Chainlink (LINK) Rallies to $12 as Verifiable Random Function Goes Live on Ethereum Mainnet
Chainlink (LINK), one of the top 20 cryptos by market capitalization, has gained 14% in the past 24 hours to trade at $12.15. As a whole, the cryptocurrency market remains range bound for most of the time, following the sharp rise in the price of Bitcoin on the basis of PayPal’s announcement regarding the support to crypto.
A few hours back Chainlink stated that the VRF (Verifiable Random Function) is now active on the Ethereum Mainnet. The VRF offers a highly safe and provably fair and authorized source to ensure randomness for blockchain powered apps. Chainlink states that there are already several ventures that effectually utilize the VRF in production:
“Several projects are already using Chainlink VRF live in production to secure critical smart contract functions: PoolTogether for randomly selecting prize pool winners in its v3 release, Centaur and UniLend for fair randomized selection of public sale participants, and numerous other projects already committed to launching in the near future like Aavegotchi, Polyient, Get Protocol, and much more.”
Along with the oracles that offer price data in a trustworthy manner, VFR can be utilized to create and offer provable impartial randomness for games powered by blockchain technology, non-fungible tokens (NFTs) and other apps that necessitate those criteria of un-foreseeability and randomness. Ensuring impartial randomness is specifically crucial in the sector of software applications:
“Random Number Generation (RNG) is critical to the development of many software applications because it serves as a mechanism for creating unpredictability. Not only does unpredictability protect against malicious entities trying to reverse-engineer a system, but it can also introduce an element of surprise into applications, determine the outcome of processes, and authenticate the creation of original objects and events. However, obtaining a reliable source of RNG that can’t be tampered with or predicted is an incredibly difficult problem.”
It can be remembered that Chainlink is being utilized to monitor the outcome of the US elections, scheduled on November 3, in a tamper proof manner.