TrustPad Will Integrate Chainlink VRF to Fairly Determine Participants in Supported IDOs
TrustPad x Chainlink — Integration
We are incredibly excited to announce that we will integrate the industry-leading decentralized oracle solution Chainlink Verifiable Random Function (VRF) on Binance Smart Chain (BSC).
Chainlink VRF is a secure and verifiable on-chain randomness solution purpose-built for smart contract applications, providing users with cryptographic proof that the generation of random numbers is tamper-proof and unbiased. By integrating Chainlink VRF, we can now determine who from our staking pools gets early-access to fund projects, all in a provably fair manner.
TrustPad is a decentralized, multi-chain IDO platform that enables projects to safely raise capital while giving investors confidence in the legitimacy of projects. Built upon best-in-class proprietary technology, projects can leverage TrustPad to launch their IDO simultaneously on both Ethereum and BSC. In addition to supporting multi-chain listings for premium projects, our long-term vision is to provide a seamless cross-chain user experience by enabling the community to buy IDO tokens using one network and receive them on another.
TrustPad users can participate by purchasing our native TPAD token and depositing it into our IDO staking pools. By doing so, they have a chance to get early-stage fundraising access to launchpad projects. In order to fairly determine winners from the IDO pools, we required a highly secure and reliable on-chain randomness solution.
Provably Fair Randomization
TrustPad chose Chainlink VRF because it is the only blockchain randomness solution that avoids reliance on opaque centralized solutions and cannot be manipulated by blockchain miners to their own benefit.
On a technical level, Chainlink VRF works by combining block data that is still unknown when the VRF request is initiated with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof.
The smart contract will only accept the random number input if it has valid cryptographic proof, and a valid cryptographic proof can only be generated if the VRF process is tamper-proof. This provides users with automated and verifiable assurances directly on-chain that each IDO using Chainlink VRF for randomness has provably fair results that cannot be tampered with by the oracle, outside entities, or the TrustPad/IDO team.
TrustPad, CMO, says:
“Chainlink VRF is a game-changer for our platform since it’s both a secure and transparent source of randomness, ultimately ensuring that TrustPad users have a truly fair opportunity to get access to early IDO projects.“
“Anyone can verify the high integrity of Chainlink VRF, removing any worries around users or the TrustPad team getting special preference on specific IDO projects.”
Amongst the many launchpads, TrustPad is different. A ‘quality not quantity’ approach has been sought by the team to ensure that projects launched through TrustPad have long term, real value. This will provide the TrustPad community with sustainable development, which attracts a larger community of both $TPAD and the projects launched on the platform.
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.