Cryption using Chainlink VRF in Second Chance Reward Pools
Cryption Network is happy to announce our usage of Chainlink VRF on the Polygon mainnet for provably fair randomness within the PolyDex Second Chance rewards pools.
Users can enter into the pool using a specific token. Chainlink VRF will be used to select winners for each draw in a tamper-proof, unbiased, and verifiable manner. With PolyDex’s second-chance design, the losers of the first drawing have not necessarily been lost. They will be given a token that can be used to play again, giving all players a second chance at winning.
Chainlink VRF (Verifiable Random Function) is the industry-leading Random Number Generator (RNG) solution for smart contracts. It’s both secure and fully auditable on-chain via cryptographic proofs, which verify the integrity of the randomness process. With this integration, Cryption players can be assured that every participant has an equal opportunity of winning prizes.
What does the integration entail?
This integration of Chainlink VRF augments the authenticity of the smart contracts by generating random numbers using secure and verifiable off-chain computation. Other on-chain RNG solutions like block hashes alone introduce vulnerabilities where miners can choose to ignore blocks when they generate unfavorable results, essentially allowing a re-roll. Alternatively, off-chain RNG solutions require users to trust without verification that the centralized data provider won’t manipulate the results to their benefit.
Instead, 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 PolyDex smart contract will only accept the random number input if it has valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This provides users with automated and publicly verifiable assurances directly on-chain that Chainlink VRF is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the Cryption team.
“By Chainlinking our platform, Cryption ensures our random number generation process follows the highest standards of security and fairness while delivering fast results. This in turn leads to every PolyDex user getting a truly fair opportunity without needing any additional trust assumptions that they cannot verify. Chainlink VRF was also very easy to integrate on Polygon, making for a seamless onboarding experience.” — Cryption CEO Tejas Chitnis
By integrating with Chainlink VRF, fairness and transparency will be synonymous with PolyDex no-loss random number draws. We look forward to additional integrations with other Chainlink services in the future, such as Chainlink Price Feeds to support our DeFi applications. Stay tuned for future updates!
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
About Cryption Network
Cryption Network is a revolutionary platform addressing all the drawbacks of the DeFi and crypto ecosystem to offer users the best services possible and promote mass crypto adoption.
The main issue that Cryption Network is determined to resolve is the volatility of the crypto market. The platform is achieving that Yield Farming and its robust set of products such as :
- PolyDEX — L2 Swap
- Elastic Farming
- Deflation of CNT
- Cryption App
- Non-Custodial Portfolio Management
- Ether Rush
- DeFi Stack