Chainlink

LooksRare

<p>They have exerted considerable effort to assure the utmost transparency in the entire process. The central mechanism of their system is Chainlink Verifiable Random Function (VRF), hailing from the beloved decentralized oracle network.</p><h2 id="header-0">The Implications of Chainlink VRF for Raffles</h2><p><a href="https://chain.link/" rel="noopener noreferrer nofollow">Chainlink</a> VRF offers <a href="https://looksrare.org/" rel="noopener noreferrer nofollow">LooksRare</a> a source of randomness that is not only immune to tampering but is also auditable. This system is leveraged to select the winning entries for high-value <a href="https://blockchainreporter.net/nft/" rel="noopener noreferrer nofollow">NFTs</a> and LOOKS prizes.</p><p>At its core, Chainlink VRF can cryptographically confirm to the global audience that every raffle conducted is unquestionably fair and unbiased.</p><h2 id="header-1">The Reason for Not Using Another Source</h2><p>A random number generator (RNG) is indispensable for equitably selecting winners. In a situation where raffles occurred behind closed doors, an off-chain RNG would suffice.</p><p>However, that is not the case. Therefore, they sought a solution capable of:</p><ul><li>Discouraging manipulation</li><li>Upholding data integrity</li><li>Guaranteeing transparency</li></ul><p>While a block hash could generate random numbers, this system is vulnerable to exploitation by miners and validators, falling short of their requirements.</p><p>Chainlink VRF was chosen because of its proven resistance to tampering, providing users with indisputable evidence that winners of raffles are chosen fairly. With its ability to generate and verify cryptographic proofs <a href="https://blockchainreporter.net/glossary/on-chain/" rel="noopener noreferrer nofollow">on-chain</a>, Chainlink VRF upholds the integrity of every random number delivered to the Raffles contracts.</p><h2 id="header-2">Functioning of the System</h2><p>Chainlink VRF operates by combining yet unknown block data at the time of request with the oracle node’s pre-committed private key, thereby creating a random number as well as a cryptographic proof.</p><p>The Raffles contract admits the random number input only if accompanied by a cryptographic proof, which can only be generated if the VRF process remains invulnerable to tampering.</p><p>This system stands as evidence to all that the process of winner selection is free from any influence by the oracle, external entities, or the LooksRare team.</p>

LooksRare Incorporates Chainlink VRF to Facilitate Verifiably Random LooksRare Raffles

목차

BlockchainReporter

2023년 6월 12일에 게재된 다른 기사

The First-Ever MonkeyCup Has Begun!

Tether Circulation Hits New Peak as Confidence in Circle Continues to Shrink

veDAO Announces a Partnership with YouSUI

Recent SEC Action Casts Uncertainty over Cryptocurrency Sector, Prompting Price Declines and Lega...

Ripple's Resilience Amidst Cryptocurrency Market Decline: An In-Depth Analysis

Tether CTO says $1b USDT minted on Ethereum reserved for chain swapping

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!