Farm.Space Integrates Chainlink VRF to Secure Black Hole Rewards
We’re excited to announce that Farm.Space, 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 implement the “Black Hole’’ reward — a chance-based token reward and burning-based mechanism for Farm.Space users. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can enjoy truly randomized rewards from the Black Hole as was originally intended.
Once a user wins, the Black Hole collapses before carrying over a percentage of the previous balance to start a new round.
In order to create a random, chance-based token reward, 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 Farm.Space 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 the Black Hole is provably fair and cannot be tampered with by the oracle, outside entities, or the Farm.Space team.
The team is exploring additional Chainlink integrations in other spheres of the Unimex Network-Unimex Protocol and Degen Protocol margin trading. One of the use cases includes using Chainlink Keepers as a backstop or insurance for position liquidations. In addition, we are exploring Chainlink Price Feeds to open up Unimex to the world of synthetic derivatives and other exciting possibilities.
“We are excited to finally be able to give the Black Hole the randomness and chance-based functionality it was intended to have. At the time of launch, there were no suitable RNG options, so we had to default to a ‘last-bidder-wins’ approach. Now, utilizing Chainlink VRF allows us to make the Black Hole the exciting rewards mechanism for our users, which it was always meant to be.”
@farmtownN, Farm.Space and Unimex Network Founder
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.
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Farm.Space aims to bring dual farming rewards from margin trading and lending, to yield farming on the Binance Smart Chain (BSC).
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Farm.Space is part of the Unimex Network - an interconnected ecosystem of DeFi applications on Binance Smart Chain, Ethereum and Polygon - currently consisting of Unimex Protocol, Degen Protocol and Farm.Space.