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
In simple terms, Chainlink VRF is a blockchain-based random number generator (RNG) purpose built for smart contracts, producing fair and unbiased results that all users can confirm the integrity of. This is important since previous RNG solutions have security concerns, such as on-chain RNGs being susceptible to miner attacks and off-chain RNGs being opaque and without verifiable integrity guarantees.
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
In return, all SFUND holders can have peace of mind in the results of IDO allocations to lower tiers, knowing that the lottery system of the Seedify.fund Launchpad can not be manipulated and is equally favorable to all participants thanks to Chainlink VRF.
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
In addition to Chainlink VRF, we are working on another integration with Chainlink that revolves around using their time-tested and fully functional decentralized oracle infrastructure to fetch and deliver whitelisted address data to our Launchpad smart contract. This will allow us to provide a framework for low fee interactions with the smart contract, while still maintaining a robust system where only whitelisted addresses will be able to interact with the smart contract to get allocations from IDOs.
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.”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Seedify.fund is a blockchain innovation hub with a DAO-driven seed stage fund, decentralized incubator, and launchpad, for empowering the next innovations of the blockchain ecosystem, through community-driven governance, feedback, involvement and funding mechanisms.
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.