ByteNext Integrates Chainlink VRF to Fairly Determine Winners of the Bounty Program
We’re excited to announce that ByteNext — the creator of an NFT Marketplace for Artists called AvatarArt — has integrated Chainlink Verifiable Random Function (VRF) on the BSC mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness needed to select winners of our Bounty program. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can see that the process of selecting the list of Bounty winners is very transparent and secure.
AvatarArt provides artists with an ecosystem to help their works become NFTs in order to join the exhibitions and auctions around the world.
In the future, AvatarArt will be a diversified ecosystem for thousands of artists with many paintings. Auctions will take place constantly and frequently. Transactions will be conducted in the most dynamic and convenient manner in order to promote and take the painting market to a new level.
AvatarArt Ecosystem includes:
- a system supporting artists to make their works become NFT and create tokens
- a system with NFT exchanges and auctions
- a system of DD experts
- a system of Virtual reality exhibitions with simulated works
- a system of preservation painting centers
In order to select winners in the most transparent and correct manner, we need access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity. For instance, RNG solutions using on-chain data like block hashes can be exploited by blockchain miners, while off-chain RNG solutions like traditional data providers are opaque and don’t provide users with definitive proof about the integrity of the process.
After reviewing various solutions, we selected Chainlink VRF because it’s based on cutting-edge academic research, supported by Chainlink’s time-tested oracle infrastructure, and secured through the generation and on-chain verification of cryptographic proofs that guarantee the integrity of each random number supplied to smart contracts.
Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The ByteNext smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This provides our users with automated and verifiable assurances directly on-chain that bounty program winners are determined in a provably fair manner that cannot be tampered with by the oracle, outside entities, or the ByteNext team.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
ByteNext is an AvatarArt NFT marketplace for artists that aims to build up the AvatarArt platform to support art creators worldwide to make their paintings become NFT on Binance Smart Chain, conduct auctions and transactions globally. AvatarArt will bring real-life values to the NFT space and establish storage and preservation centers at certain places. Once any painting piece is verified and stored at the centers, AvatarArt will create NFT for each piece of the art, ensuring its value the same as the real one.