Ventup Will Integrate Chainlink VRF to Secure On-Chain Randomness
We’re excited to announce that Ventup — a Cardano-powered IDO Launchpad for high-growth potential projects — will integrate Chainlink Verifiable Random Function (VRF) on the mainnet to secure a Decentralized Allocation System. 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 have access to unique and promising projects in a secure, perpetual, and fair manner.
In order to secure the Ventup Decentralized Allocation System, 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. Both alternatives become increasingly concerning as the demand and value of the Ventup IDO allocation increases.
For these reasons, we exhaustively evaluated alternative solutions and determined that the Chainlink VRF would be the ideal fit for Ventup; It is founded on cutting-edge academic research, is supported by Chainlink’s time-tested oracle infrastructure, and is 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 Ventup 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 users with automated and verifiable assurances directly on-chain that each launchpad allocation is provably fair and was not tampered with by the oracle, outside entities, or the Ventup team.
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 Ventup the necessary tools to further mold a seamless user experience in which we value and prioritize both transparency and accuracy. The Chainlink framework will help in the optimization of the efficiency of our smart contracts by connecting secure inputs and outputs to off-chain API data streams. Furthermore, Chainlink Price Feeds will enable us to connect our smart contracts to real-time market prices, giving users a reliable way to process the most up-to-date data before making any transactions. Over time, we will continue to investigate innovative methods for powering our smart contracts with safe inputs and outputs via the Chainlink Network.
Finally, we believe in providing projects as part of the Ventup Launchpad with pertinent support to assist and maximize both efficient and sustainable growth. As a result, Ventup will facilitate a point of contact with Chainlink for Ventup Launchpad projects that are interested in integrating their technology.
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.
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.