My-Net Updates
My-Chance Integrates Chainlink VRF and Keepers to Help Power Social Prize Draws
At Mycelium Network (MyNet), we are constantly looking for the most efficient, powerful, secure, and dependable technology to leverage. Third-party services help us to ensure that our dApps are engineered in a technically sound and efficient way and that MyNet platform users get the highest quality experience when interacting with our smart contracts.
For these reasons, we have chosen to integrate two Chainlink trust-minimized services, Chainlink Keepers and VRF, on Avalanche mainnet. Both of these services play an important role in substantially improving the functionality of the My-Chance smart contracts.
How does it work?
An external randomness service allows us to reliably generate random numbers that are used to help determine winning prize bonds in our social prize draws. This process can be verified independently by any user. Additionally, Chainlink Keepers help us to further automate the selection process by eliminating the need for an external interaction to call the “draw” function within the smart contract. This helps save on potential network fees for users and reduce overall network costs that are incurred when calling the function. The public call function has been retained as an extra security measure.
Key results
- Countless engineering hours were saved by using Chainlink VRF as an external source of randomness that is audited, trustless, formally verified and decentralized.
- My-Chance’s social prize draws are now automated and run on a regular and reliable schedule with the help of Chainlink Keepers. This also helps reduce gas fees for the My-Net community.
The Continued Growth of MyNet With Chainlink Support
My-Chance is My-Net’s global social lottery protocol, a regular prize draw where user participation is effectively free of charge (excluding network fees). Our prize draws also support a variety of social causes that tackle critical issues.
My-Chance is comparable to a savings mechanism with improved features. User deposits are secured in an easy-to-redeem prize bond and are used to generate interest which becomes a prize pool. Every week, the smart contract awards the accumulated prize pool to a My-Chance participant who is randomly selected with the help of Chainlink VRF.
As long as users contribute to the total prize pool by holding a prize bond, they are automatically eligible to win a share of the collective interest in each draw. At My-Chance, we also enable our assets to work for others. My-Chance supports social causes in two ways. A portion of all social prize draws is dedicated to charitable donations. On top of that, winners can also choose to allocate a portion of their winnings to charitable causes.
Securing Randomly Determined My-Chance Winners With Chainlink VRF
Finding a provably fair, verifiable, and secure mechanism to help determine the winning Prize Bonds of the My-Chance social prize draws and integrating this mechanism into our smart contracts has been a major challenge for the MyNet engineering team. Integrating Chainlink VRF with the My-Chance dApp solved this challenge and helped us tremendously. The My-Chance 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, publicly verifiable assurances directly on-chain that each My-Chance prize draw using Chainlink VRF for randomness is provably fair and cannot be tampered with or predicted by the Oracle, outside entities, or the My-Net team.
Expanding The Drawing Mechanism Underlying MyChance’s Social Prize Draws With Chainlink Keepers
To simplify the operation of our draws, we integrated Chainlink Keepers to help power the My-Chance smart contracts. Keepers allow our social prize draws to be initiated automatically. This circumvented an issue we faced in which prize draws had to be executed manually by calling a function in the smart contract. As a result, users never need to pay the gas fees required to draw winners in the My-Chance lotteries, which was possible in the original smart contract as a public call function. Instead, the fees for this function will be automatically covered by My-Net. Thanks to the efficiency of Chainlink Keepers, the gas fees incurred will be substantially lower than in our initial models. We have retained the function for a member of the public to call a draw at the specified time as an extra fail safe to secure the functionality of the smart contract. We selected Chainlink Keepers because they have a range of valuable features, including:
- High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing high reliability to Chainlink Price Feeds during extreme network congestion and market volatility.
- Low Costs — Chainlink Keepers have several gas-optimising features that lower the costs of automating maintenance tasks for users, including a rotating node selection process to prevent gas price auction wars aiding in stabilising network costs.
- Decentralized Execution — Chainlink leverages a decentralised and transparent pool of Keepers to help provide strong guarantees around secure contract automation, saving teams time and mitigating the risks around manual interventions or centralised servers.
- Expandable Computation — Chainlink Keepers perform off-chain computations and other functions such as generation of verifiable calldata for smart contracts, allowing developers to build advanced, trust-minimised dApps at lower costs.
Looking Ahead: Becoming a Wide-reaching Ecosystem for a Socially Responsible Web3
- Integrating services such as Price Feeds into protocols
- Expanding Chainlink VRF integration into planned My-Chance features
- Building smart contracts with a social ethos supported by real-world data provided by Chainlink
“Chainlink is without a doubt the leading oracle provider. By integrating Chainlink VRF and Keepers with MyChance, we have made our smart contracts more efficient and secure. This step marks the start of the growing role that Chainlink technology will play in the MyNet ecosystem. At MyNet, we have faith in the potential of Web3 to truly benefit society at large. The MyNet team as well as the My-Net community really could not have asked for better technology to help power the launch of the My-Chance protocol.” — Lead project development rep @ Mycelium Network
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts across multiple networks. Chainlink oracle networks provide smart contracts with a way to reliably connect to external API and leverage secure off-chain computations and data 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 gateway to a variety of networks.
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 MyNet
Mycelium Network (My-Net) is a Web3 project with a focus on community and cooperation. Our overarching goal is to create a platform aimed at empowering people and facilitating a real, long-lasting structural change to society. We acknowledge that in order to address the complex local and geo-political problems we face today, there needs to be a change from the centralised structures of governance that are currently in power. We are striving towards creating a democratic and decentralised system which is strengthened by participation from communities and individuals to achieve our collective goals.
My-Net will start with two flagship projects that will enhance the traditional model within DeFi, while sharing our collective growth with important social causes around the world.
My-Chance — MyNet’s costless social lottery, gamifies collective savings in a socially responsible way that is completely risk-free for users.
My-Finance — MyNet’s liquidity protocol offers financial benefits at competitive rates, a degree of accessibility that enables anyone to partake in DeFi, and streamlines support to social causes.
We hope you enjoyed this article and found it insightful! To learn more about the inspiration behind the art of My-Chance Prize Bond NFT’s you can visit our website here or follow our activity on social media.
Visit our documentation and find out more about the MyNet ethos and our first steps to support organisations aimed at solving crucial issues that our world faces today.
Website: https://my-net.io/
MyFinance: https://my-finance.app/
MyChance: https://my-chance.io/
