Mycelium integrates with Chainlink VRF and Keepers to help power social prize draws. Mycelium Network is constantly looking for the most efficient, powerful, secure, and dependable technology to leverage.
Third-party services help to ensure that its dApps are engineered in a technically sound and efficient way. Additionally, MyNet platform users get the highest quality experience when interacting with its smart contracts.
For these reasons, MyNet has chosen to integrate two Chainlink trust-minimized services, Keepers and VRF, on Avalanche mainnet. Both of these services play an important role in substantially improving the functionality of the MyChance smart contracts.
An external randomness service allows Mycelium to reliably generate random numbers that are used to help determine winning prize bonds in its social prize draws. This process can be verified independently by any user.
Additionally, Chainlink Keepers also help MyNet to further automate the selection process by eliminating the need for an external interaction to call the “draw” function within the smart contract. This helps save on potential network fees for users and reduces overall network costs that incurres when calling the function. The public call function has been retained as an extra security measure.
Integration Key Results
- Countless engineering hours save by using Chainlink VRF as an external source of randomness that is audited, trustless, formally verified, and decentralized.
- MyChance’s social prize draws automates and run on a regular and reliable schedule with the help of Chainlink Keepers. This also helps reduce gas fees for the MyNet community.
The Continued Growth of MyNet With Chainlink Support
MyChance is MyNet’s global social lottery protocol. A regular prize draw where user participation is effectively free of charge (excluding network fees). Furthermore, its prize draws also support a variety of social causes that tackle critical issues.
Furthermore, MyChance is comparable to a savings mechanism with improved features. User deposit is secure in an easy-to-redeem prize bond and is use to generate interest which becomes a prize pool. Every week, the smart contract awards accumulates prize pool to a MyChance participant that is randomly select with the help of Chainlink VRF.
As long as users contribute to the total prize pool by holding a prize bond, they are automatically eligible to win a share of the collective interest in each draw. MyChance also enables its assets to work for others. In addition, MyChance supports social causes in two ways. A portion of all social prize draws dedicates to charitable donations. On top of that, winners can also choose to allocate a portion of their winnings to charitable causes.
Mycelium Network (MyNet) is a Web3 project with a focus on community and cooperation. Its overarching goal is to create a platform aimed at empowering people and facilitating a real, long-lasting structural change in society. They acknowledge that in order to address the complex local and geo-political problems they face today, there needs to be a change from the centralized structures of governance that are currently in power. They are striving toward creating a democratic and decentralize system. Strengthen by participation from communities and individuals to achieve its collective goals.
Chainlink is the industry standard for building, accessing, and selling oracle services. Needed to power hybrid smart contracts across multiple networks. Chainlink oracle networks provide smart contracts with a way to reliably connect to external API. Leverage secure off-chain computations and data enabling feature-rich applications.