Liquidifty Integrates Chainlink VRF to Allow Transparent Transaction Check in all Future Events
We’re excited to announce that Liquidifty 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 provide transparent randomness in our NFT packs sale and further activities. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can check all the transactions and be sure that all prizes are drawn randomly
In order to create transparent events with real winners — 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 solutions, we selected Chainlink VRF because it’s based on cutting-edge academic research, supported by Chainlink’s time-tested oracle infrastructure, and 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 Liquidifty 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 our users with automated and verifiable assurances directly on-chain that Liquidifty is provably fair and cannot be tampered with by the oracle, outside entities, or the Liquidifty team.
“Integrating Chainlink VRF gives our users confidence as they can check every transaction and be sure it’s a true random” — Sviatoslav Zheltov, Co-Founder and CTO of Liquidifty
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
Liquidifty is a platform that will bring more liquidity to the NFT market granting all NFT owners more use cases. The platform will provide different tools for NFT collectors. Every user will be able to use cross-chain NFT oracles, take out loans using NFTs as collateral, earn with NFT vaults, trade tokens on a convenient cross-chain marketplace or join multi-ownership feature.
Liquidifty aims to be the most user-friendly cross-chain NFT marketplace for everyone integrating Flow, Binance Chain, Polkadot, and Ethereum.
Liquidifty has already launched its NFT marketplace on Binance Smart Chain and is very well-known for its NFT artists and collectors supporting and accelerating programs. Liquidifty aims to connect collectors and artists in the way everyone has benefits.
During the latest Liquidifty events and contests, Cryptopunk, Bored Apes, works by FVCKRENDER, XCOPY, and other famous NFT artists were given to the collectors. On the other side, impressive trading volumes and promotion boost were reached for the NFT Artists.
Liquidifty is growing rapidly, and the team is constantly developing new markets and opportunities to build a solid ecosystem around the App and $LQT token.