DigiTix Integrates Chainlink VRF and Price Reference Data for stable pricing and secure ticketing
DigiTix Integrates Chainlink VRF and Price Reference Data for stable pricing and secure ticketing
DigiTix.io is excited to announce the integration of market-leading decentralized oracle Chainlink to provide stable ticket prices and safe ticket distribution. Already live consuming Chainlink’s ETH/USD Price Reference Data, DigiTix users can list ticket prices in USD in order to maintain price stability while still being purchased in ETH using a real-time exchange rate. Additionally, we plan to use Chainlink VRF(Verifiable Randomness Function) for highly secure and on-chain verifiable ticket generation to further harden against the creation of counterfeit tickets.
DigiTix.io is an award-winning digital ticketing platform powered by Ethereum with the purpose of reducing ticket scalping and scamming by offering verifiable smart tickets; tickets that are programmable. All tickets are issued under the ERC-721 NFT standard for its verifiable proof of authenticity feature; if a ticket is used, everyone knows it and can independently verify its status on-chain. With the power of NFTs, these tickets can be programmable and integrated with other smart contracts on Ethereum.
Our unique protocol will include the concept of pro-scalp & anti-scalp premium ticket types. Pro-scalp tickets are tickets that when re-sold a percentage of the revenue goes back to the event creator. Anti-scalp tickets are tickets that are non-transferable; if you buy it, you have to use it. For event creators to get access to offering premium ticket types as such, they must stake DGT(an ERC-20 token).
Recently due to COVID-19, most physical events have been canceled or postponed. Because of this, we have begun growing our product offering to add authentication for virtual conferences and events using DigiTix. For events using VR, these programmable tickets can also be turned into skins that avatars can wear throughout the conference; showing off their ticket status. Imagine watching a basketball game on the floor in VR and your ticket not only authenticates you but also converts into a jersey that your avatar can wear based upon your ticket.
As part of our expansion in features, we are utilizing Chainlink to solve two key challenges on our way to provide safe, secure, and fair ticket distribution: price stability and tamperproof ticket generation.
Oracle Challenge 1 — Stable Ticket Prices
During our alpha stage of development in 2017, we programmed our tickets to be priced in Ethereum. We quickly found out how problematic this was in early 2018 when Ethereum went above $1,000; over a short period of time tickets went from $20 to $100. Once being introduced to Chainlink, we realized that their price reference data contracts solve this problem in a secure decentralized approach.
Chainlink’s Price Reference Contracts are a collection of decentralized oracle networks that secure various on-chain price feeds for cryptocurrency, FX rates, commodities, and more. They are secured by a decentralized network of independent nodes, which source data from numerous different off-chain data aggregators to provide a highly reliable and manipulation resistant price.
We have integrated the Chainlink ETH/USD Price Reference contract as an exchange rate to allow tickets to be priced in USD yet settle in ETH at the moment of purchase. Therefore, if Ethereum doubles, the amount of Ethereum required is reduced in half as the price is now being calculated in USD.
Oracle Challenge 2 — Verifiable Randomness for Ticket Generation
Another key feature is ensuring that each ticket is unique and that the uniqueness is generated in a way that someone can’t predict. Essentially, if an attacker found out how we generate our tickets, they can attack the system and potentially use tickets that are not theirs.
Chainlink VRF is a random number generator (RNG) that produces tamper-proof randomness which is verified on-chain. We chose Chainlink VRF because each result is available for anyone to independently audit via an on-chain proof. Unlike with centralized randomness solutions, which have no way of providing on-chain auditability and therefore require trust in the off-chain data provider, Chainlink VRF allows our users to prove that our Ticket IDs were generated in a truly decentralized and random manner without any third-party interference. This provides greater security and authenticity guarantees to our users that we did not find in other RNG solutions.
We intend to use Chainlink’s VRF so everyone in the process can be confident and assured that our tickets are generated in a highly secure manner and not subject to external fraud.
By combining both features, DigiTix is able to provide stable prices for ticket sales and ensure that each and every ticket is completely unique and not gameable by any malicious entity.
“Chainlink’s architecture and incentivization structure are brilliant. It fosters an ecosystem of secure decentralized oracle networks that provide critical data, which is incentivized to be both accurate and highly available for on-chain consumption,” said Brandon West, CEO of DigiTix.io. “We are excited to leverage Chainlink’s price reference feeds and VRF solution to power a more secure and user-friendly ticketing platform for the next generation of events..”
Interested in hosting your next event on the blockchain? Want to issue NFT tickets? We will hook you up! Contact us at: events@digitix.io
Learn more about DigiTix.io
DigiTix.io is an award winning digital ticketing platform powered by Ethereum with a purpose of reducing scalping and ticket scamming by offering verifiable smart tickets. The DigiTix dApp is packed with functionality offering the ability to create events, customize ticket tiers, set ticket prices, sell and issue tickets, verify tickets, use tickets, process event revenue proceeds, and much more in a decentralized manner.
Host your next event on the blockchain
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We are looking for more partnerships. Investor Relations: connect@digitix.io
Learn more about Chainlink
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data or Chainlink VRF, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network, numerous blockchains such as Ethereum, Polkadot, and Tezos, and large enterprises including Google, Oracle, and SWIFT.
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