Vent Launches With Chainlink VRF Live on Polygon
In our previous announcement, we announced our intent to integrate Chainlink Verifiable Randomness Function (VRF) within our Decentralized Allocation System. We’re excited to announce that the integration is now live on the Polygon mainnet, allowing us to validate the integrity of the random integer generated. As a result, users can now have automated and verifiable assurances directly on-chain that each launchpad allocation is provably fair and was not tampered with by the oracle or any outside entities.
With development integrations such as Chainlink’s VRF, Bridge Mutual’s coverage solution for dApp investments, and Synaps’ new and improved KYC flow, we provide our community with access to unique and promising projects in a reliable, transparent, and secure manner.
We selected Chainlink VRF as our go-to random number generator (RNG) solution because it allows any user to verify the integrity of the randomness relied on to our Decentralized Allocation System. By supplying cryptographic proofs, Chainlink VRF ensures that the randomness is generated and supplied on-chain in a tamper-proof manner, leading to provably fair and unbiased outcomes for all users. Not even our development team can tamper with the process, nor can outside users predict results.
Registration for the Vent IDO
Vent Finance is excited to announce that the registration for the Vent IDO on the VentUp Launchpad will open on Wednesday, July 7, 2021!
We will be holding a Whitelist Lottery to avoid overcrowding among participants. This will help offer all members a seamless experience.
To secure the whitelist lottery, we have integrated Chainlink Verifiable Random Function (VRF) on our mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, we can obtain access to a tamper-proof and auditable source of randomness needed to establish a provably unbiased platform. Ultimately, this creates a more reliable, transparent, and fraud-proof user experience within the VentUp community as users will access our IDO in a secure, perpetual, and fair manner.
Future Integrations With the Chainlink Network
As VentUp continues to develop its ecosystem, our integration with Chainlink will continue to expand. Moving forward, VentUp plans to:
- Use Chainlink VRF to ensure fair and random applications.
- Use the Chainlink framework to enable off-chain API data feeds.
- Integrate Chainlink Price Feeds into the VentFinance ecosystem.
As we advance in the development and growth of VentUp, Chainlink oracles will provide Vent with the necessary tools to further mold a seamless user experience in which we value and prioritize both transparency and accuracy, that’d be on Polygon or on the Cardano Blockchain once we migrate upon the rollout of the Alonzo smart-contract mainnet released by the end of Q3 2021.
“As an oracle industry leader, we believe Chainlink is a key component to portray our core values, promoting transparency, simplicity, and accuracy. Their oracle solutions will truly help the Vent platform in becoming a simple way to manage all things DeFi for new projects.”
— Alexander Kunzmann, Co-founder & CEO of Vent Finance
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.
About Vent Finance
The VentUp launchpad turns ideas into successful growth journeys. It’s where founders share innovative blockchain projects with the communities that will join forces to fund them.
VENT is empowering startups and investors with technology that supports sustainable growth. We work to make decentralized funding simple and accessible as we believe in financial inclusion and an economy where innovation can benefit society as a whole.
Combining simplicity, security, and transparency, we are determined to reset the world’s expectations of what a decentralized launchpad is and help evolve the reputation and maturity of the DeFi space and crypto ecosystem.