Prophecy chooses Chainlink VRF for Prophet Pools
The next evolution in verifiably fair dApps with Prophecy — rapid yield generation in a new, gamified vision.
We’re excited to announce that Prophecy, a DeFi and NFT-focused ecosystem of dApps and services, has integrated Chainlink Verifiable Random Function (VRF) across our flagship product — Prophet Pools. This comes as part of our commitment to building out the most revolutionary yield-generating product, with a focus on provable fairness and randomness in an engaging and exciting service.
By integrating Chainlink’s industry-leading decentralized oracle network, Prophecy now has access to a tamper-proof and auditable source of randomness needed to select Prophet Pool winners in a fair and secure manner. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can participate in individual Prophet Pools with strong assurances that the winners will be chosen with integrity and fairness. We’re humbled to be pushing forwards with ethical decentralization in a manner that puts supporter confidence first.
Chainlink VRF works by combining block data that is still unknown when the request is made with a user-supplied seed and the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. Prophet Pool smart contracts 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 users with automated and publicly verifiable assurances directly on-chain that using Chainlink VRF for randomness is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the Prophecy team.
Prophet Pools are a gamified new take on rapid yield farming generation. It matches participants together in a select Pool, where each participant stakes tokens and a portion of the collective yield generated is awarded to winners. Key points include:
- There are a wide variety of Prophet Pool types and sizes, ranging from small Pools with fewer participants but life-changing winnings, to Pools with a massive number of participants with smaller winning amounts but increased odds of winning.
- Chainlink VRF generates the random input used to select winners in a fair and secure manner.
- Prophet Pools execute immediately after being filled to capacity — as soon as the last participant joins (for example, user 10 out of a 10-person Pool) the Prophet Pools execute. Winners receive their rewards directly in their wallets and other participants receive a Second Chance token.
- Fees generated from ALL Prophet Pools are entered back into the Prophecy ecosystem, contributing to PRY token buybacks, marketing expenses, development costs, bonus rewards (Second Chance Pool for participants who don’t initially win), and more.
- Prophet Pools span all sizes across multiple chains and token types. Pools can be as low as a few USDT, to as high as multiple ETH — complete participant choice to select the Pools of their choice.
- Utilizes The Graph to log every outcome, every win, and every participant from every Prophet Pool for additional verification.
- Deep future expansions on a rolling basis, including NFT point-based systems to reward additional participation, bonus special Pools, charity based Pools, custom lobbies, custom user-definable Prophet Pools, and more.
“Chainlink’s VRF is a no-brainer when considering the needs and demands of a product as complex and revolutionary as Prophet Pools. By integrating Chainlink VRF, we’re ensuring our supporters receive industry-leading technology that puts security and provable on-chain fairness at the forefront of our product offerings. The future has never looked brighter for Prophecy with support from Chainlink!” said Prophecy CEO Hermes.
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.
Prophecy is a proof-of-committed-decay project that is “Community Driven — Future Focused” with its central products “Built to Win”. Prophecy aims to “provide a framework of continually increasing scarcity and value proposition with a communal, societal approach at the centre of services” — helping it’s supporters to engage in core crypto services in an increasingly communal manner — we call it ‘gamification’.
Prophecy was founded in late 2020, and the PRY token is designed to ensure that owners can participate in the operation of the ecosystem. Tokenomics include periodic token burns (with no additional token mints), a massively expanding and growing roadmap filled with intensive, impactful products and services, and an ecosystem that contributes directly to token buybacks and additional burns.