RoboFi Will Integrate Chainlink VRF to Secure Randomization on RoboFi Game
We’re excited to announce that RoboFi — a DeFi platform that envisions a marketplace for revolutionary DAO crypto trading bots through a new concept called Initial Bot Offering (IBO) — will integrate Chainlink Verifiable Random Function (VRF) on the Binance Smart Chain blockchain. By integrating Chainlink’s industry-leading decentralized oracle network, we can obtain access to a tamper-proof and auditable source of randomness needed to select winners fairly from the IBO participants list. Ultimately this creates a more exciting, transparent, and fraud-proof user experience. During the selection process, winners will be chosen in the fairest, most transparent way.
An IBO is a new concept introduced by RoboFi that allows bot creators to launch their crypto trading bots into the RoboFi ecosystem for the purpose of raising capital. Users who participate in an IBO will have a chance to participate in bot games. The bot games, which come as lucky draw games, are reserved for governance users who hold bot governance tokens after an IBO.
There are two kinds of games in RoboFi ecosystem:
- Luck of the draw game among managers inside one bot. In this game, one governance user will be selected as the winner and take the prize of that one bot.
- Luck of the draw game among many bots. In this game, one bot will be selected as the prize winner. Then, that prize will be shared for all governance users of that bot.
Each participant will have a number of tickets. Periodically, the bot game smart contract will randomly determine winning tickets. Winners will share the prize of the game.
In order to select winners fairly, 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 confirm system integrity. For instance, RNG solutions using on-chain data like block hashes can be exploited by blockchain miners, while off-chain RNG solutions like traditional data providers 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 Chainlink’s time-tested oracle infrastructure, 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 RoboFi 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 RoboFi is provably fair and cannot be tampered with by the oracle, outside entities, or the RoboFi team.
Potential Future Integrations with Chainlink
With the ongoing growth and development of RoboFi ecosystem and its chain, RoboFi has potential plans to use Chainlink VRF (ERC 20, Polygon) and integrate Chainlink Price Feeds into the RoboFi ecosystem.
Chainlink is one of the biggest pieces of infrastructure in the blockchain and by integrating with them we are confident that RoboFi will provide a unique experience to our users.
“Transparency is one of our key philosophies. Chainlink VFR will surely help us to achieve this goal and create safe and transparent experiences for users. “
-Dr.Minh Sang Tran, RoboFi Director
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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
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About RoboFi
RoboFi (https://robofi.io/home/) is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the VICS token.
About VICS
VICS token has a distinctive and enticing concept. VICS is the BEP-20 token, built on the Binance smart chain. It is a core utility token in the RoboFi ecosystem, the reliable crypto trading bot marketplace. One important utility is to own the governance token of DABots and participate in an IBO (Initial Bot Offering) to receive additional incentives. VICS is available on major exchanges for trading.
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