Chainlink was one of the organizations that stuck to the program as their new update outlining the forthcoming VRF Chainlink. The new feature would use verifiable random features to create randomness that will be verifiable on-chain.
On Tuesday, Chainlink stated that VRF would support the rapid progress of smart contracts related to blockchain gaming, layer-two protocols, and native blockchain security. The company’s desire to collaborate with developers has been re-focused as coders would be able to incorporate Chainlink VRF and obtain verifiable randomness results. Chainlink VRF is the result of a large-scale collaboration between academics, the developer community and the company’s internal team members.
Chainlink VRF aims to resolve concerns such as reducing the possibility of adversary attacks while also providing a randomness mechanism that caters equally to all participants. The function will come with tight regulations, with one protocol defined in the release of Chainlink as:
“Due to the on-chain verifiable nature of Chainlink VRF’s randomness, participating nodes can only withhold a request, for which they would be financially penalized using Chainlink’s upcoming staking capabilities, and possibly removed from future queries that would have paid fees for their randomness.”
The target audience for the latest update to Chainlink includes gaming as well as random solution generators. Online games can be made more accurate by using a random source that can be checked on-chain, enabling developers to offer additional proof to niche users. The same games can be skewed to the challenging sides by integrating random quests with the VRF.
Chainlink argued that the VRF overcomes the existing obstacles faced by the smart contract industry. One problem area in the field was additional key trade-offs, which brought a host of other issues. Sources in Chainlink added that smart contracts would avoid factors such as inaccessibility or exploitation by the centralized operator of the random number generator.
The Chainlink VRF system prides itself on operating efficiently even if the blockchain node is compromised. Due to the changed architecture, any change made after the manipulation of the node would not have come into effect as the cryptographic on-chain proof would have failed. Security was of the highest priority and, as Chainlink said, “Chainlink VRF can not exploit an application that uses it properly; it can only go offline or withhold a single result.”
While the parent company was making progress on the technical side, the cryptocurrency was trying to break into the top 10 cryptocurrency club. At the time of the news, LINK traded for $3.69 with a total market cap of $1.29 billion. A 1.6 percent decrease in the last 24 hours took LINK ‘s daily market share down to $482.5 million.
Conclusion
Developments in the cryptocurrency industry have never ceased, irrespective of bullish rises or bearish declines. This mindset has driven some businesses into dizzying heights because of their intrinsic values to make the world better for users.