Integrating Chainlink VRF to Secure Fair Distribution of ZeroGravity IDO Allocations
0.Exchange is excited to announce our mainnet integration with Chainlink Verifiable Randomness Function (VRF) — a decentralized service available through the Chainlink Network that uses oracles to generate and deliver a secure and verifiable source of on-chain randomness for smart contracts. By integrating Chainlink VRF, we ensure that ALL Launchpad participants have a provably fair and unbiased chance at being selected as a winner of various IDO allocations.
Securing the ZeroGravity Launchpad using Chainlink VRF
0.Exchange requires a secure and verifiable source of on-chain randomness to trigger the distribution IDO allocations in a provably fair and unbiased manner. We intend for ZeroGravity to be the fairest Launchpad platform that exists, however, obtaining access to a tamper-proof source of randomness that users can verify the integrity of is a challenging endeavor. For example, on-chain RNG solutions like block hashes can be manipulated by blockchain miners, while off-chain RNG solutions are often opaque and require extreme trust.
To overcome this hurdle, we are integrating Chainlink VRF, a highly secure randomness solution that is purpose-built for smart contracts and already provides randomness to numerous valuable blockchain-based gaming and DeFi applications.
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 0.exchange smart contracts will only accept the random number input if it has valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This provides users with automated and verifiable assurances directly on-chain that each 0.exchange IDO allocation using Chainlink VRF for randomness is provably fair and cannot be tampered with by the oracle, outside entities, or the 0.Exchange team.
Users who participate in upcoming ZeroGravity IDOs will be eligible to receive random rewards based on the amount of ZERO tokens they hold. Winners are then chosen based on provably random numbers generated by Chainlink VRF. This allows users to independently audit the result of every draw, creating a verifiably fair distribution model — the key to ensuring trust in the 0.Exchange ZeroGravity Launchpad platform.
In addition to the ZeroGravity draw, we see Chainlink VRF being used across other processes in the 0.Exchange ecosystem to create fair outcomes. Some of those include:
- ZeroGravity Launchpad allocation determination
- 0.Exchange Draw
- 0.Exchange Governance Outcomes
- 0.Exchange NFT Marketplace
According to the Head of Zero Exchange, Gram Custodian, “In traditional Launchpad distributions, auditability and fairness were simply not present. With Chainlink now a foundational component of the 0.Exchange ecosystem, we can now provide users with cryptographic guarantees on the unbiased and ungameable distribution of allocations.”
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Docs | Discord | Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFi | VRF
About 0.Exchange
The 0.Exchange Protocol realigns incentives for network participants by introducing revenue sharing and community-driven network effects to the popular AMM model. 0.Exchange prides itself on freezingly low transaction and trading fees, 0 finality, 0 hassle, and 0 frontrunning!
