Smart Electrum will integrate with Chainlink VRF, Price Feeds.
Today we are pleased to announce that we will be integrating Chainlink Verifiable Random Function (VRF) to provide users in the Smart Electrum ecosystem with strong assurance that all actions involving randomness will execute fairly without bias and securely without any possible manipulation from the oracle operators, miners, users, and Smart Electrum developers.
Using randomness as a key input can generate truly unpredictable outputs, but only if the source of randomness is tamper-proof. On top of being tamper-proof, high integrity systems also need to provide their users with definitive proof that the source of randomness they used is indeed tamper-proof and unpredictable.
We selected Chainlink VRF because it’s a tamper-proof and verifiable source of randomness purpose built for 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. This guarantees high integrity of the random number output because the cryptographic proof can only be generated if the VRF process is tamper-proof. Thus, CardStarter users can be assured that Chainlink VRF is providing them with provably fair and unbiased randomness when determining the winners of Smart Electrum’s lotteries.
Smart Electrum will be integrating Smart Electrum’s marketplace revolving around the use of Chainlink’s market-leading decentralized oracle network. Smart Electrum will use Chainlink Price Feeds to establish accurate and tamper-proof exchange rates on our platform, beginning on the Ethereum chain, but with a planned expansion to other blockchains and layer-2 solutions.
This decentralized price oracle will ensure that assets and services offered in the Smart Electrum’s Marketplace can be priced in ETH yet purchased at current exchange rates using other supported currencies and cryptos. Additionally, other DeFi ecosystem projects of Smart Electrum can leverage the oracle to expand its services offering.
We selected Chainlink because it’s the most time-tested and widely used blockchain oracle in the industry, with billions in value secured across DeFi markets. Chainlink Price Feeds have key features that make them a highly reliable way to price assets and services.
High-Quality Data — sources price data from numerous premium off-chain data aggregators, accounting for volume across all trading environments.
Reliable Nodes — uses independent, Sybil resistant node operators (oracles) run by leading blockchain DevOps and security teams, protecting users from insecure or low-quality services.
Decentralized Infrastructure — both the data sourcing and transmission on-chain are decentralized, removing any central point of failure.
Network Design — employs decentralization of node operators and data sources, ensuring data arrives on-time and is resistant to manipulation.
Blockchain Agnostic — Chainlink is blockchain agnostic, making any new blockchain integration straightforward, with the ability to quickly expand Smart Electrum ecosystem into new blockchain environments in the future if needed.
About Smart Electrum
Smart Electrum will be a blockchain-enabled auction hosting and trading platform with the aim of markets of making auction hosting, price comparison and online classified adverts more efficient.
There are many people which need our help in the whole world, it’s time to open a “new window to the world” for them! We will create a platform that will enable fundraising in cryptocurrencies.