As a result of the fairness and transparency in any number of scenarios, Fantom developers using the Oraichain Verified Random Function equips them with the infrastructure that is needed swiftly incorporate publicly verifiable randomness into highly scalable and cost-friendly DeFi, NFTs, and gaming applications with ease. Some of the scenarios that are likely to benefit from such include allocating 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. 

Finally, the Oraichain VRF 2.0 is designed as a plug-and-play utility with a simplified verification process, allowing users to query the blockchain to verify a VRF output on its built-in block explorer. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice 


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