We’re excited to announce that Ventup — a Cardano-powered IDO Launchpad for high-growth potential projects — will integrate Chainlink Verifiable Random Function (VRF) on the mainnet to secure a Decentralized Allocation System. By integrating Chainlink’s industry-leading decentralized oracle network, we can obtain access to a tamper-proof and auditable source of randomness needed to establish a provably unbiased platform. Ultimately this creates a more reliable, transparent, and fraud-proof user experience within the Ventup community, as users will have access to unique and promising projects in a secure, perpetual, and fair manner.
In order to secure the Ventup Decentralized Allocation System, 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. Both alternatives become increasingly concerning as the demand and value of the Ventup IDO allocation increases.
For these reasons, we exhaustively evaluated alternative solutions and determined that the Chainlink VRF would be the ideal fit for Ventup; It is founded on cutting-edge academic research, is supported by Chainlink’s time-tested oracle infrastructure, and is secured through the generation and on-chain verification of cryptographic proofs that guarantee the integrity of each random number supplied to smart contracts.
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 Ventup smart contract will only accept th...