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It isn't easy to create randomness on blockchains. The reason for this difficulty is that each node must arrive at the same conclusion to form a consensus. Chainlink created a Verifiable Random Function (VRF) to solve this problem by allowing smart contracts to generate random numbers.
Smart contract developers across blockchain use Chainlink’s VRF to generate tamper-proof random numbers. In essence, Chainlink VRF is a secure Random Number Generator (RNG) employed by developers to carry out specific functions in the Decentralized Finance (DeFi) industry.
Chainlink’s VRF has brought transparency to the entire cryptosphere. Since its inception in October 2020, numerous protocols across Ethereum, Polygon, and Binance Smart Chain (BSC) have integrated the secure randomness solution. The solution is a fair and verifiable source of randomness designed for smart contracts.
The solution provided by the VRF is excellent because it ensures that smart contracts access randomness without compromising on security. Chainlink VRF generates a random number upon every request for randomness with cryptographic proof of how the number was generated.
The process is done to prevent anything or anyone from manipulating the results—it is verifiable, transparent, and inimitable. So far, the VRF has been unbreakable.
“The proof is published and verified on-chain before any consuming applications can use it. This process ensures that the results cannot be tampered with nor manipulated by anyone, including oracle operators, miners, users, and even smart contract developers,” according to Chainlink’s document.
As stated, many projects across the DeFi industry have utilized secure solutions for different purposes.
Chainlink VRF has brought fairness to lotteries, reward distribution, and many other random assignments of duties. Recently, the secure and efficient solution recorded a considerable milestone in the DeFi industry.
According to a BSC News publication from September 29, Chainlink VRF serviced one million requests in 35 use cases across BSC, Polygon, and Ethereum.
The solution is widely used, ensuring that several top projects in the DeFi space efficiently carry out numerous use cases.
For more information about Chainlink:
Website | Twitter | Discord | Telegram |
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MetaMask has improved accesibility for Ledger users in its latest update. The update will roll out from next week, simplifying the proces by which Ledger users connect their hardware wallet to MetaMask.
At present Ledger users are required to open Ledger Live first, then connect their Ledger, then connect MetaMask to it. The sheer number of steps required to make the connection is prohibitive. Community feedback has now prompted MetaMask to streamline the process.
“Ledger users, we hear you,” said MetaMask in a tweet on October 26th. “We have a new improved Ledger support that should be starting to roll out next week. The new support will be entirely in-browser, and won't require Ledger Live installed to use.”
MetaMask went on to tease “extra good news” for hardware wallet users coming very soon.
MetaMask recently launched version 10.3.0 of its extension with a subtly altered login screen. The company is also working on an improved token detection algorithm that is resistant to airdrop scams.
ConsenSys is a leading Ethereum software company. It enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. The ConsenSys product suite is composed of Infura, Quorum, Codefi, MetaMask, Truffle and Diligence.
The Korean Teachers’ Credit Union (KTCU) issued a statement denying a report that it has shifted its investment strategy to allocate part of its capital into Bitcoin Exchange Traded Funds (ETFs). The article published by The Korea Economic Daily titled, ‘KTCU to be Korea’s first pension fund to invest in cryptocurrency ETF’ got the entire crypto community abuzz with excitement.
The move is seen as a leap of faith because pension funds are often regarded as conventional investors that favor low-risk traditional products. If the rumor is true, it also signals a departure from the institution’s usual investment strategy.
In a statement released by KTCU and quoted in The Korea Herald, it says - The KTCU has never reviewed an investment in a bitcoin-related ETF, and will never have a plan to do so’
KTCU is a pension fund with $47 billion of Asset Under Management (AUM) raised eyebrows when the local daily published the report. KTCU is dedicated to promoting teachers’ welfare and financial benefits and investment by pension funds is the clearest sign that Bitcoin is now regarded by institutional investors as a mainstream asset.
Korea continues to rein in on the crypto ecosystem and the latest decision to proceed to tax crypto earnings of more than 2.5 million Korean won (approximately $2,105) affirms the government’s tough stance against the crypto industry. The Korean authority has recently shut down more than half of the crypto exchanges operating within its jurisdiction for failing to get the relevant approvals from the Financial Services Commission (FSC).
Given the general policy and regulatory sentiment in Korea, institutional investment decisions are unlikely to favor the crypto industry. Whilst in the US, institutions are taking bold steps ahead.
In a recent announcement, the Houston Firefighters' Relief and Retirement Fund has bought into Bitcoin and Ethereum. This is probably a result of the recent Bitcoin ETF’s approval by the SEC which is seen by observers as the regulator’s stamp of approval for the new asset class.
It would be ideal for traditional institutions such as pension funds to dip their toes into crypto-related investments. This is because pension funds are geared towards capital preservation rather than growth. If Bitcoin can provide this assurance, its narrative as a store of value is bolstered.
Mass institutional adoption for crypto assets may not take place at the pace that many enthusiasts would have wished. Cryptos as an asset class still suffers from volatility and once this massive price fluctuation decreases, it becomes a more viable alternative to other traditional assets.
The secure solution allows smart contracts to create random numbers for numerous use cases on a blockchain.
It isn't easy to create randomness on blockchains. The reason for this difficulty is that each node must arrive at the same conclusion to form a consensus. Chainlink created a Verifiable Random Function (VRF) to solve this problem by allowing smart contracts to generate random numbers.
Smart contract developers across blockchain use Chainlink’s VRF to generate tamper-proof random numbers. In essence, Chainlink VRF is a secure Random Number Generator (RNG) employed by developers to carry out specific functions in the Decentralized Finance (DeFi) industry.
Chainlink’s VRF has brought transparency to the entire cryptosphere. Since its inception in October 2020, numerous protocols across Ethereum, Polygon, and Binance Smart Chain (BSC) have integrated the secure randomness solution. The solution is a fair and verifiable source of randomness designed for smart contracts.
The solution provided by the VRF is excellent because it ensures that smart contracts access randomness without compromising on security. Chainlink VRF generates a random number upon every request for randomness with cryptographic proof of how the number was generated.
The process is done to prevent anything or anyone from manipulating the results—it is verifiable, transparent, and inimitable. So far, the VRF has been unbreakable.
“The proof is published and verified on-chain before any consuming applications can use it. This process ensures that the results cannot be tampered with nor manipulated by anyone, including oracle operators, miners, users, and even smart contract developers,” according to Chainlink’s document.
As stated, many projects across the DeFi industry have utilized secure solutions for different purposes.
Chainlink VRF has brought fairness to lotteries, reward distribution, and many other random assignments of duties. Recently, the secure and efficient solution recorded a considerable milestone in the DeFi industry.
According to a BSC News publication from September 29, Chainlink VRF serviced one million requests in 35 use cases across BSC, Polygon, and Ethereum.
The solution is widely used, ensuring that several top projects in the DeFi space efficiently carry out numerous use cases.
For more information about Chainlink:
Website | Twitter | Discord | Telegram |
