KnightSwap Integrates Chainlink VRF To Help Power Raffle System
We’re excited to announce that KnightSwap — a DeFi platform with a raffle reward system — has integrated Chainlink Verifiable Random Function (VRF) on BNB Chain mainnet. By integrating the industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness to help power our raffle system. This creates a more exciting and transparent user experience, allowing users to have stronger assurances that the raffle uses a provably fair RNG that can’t be tampered with.
KnightSwap is a decentralized exchange (DEX) built on BNB Chain, providing users with a fast and secure platform to trade and receive rewards that are both reliable and sustainable. The KnightSwap team loves to help and educate the community via guides found on Gitbook or Medium, as well as through open communication in their Discord. The raffle system is a newer feature that rewards participating users to potentially win big prizes.
In order to help ensure the raffle is both fair and unbiased, it is necessary to employ a secure random number generator (RNG) which any user could independently audit. However, RNG solutions for smart contracts require several security considerations in order to prevent manipulation and ensure system integrity. For instance, RNG solutions derived from blockchain data, such as 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 integrated Chainlink VRF due to it being backed by 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 KnightSwap raffle 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 raffle is provably fair and was not tampered with by the oracle, outside entities, or KnightSwap team.
“We are excited to integrate Chainlink VRF into our raffle system as it helps provide our users with a transparent and fair experience. We believe that this integration will greatly enhance the user experience on our platform.” — Wizard, KnightSwap CTO
About Chainlink
Chainlink is the industry-standard Web3 services platform and has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain, and provides global enterprises with 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 KnightSwap
KnightSwap is a decentralized exchange built on BNB Chain that provides users with a fast and secure platform to trade and receive rewards. With a focus on integrity, reliability, and user experience, KnightSwap is constantly integrating with high-quality Web3 projects and developing new features and tools to make trading on the blockchain more accessible, secure, and enjoyable.
Learn more about KnightSwap by reading these documents or joining our Discord server to interact with the team and community.
DISCLAIMER: These articles are for educational purposes only. Nothing in this article should be construed as financial advice or a recommendation to buy or sell any sort of security or investment. Consult with a professional financial adviser before making any financial decisions. Investing in general and options trading especially is risky and has the potential for one to lose most or all of their initial investment
