Ferrum Network integrate with Chainlink VRF
The crypto space is one that thrives on composable technology that comes together to generate value greater than its individual components. Ferrum is constantly striving to create meaningful and mutually beneficial integrations that add value to both communities involved and the blockchain industry as a whole.
As part of this initiative, they are thrilled to announce that they are integrating with industry standard oracle solution Chainlink to realize a number of unique initiatives. Ferrum is already working through several integrations with Chainlink, the first of which is already live in production, involving Ferrum Network using Chainlink VRF to determine the addresses for presale token allocations in a provably fair and tamper-proof manner.
Ferrum To Use Chainlink VRF for Ferrum Advisory Services
While oracles are typically known for relaying data on-chain, Chainlink has greatly expanded its oracle networks to also perform a variety of scalable, low-cost, and verifiable off-chain computations on behalf of smart contracts. One of these being their extremely popular VRF service. Chainlink VRF is a Verifiable Random Function used to generate random numbers and deliver them on-chain to smart contracts without compromising on security or usability.
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 Ferrum 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 publicly verifiable assurances directly on-chain that each Ferrum application using Chainlink VRF for randomness is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the Ferrum development team.
Ferrum is pleased to say that they will be using Chainlink VRF to determine the addresses awarded presale allocations in high demand token launches, along with other randomly generated lists that may occur as a result of future initiatives.
Chainlink Oracles to Secure Ferrum’s Cross-Chain Token Bridge
In the same vein of adding on-chain utility with verifiable security, Ferrum will use Chainlink oracles to enhance the quality, security, and robustness of our revolutionary Cross-Chain Token Bridge.
Stay tuned for more developments in terms of the relationship between Chainlink’s oracle infrastructure and Ferrum’s product catalogue.
In Conclusion
Given the multitude of products and services that both Chainlink and Ferrum provide, Ferrum Network encourage its ecosystem projects to use Chainlink for oracle services. With an impressive suite of oracle solutions such as Price Feeds, VRF, Proof of Reserve, Any API, and Keepers, promising young projects coming out of the Ferrum Advisory Services incubator can benefit from Chainlink.
They already have too! UREEQA, a Ferrum incubated project was recently introduced to the team at Chainlink Labs, and just days later released a series of NFTs from Home Run Derby runner up, Trey Mancini, with all proceeds going to cancer research. Chainlink VRF was used to securely and fairly assign bonus rewards, including autographed memorabilia, to select NFTs now and in the future.
“We are very excited to see Chainlink VRF being used within our advisory services for provably fair and unbiased token allocations, as well as moving forward on more promising and synergistic work between the two projects. We believe that these integrations will add an immense amount of value to both the Ferrum and Chainlink communities as we further increase the accessibility of blockchain technology products worldwide.”
— Ferrum Network Co-Founder Ian Friend
About 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.
📰 INFO
