LooksRare Leverages Chainlink VRF for Fair NFT Raffles
- Antwan Koss
- June 13, 2023
- news, NFT
- Chainlink, LooksRare, nft, NFT Raffles, VRF
- 0 Comments
Popular NFT platform LooksRare has upgraded its systems by incorporating Chainlink’s Verifiable Random Function (VRF) on the Ethereum blockchain. The move is aimed at improving the integrity of the LooksRare Raffle draws by making them transparently random.
NFT marketplace @LooksRare has integrated #Chainlink VRF on Ethereum to help select winners for LooksRare Raffles in a provably fair manner.
A primer on how VRF deepens trust between users and applications👇https://t.co/x21itsv6xh
— Chainlink (@chainlink) June 12, 2023
Chainlink VRF: A Pillar of Transparency and Trust
LooksRare’s choice of Chainlink VRF stems from the service’s ability to offer concrete proof of randomness, helping to prevent manipulation in their raffle draws. Chainlink, a renowned decentralized oracle network, utilizes a combination of block data and a dedicated oracle node’s private key to spawn a random number alongside a cryptographic proof. This blend of elements ensures the VRF process remains secure from tampering.
The Mechanism Behind Provably Fair Raffles
In this novel implementation, the raffle contract acknowledges the random number only if a cryptographic proof supports it. This unique feature bolsters the verifiable and tamper-resistant nature of Chainlink’s VRF mechanism, allowing LooksRare to uphold data integrity and transparency, key factors for participants.
Chainlink: Facilitating Fairness Across Industries
As a global leader in Web3 services, Chainlink’s platform makes real-world data and off-chain computation accessible across various sectors. Its decentralized oracle network is a crucial link between multiple blockchains and enterprises worldwide.
Increasing Confidence in LooksRare’s NFT Raffles
The integration of Chainlink VRF only serves to enhance LooksRare’s reputation for fairness and transparency in their NFT raffles. Participants can rest assured that the raffle winner is selected without bias or undue influence from the oracle, outside bodies, or even the LooksRare team itself.
Conclusion
The integration of Chainlink’s VRF into LooksRare’s raffle system has elevated the platform’s commitment to delivering a fair and transparent NFT marketplace. Through the utilization of cryptographic proof of randomness, participants can engage in raffles confidently, knowing the process is free from manipulation and backed by industry-standard technology. The collaboration between LooksRare and Chainlink marks a significant stride in establishing greater trust and integrity within the NFT ecosystem.
Also Read: Louis Vuitton Leaps Into NFTs With Hefty €39,000 “Treasure Trunks”
