MultiPad to Integrate Chainlink VRF for Fair Lottery Winner Generation
We’re excited to announce that MultiPad will be integrating Chainlink Verifiable Random Function (VRF) on the Binance Smart Chain, Polygon and Avalanche mainnets.
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 lottery winners for our partner IDOs.
Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can be confident in the fair process that Chainlink propagates, allowing random selection of participants for our IDOs..
Simply put, MultiPad is ‘Committed to Community’ by creating a fair launchpad that allows holders of its native token to enter lotteries to win guaranteed allocations in partner IDOs. Hold more tokens to have a bigger chance of winning as investors get one lottery ticket for every 10,000 tokens staked. It’s as simple as that.
In order to ensure that there is absolute fairness in the draw and giving each lottery ticket equal weighting, 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 is 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 MultiPad 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 the launchpad lottery is provably fair and cannot be tampered with by the oracle, outside entities, or the MultiPad team.
As we are dedicated to the promises we have made to our community, MultiPad will continue to develop and that includes leveraging as much of Chainlink’s technology as possible, to further develop more innovative and immutable ways to maintain fairness and value on our platform.
“MultiPad is all about being fair to the community and Chainlink’s VRF gives absolute transparency to the community regarding the whitelist selections,” says Mr Green, co-founder at MultiPad.
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.
MultiPad is fueling the cross-chain future through complex smart contract systems that allow any project to launch on major chains including BSC, Polygon, Avalanche, Solana and Cardano. Community-governed, decentralized and multi-chain, MultiPad enables startup partners to raise funds and helps with marketing, go-to-market strategies, technical advice and assistance. Our partners are aligned with our promise to be ‘committed to community’, and our community is everyone who has a stake in MultiPad including strategic investors, community investors and IDO project partners.