Dripto’s Raffle System Is Now Powered by Chainlink VRF
We are excited to announce that Dripto — the first and only marketplace where streetwear is bought and sold with crypto assets — has integrated Chainlink Verifiable Random Function (VRF) to fairly distribute prizes in our raffle drawings. Chainlink is an industry-leading decentralized oracle network that provides an auditable source of randomness, allowing Dripto to improve its operations by increasing transparency and expanding its smart contract capabilities.
The decision to build Dripto on the blockchain and solely accept crypto assets as payment uniquely positions us as first movers in a developing industry. However, this naturally presents a set of unprecedented hurdles that cannot be overcome with a traditional business model. Consequently, Dripto was developed with a heavy focus on providing a novel retail shopping experience that prioritizes customers. To achieve this, we’ve developed an array of rewards for each type of user. In essence, a platform user is eligible for rewards without needing to own our native token — DRYP — and vice-versa.
Among these systems is our weekly raffle giveaway. Each week, users that purchase 1000 DRYP are awarded a ticket to the lottery. The user’s wallet address is automatically recorded and entered into the draw. Users can increase their chances of winning with more ticket entries: for every 1000 DRYP purchased, 1 ticket is awarded. There is no limit to the amount of entries per user, although tickets do not roll over to following weeks.
In order to ensure raffle winners are selected in a fair and transparent manner, 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 Dripto 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. This provides our users with automated and verifiable assurances directly on-chain that the weekly lottery is provably fair and was not tampered with by the oracle, outside entities, or the Dripto team.
“From provably fair raffle drawings to safeguarding user data to our unique item authentication process — we want to hold ourselves to a high standard when it comes to the integrity of our business. Chainlink VRF helps us further establish those values by providing a reliable way to keep drawings honest and fair for our entire community of users.” — Steven K, CEO of Dripto
About Chainlink
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.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Dripto
Dripto is the first and only resale marketplace where sneakers, streetwear, and luxury items are purchased and sold with cryptocurrency — users can now receive real products shipped to their door. Dripto provides shop-to-earn mechanics and gamification aspects within the Dripto platform through the implementation of blockchain.
Our mission is to connect streetwear culture and crypto technology to provide a real-world use case for crypto while simultaneously revitalizing the streetwear market by offering a much-needed novel alternative.
Learn more about Dripto by visiting dripto.com or reading our articles at medium.com/driptotoken. Come chat with our community and team at t.me/driptotoken
