The integration involves the use of Chainlink Verifiable Random Function (VRF) on Binance Smart Chain and Polygon
The integration involves the use of Chainlink Verifiable Random Function (VRF) on Binance Smart Chain and Polygon to help us select winners in our upcoming ‘staking for NFTs’ event later next month. Libre is also using Chainlink Price Feeds on Avalanche, Binance Smart Chain, and Polygon to provide our staking/farming platform with high-quality price data.
Chainlink VRF enables smart contracts to access on-chain verifiable randomness without compromising on security. With every new request for randomness, Chainlink VRF generates a random number and a cryptographic proof of how that number was determined. The proof is published and verified on-chain before it can be used by any consuming application. This process ensures that the results cannot be tampered with nor manipulated by anyone, including oracle operators, miners, users, and smart contract developers.
Since the Libre NFTs are limited and only available to those who stake Libre tokens in designated pools, not all users who stake will earn an NFT. As such, we’re using a raffle system to distribute NFTs to users. This is where Chainlink VRF comes into play, helping ensure a verifiably fair and transparent selection process to choose which wallets will be awarded the NFTs.
As our platform grows, Chainlink VRF will support more raffle-type events. For example, in the future, we will integrate various LIBRE-based rewards that will be dependent on a raffle system. Chainlink VRF helps ensure that the selection process in these events is verifiably fair and transparent.
In addition to VRF, we are also using Chainlink Price Feeds — a staple in the DeFi space — to provide the Libre staking/farming platform with accurate, up-to-date price data. Chainlink Price Feeds power the Libre Dashboard for V2 of the farming protocol in order to help ensure accuracy in a single call, making the end-user experience more efficient and streamlined. Premium price data supplied by Chainlink also supports accurate portfolio tracking information in the Libre dApp.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.