The LABS WIN Platform Integrates Chainlink VRF to Support the Raffle System
LABS Group is excited to announce that our WIN platform has integrated Chainlink Verifiable Randomness Function (VRF). Chainlink is a market-leading decentralized oracle infrastructure that provides tamper-proof inputs, outputs, and computation to enhance smart contracts on any blockchain.
By integrating Chainlink, we now have access to a tamper-proof and auditable source of randomness needed to support our WIN System. Chainlink VRF is a fair, transparent, and secure source of randomness. Chainlink VRF supplies the WIN smart contract with a random number and the cryptographic proof of how the number was selected, meaning the results can be audited by any party to confirm that the random number was selected without manipulation.
In order to automatically generate numbers for the drawing platform, 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 derived from blockchain data like block hashes can be exploited by miners/validators, while off-chain RNG solutions derived from off-chain APIs 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 a time-tested oracle network, and secured through the generation and on-chain verification of cryptographic proofs that prove 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 LABS WIN Platform 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.
We are excited to integrate the tamper-proof, secure randomness generator from Chainlink as the best option for providing randomness for our exciting new platform.
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About LABS Group
LABS Group is a digital investment platform that provides access to fractionalized property ownership and enables the continuous trading of real estate assets-backed tokenized shares on a regulated security exchange.
LABS Group’s platform uses blockchain technology and smart contracts to ensure complete transparency over a borderless ecosystem where property developers and investors can interact seamlessly and with unprecedented efficiency.
Real estate and blockchain professionals have brought together their expertise to devise an ecosystem of services that make property investment more accessible, more secure, and more liquid.
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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.
The industry standard oracle network
Chainlink greatly expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology.
Chainlink is open-source technology that is collectively developed by a large community of developers, researchers, and users who share the goal of building ChainLink into a public good for the benefit of the entire blockchain ecosystem.
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