XYO Network x Chainlink VRF Integration
XYO Network has integrated Chainlink Verifiable Random Function (VRF), a tamper-proof and publicly auditable RNG solution.
Chainlink VRF provides our location-based giveaway smart contract with random numbers used to select random winners in a provably fair and secure manner.
COIN, popular geospatial crypto-centric app, acts as the front end for these giveaways by allowing its users to participate based on visits to selected special locations. When COIN users opt to enter, their Ethereum wallet address along with their location data is sent to the XYO Network, which is then processed and if eligible is used to create an official list of entrants for the decentralized giveaway.
To choose the recipient fairly from this list of entrants, the XYO Network needed a verifiably tamper-proof source of randomness. After reviewing various mechanisms, we selected Chainlink VRF, the blockchain industry’s most time-tested and widely adopted solution for secure and verifiable RNG.
“COIN plus XYO is so exciting because the combination of technologies helps bridge the gap between real-world location data and blockchain smart contracts,” said Arie Trouw, Co-founder of XYO and CEO at XY Labs. “Chainlink VRF was integral to the success of our development of these decentralized giveaways because it supplied us with the verifiable source of randomness we needed for the extra level of assurance that winners were selected in a fair and unbiased manner.”
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About XYO Network
The XYO Network is a distributed system of various types of components that collect, validate, and process geospatial data using a proprietary protocol in order to verifiably answer location-based questions for blockchain smart contracts and off-chain partners.
About COIN App
COIN is a mobile app with over 3 million downloads that rewards users for their time, attention, and data. These in-app rewards can then be used to redeem for cryptocurrencies, allowing users to build a crypto portfolio through earning it consistently over time rather than speculating and risking their hard-earned money.
📰 INFO
