lotdog.io Integrates Chainlink VRF to Secure Winner Selection in Daily Lottery
We’re excited to announce that LOTDOG.io — a deflationary BSC token with an integrated lottery function — has integrated Chainlink Verifiable Random Function (VRF) on the Binance Smart Chain 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 determine the winner of our lottery. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can trust the lottery to be 100% fair and give them the real chance to win a significant amount of BNB Token every eight hours.
We at LOTDOG.io wanted to bring something fresh and exciting amidst a sea of similar RFI forks. By moving a share of each transaction into a lottery pool LOTDOG.io is providing a fun way of interacting with blockchain technology. Each individual person that is purchasing a small amount of our $LOTDOG token is automatically entered into the lottery and has an equal chance to win a prize. All existing lottery tokens utilize, what is in our opinion suboptimal on-chain solutions for their randomization, that allow for manipulation or are based on a non-verifiable off-chain solution. By utilizing the Chainlink VRF we can guarantee a fair and honest RNG function that truly is immutable.
In order to determine the winner of our lottery, 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 LOTDOG.io 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 LOTDOG.io is provably fair and cannot be tampered with by the oracle, outside entities, or the LOTDOG.io team.
Utilizing a truly randomized function has a vast amount of use cases that LOTDOG.io will draw benefit from. We are close to bringing out a new game to our platform, where the underlying parameters such as game time and entry price will also be adjusted based on a randomness factor by the VRF. On top of that we are exploring options with the Keeper Network to fully automate the process of our existing lottery function.
“The Chainlink VRF is the only solution on the market that can provide the tamperproof and reliable randomness we need for our lottery function and therefore guarantee our users that the selection of the winner is truly random.”
–Sharon Shephard, Co-Founder of LOTDOG.io
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance, and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
LOTDOG.io was created to disrupt the world of deflationary token. Instead of only rewarding those who hold the most of token by the automatic reflections, we also integrated a random lottery function powered by the Chainlink Oracle VRF to select one random buyer to win a share of all transactional volume every eight hours. LOTDOG.io provides a fun and unique experience to its users, combining the benefits of existing deflationary RFI clones and adds a flavor of chance to the technology.