Seedify.fund Will Integrate Chainlink VRF on BSC to Fairly Determine IDO Allocations for Lower Tier Participants

Hello Seedify.fund community,

Today we are pleased to announce that we will be integrating Chainlink Verifiable Random Function (VRF) on Binance Smart Chain (BSC). As the industry-leading Random Number Generator (RNG) solution, our integration with Chainlink VRF will result in a fully transparent, tamper-proof, and trustworthy process for determining which users in lower tiers receive allocations to IDOs on the Seedify.fund Launchpad.

Because there is a very high number of participants in the lower tiers of Seedify.fund IDOs, we will select participants from those tiers using a randomized lottery system. In order to reliably achieve this, it is important for us to use a secure and transparent randomness solution so users have definitive proof that the process is provably fair to all participants.

Completely Fair & Verifiable RNG Through Chainlink VRF

Chainlink VRF achieves this by combining a user-supplied seed and 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 Seedify 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 verifiable assurances directly on-chain that each Seedify IDO allocation randomly determined by Chainlink VRF is provably fair and cannot be tampered with by bad actors, node operators, and smart contract administrators.

The end result is an environment that is 100% trustable and permissionless.

RNG with Peace of Mind

For more information on Seedify.fund’s Launchpad and its tier mechanism visit: https://docs.seedify.fund/whitepaper/seedify.fund-launchpad

Future Chainlink Integrations With Seedify

We will have a further announcement on the technical aspects and workflow of this oracle use case in another article.

According to Seedify Founder Levent Cem Aydan, “As the industry standard oracle solution, Chainlink VRF will provide Seedify with the most secure and transparent source of on-chain randomness to secure the Seedify platform. Chainlink will also be used in many other parts of the Seedify.fund ecosystem in the future, hence why we actively recommend their service to projects incubated by the Seedify.fund. This ensures that projects supported by the Seedify.fund will, by default, leverage the best oracle solutions, setting them up for long-term success.”

About Chainlink

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About Seedify.fund

While providing a journey of decentralized support & improvement environment for innovators, Seedify.fund’s token SFUND also comes with many utilities and DeFi mechanisms that share the benefits of our decentralized innovation hub with SFUND holders.

To learn more about Seedify.fund; visit https://docs.seedify.fund/ for Seedify.fund’s whitepaper, and follow @SeedifyFund on Twitter and join our Telegram Announcements channel.

A blockchain innovation ecosystem with a Seed Stage Fund, Decentralized Incubator & Launchpad. Website: https://seedify.fund/

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