Poolz Integrates Chainlink VRF on Mainnet for Fair and Unbiased Whitelisting of Investors
We have always aimed for Poolz to be the frontrunner in decentralizing how every process from pre-listing liquidity auctions to project management is carried out. In a bid to strengthen our decentralization initiatives, we have successfully integrated on mainnet with the market-leading oracle network Chainlink in order to access their Verifiable Randomness Function (VRF) — a secure, on-chain random number generator that users can verify as being a fair, tamperproof, and unbiased source of randomness. Chainlink VRF will enable Poolz to select participants allowed to invest in the projects listed on the Poolz platform in a truly random and automated manner, which neither the Poolz team or external entities can influence.
Whenever a project is listed on Poolz for pre-sale, there will often be huge demand from investors. However, the token allocation may be relatively small in comparison to the demand. Given our commitment to a fully decentralized process, we do not intend to manually cherry pick investors who can or cannot invest in a particular project. We believe that doing so would make the platform centralized, as the Poolz team will have the power to choose who invests in what projects.
By leveraging Chainlink VRF, we can obtain a secure and provably fair source of randomness used to generate unpredictability within the Pools whitelisting process. Uniquely, this process is all verifiable on-chain by anyone via cryptographic proof. This is key since all users can independently confirm that the randomness was generated without tampering.
Hence, this is why Poolz will utilize Chainlink VRF to randomly select investors from a list of all applications and whitelist them for investing in a project.
By truly randomizing the selection of investors, we will ensure that the opportunities for investment are completely free of bias toward any project or investor.
Poolz is a decentralized, swapping protocol for cross-chain auctions of Fungible and Non-Fungible (NFT) tokens, as well as OTC deals. The core code is optimized for DAO ecosystems, enabling startups and project owners to bootstrap liquidity for their crypto-assets, prior to listing. The Poolz platform has already integrated with multiple blockchains and is planning to add support for the 10 largest blockchain networks.
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
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