VRF
What is Chainlink VRF and how does it work?
Blockchain technology has spawned many applications over the past few years, the most popular being cryptocurrencies. It has also facilitated the creation of many decentralized, secure and transparent marketplaces in the digital economy. Offering far more trust since all transactions are immutably recorded on the blockchain, this technology has been well supplemented by the smart contract feature popularized by Ethereum. Decentralized applications (DApps) based on blockchains like Ethereum are disrupting traditional businesses such as retail banking and are even introducing use cases never deemed possible. Expanding the capability of smart contracts with oracles However, for the Ethereum blockchain to support the development of DApps that go beyond merely facilitating transactions, t...
Chainlink Verifiable Random Function v2 goes live on mainnet
On Wednesday, blockchain oracle solution Chainlink (LINK) announced the release of Chainlink Verifiable Random Function, or VRF, v2. As told by its developers, the new, improved version of the random number generator can reduce transaction fees by 60% compared to v1. Randomness is a core component of making nonfungible tokens, or NFTs, and gaming applications fair and secure. On their own, blockchains and smart contracts cannot guarantee randomness, but rather require an oracle network to deliver such solutions on-chain. Since its launch, Chainlink VRF (v1) has become the most widely adopted random number generator solution in the blockchain industry, fulfilling more than 3 million request transactions and currently providing verifiable randomness to more than 2,200 unique smart contracts ...
