SynFutures Integrates Chainlink VRF
SynFutures integrates Chainlink VRF to help ensure fair award distribution in campaigns. Ultimately this creates a more exciting and transparent user experience. SynFutures campaign participants can rest assured that winners are impartially chosen.
To help ensure non-custodial marketing campaign winners are determined in the most transparent way possible. Furthermore, SynFutures 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 derives from blockchain data like block hashes can be exploited by miners/validators. While off-chain RNG solutions derives from off-chain APIs are opaque and don’t provide users with definitive proof of the integrity of the process.
In addition, SynFutures selected Chainlink VRF because it’s based on cutting-edge academic research. Supported a time-tested oracle network, and secured through the generation and on-chain verification of cryptographic proofs that prove the integrity of each random number supplied to smart contracts.
How Chainlink VRF Works?
Moreover, Chainlink VRF works by combining block data that is still unknown when the request with the oracle node’s pre-commits private key to generate both a random number and a cryptographic proof.
The SynFutures smart contract will only accept the random number input with valid cryptographic proof. Furthermore, the cryptographic proof only generates if the VRF process is tamper-proof. This also provides its users with automated and verifiable assurances directly on-chain that campaign winner selection is provably fair.
(Courtesy of SynFutures)
In addition to campaign winner selection, they will also explore other use cases for Chainlink VRF, including NFT distribution. In addition, SynFutures currently uses Chainlink Price Feeds as a spot index price feeder for SynFutures V1. The first iteration of its decentralized derivatives trading platform.
“As the SynFutures community continues to grow, having a secure, transparent way of selecting rewards winners is important in maintaining an equitable trading environment and democratizing derivatives trading for the next generation of users. Having integrated Chainlink’s services in other capacities on our platform, we’re excited to utilize Chainlink VRF in future marketing campaigns.”— Rachel Lin, co-founder, and CEO of SynFutures
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. Leverage secure off-chain computations for enabling feature-rich applications.
ABOUT SynFutures
SynFutures is a next-generation derivatives exchange that focuses on creating an open and trustless derivatives market. It also enables futures trading on anything, anytime, anywhere. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier to entry in the derivatives market. It creates a more equitable derivatives market.
