Convergence Finance Integrates Chainlink VRF for Transparent and Fraud-Proof Distribution Events
- The integration will allow Convergence’s smart contracts to access Chainlink Verifiable Random Function (VRF) to produce fair and unbiased randomness.
- Convergence will pick random winners in the future offerings on ConvO, and the results are tamper-proof and verifiable on-chain.
- The VRF integration signifies the beginning of a technical integration between Convergence and Chainlink, opening doors for deeper integrations in the future.
Convergence Finance is delighted to announce the integration of Chainlink Verifiable Random Function (VRF). Convergence now has native access to a tamper-proof and auditable source of randomness by integrating the industry-leading decentralized oracle network. The protocol can leverage Chainlink’s VRF to fairly pick users out of the pool of applications within future ConvO sale events and whitelist them in a provably fair and unbiased manner. Furthermore, participants will be able to verify the integrity of the results on-chain via cryptographic proofs.
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 a random number and cryptographic proof. The Convergence smart contracts will only accept the random number input if it has valid cryptographic proof. The cryptographic proof can only be generated if the VRF process is tamper-proof. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can have stronger assurances that the selection of applicants in our sale events is made in a provably fair and verifiably random manner.
Ivan Yeung, Co-founder of Convergence Finance, said,
“Our team has been working hard to ensure all participants have fair access to all our sale events. The integration with Chainlink VRF will elevate this fairness to a whole new level using a technology trusted by many top-tier crypto projects. This could be the first step of deeper integration between Convergence and Chainlink, and we look forward to having further work with the leading oracle solution in the smart contract economy.”
About Convergence Finance
Convergence is the first AMM to make exotic real-world assets interchangeable in the DeFi space by fractionalizing them using a single easy-to-use interface and composable with other DeFi protocols. Convergence enables asset owners to take advantage of DeFi’s liquidity, while DeFi users can access exotic real-world assets unavailable to them before. Convergence Finance combines the edge of a lowered investment entry barrier with the liquidity, automation, and transparency features of DeFi to bring real-world asset exposure to all DeFi users.
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About Chainlink
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
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