Chainlink VRF used by Centaur to Deploy New Standard for Enhanced Transparency in Public Sale Lotteries
The shift towards lottery-based selection of public sale participants was popularized by initial exchange offering structures and commonly done in a manner that is centralised, despite its predominant use for decentralised projects. Chainlink and Centaur have plans to decentralise this process by leveraging on Chainlink VRF in conjunction with deterministic selection functions to create a lottery selection process that is provably fair and transparent by design.
To achieve this, Centaur will deploy a smart contract on Ethereum and populate it with an array of participating addresses. Chainlink VRF will then be used to generate a root random seed, which would be the first input for a pre-disclosed index selection function that is deterministic in nature. The corresponding address will be added to the list of winners and used as the new seed for the next iteration. This process is repeated until exactly 700 addresses have been selected, regardless of the size of the initial list. The first version of this contract has already been deployed and tested successfully on the Ethereum Rinkeby Testnet and can be found here.
Due to the deterministic nature of the selection process, there was always a risk of manipulation during the generation of the root seed. Chainlink VRF was the missing piece of this hypothetical puzzle and resolved the issue by delivering its randomness along with cryptographic proofs that can be verified on-chain, showing that the randomness is indeed unpredictable.
Beyond Chainlink VRF, Centaur has plans to integrate the Chainlink Network for market data aggregation and off-chain price feeds for its DeFi solutions. In the near future, both teams will also collaborate on the development of oracles that enable chain-to-chain data transmission, with a goal to build a fully decentralized cross-chain exchange.
“As the DeFi sector experiences unprecedented growth, so too does the need for high-quality market data. The technologies employed by Chainlink and their oracle networks are a crucial part of our upcoming DeFi solutions and their seamless integration process allows us to focus on what we do best.” — Sean Kor, Co-Founder of Centaur.
About Chainlink:
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, 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 Bancor; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
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About Centaur:
By combining the best elements of decentralised finance with measured regulatory control, Centaur is bridging DeFi and traditional finance. For more information, please take at a look at our website or join our Telegram community discussion group and announcement channel. You can also go through our whitepaper or play around with our testnet block explorer and liquidity pool (Ethereum Ropsten).
For more information, please take at a look at our:
· Telegram Announcement Channel
