We’re excited to announce that BinStarter an IDO launchpad protocol that uses a portion of funds raised on new IDOs to fund an Insurance policy, protecting investors against fraud and smart contract errors that result in financial losses has integrated Chainlink Verifiable Random Function (VRF) on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness needed to provided randomness, equality, and fairness in the IDO Allocation Lottery and Evaluation Pool selection process. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can have a fair and transparent selection process to obtain IDO Allocations and protocol governing rights.
BinStarter is the pioneer of Insured IDO Launchpad Protocol. Our company objective is to create a fair, transparent, and safe environment for all investors that are interested on investing in initial dex offerings. All IDO launched on our platform will go through vigorous due diligence and risk assessment when determining amounts to be raised and if we should be working with them. As a result 50% of the proceeds raised with act as an insurance policy in case of fraud or financial losses due to smart contract errors.
In order for BinStarter investors to get fair and equal opportunity in the IDO Allocations and Evaluation pool voting rights, we 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 using on-chain data like block hashes can be exploited by blockchain miners, while off-chain RNG solutions like traditional data providers are opaque and don’t provide users with definitive proof about the integrity of the process.
After reviewing various solut...