Synapse Network Integrates Chainlink
Synapse Network announced integration with Chainlink to enhance the functionality of cross-chain launchpad, such as Chainlink VRF to fairly select participants in IDO launches, Chainlink Price Feeds to determine exchange rates on native SNP token, and Chainlink Keepers to automate staking and vesting contracts.
Synapse Network is developing a cross-chain investment ecosystem — the launchpad plus an investment and start-up acceleration ecosystem based on blockchain technology — designed to give everybody an equal chance to contribute to great upcoming projects. They are creating a bridge to a new world of fundraising across all smart-contract-based blockchains. They platform is accessible to everyone and includes a democratized tier system redesigned from scratch that allows for investment at any stage of project development.
Chainlink’s oracle technology is at the absolute forefront of the crypto world and will provide launchpad with the stability, functionality, and efficiency necessary for a smooth launch.
One of the initial integrations is Chainlink Verifiable Random Function (VRF) — a verifiable random number generator purpose built for smart contracts. They will use Chainlink VRF to fairly select people who get to take part in in-demand IDO launches, ensuring that everyone has the same chance of being chosen. Once selected, Synapse Network will create a “whitelist selection” smart contract on one of the Chainlink supported blockchain networks. The functionality has already been integrated in the Synapse Network to support the early stage community round being handled last week.
The verifiable source of on-chain randomness provided by Chainlink VRF determines which participants are selected for each round of sale, including seed and private sale rounds. Chainlink VRF provides a cryptographic proof on-chain to verify its integrity as tamper-proof and unpredictable, meaning whitelisted addresses are chosen without bias and cannot be influenced by team, the oracle, or any other entity.
Synapse Network will also be early adopters of Chainlink Keepers. Essentially, Chainlink Keepers automate contract maintenance tasks that otherwise would be performed manually by development teams by issuing transactions that notify the smart contract when it’s time to execute. With Chainlink Keepers, developers can save valuable time by outsourcing routine operations for staking and vesting contracts, particularly waking these contracts up when it’s time to distribute staking rewards based on certain thresholds being hit and unlock tokens when they are seen to be fully-vested.
What is Chainlink?
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.
What is Synapse Network?
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology, to give everybody an equal chance to contribute to great upcoming projects and to do so early on. They are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.
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