MaticLaunch Will Integrate Chainlink VRF to Get Provably Fair Randomness for Allocation Evaluation
We’re excited to announce that MaticLaunch, a decentralized fundraising platform for the next generation of ideas built on Polygon, will integrate Chainlink Verifiable Random Function (VRF) on the Polygon 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 users out of hundreds, if not thousands, of entries. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can actually check the random draw on the blockchain knowing that s/he will have a fair chance in IDOs.
MaticLauch provides permissionless fundraising pool creation functionalities to blockchain entrepreneurs, diverting their skills into core product development while the community vets projects via autopilot governance events that move projects into fundraising pools. Thanks to Polygon, the entire process will be effortless while consuming extremely low gas fees.
In order to transparently draw random users for a public pool, 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 ensure 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 MaticLaunch smart contract will only accept the random number input if it has 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 proof that launchpad services using randomness are provably fair and were not tampered with by the oracle, outside entities, or the MaticLaunch team.
As we continue to grow and integrate multiple currencies accepted by fundraising pools, we may also utilize Chainlink Price Feeds to efficiently launch and conclude various private and public fundraising pools.
“Integrating Chainlink VRF solution not only helps us conduct random draws but it also builds trust among platform participants in MaticLaunch.” — Meg, Co-Founder and COO of MaticLaunch.
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.
MaticLaunch is a fully decentralized fundraising platform for the next generation of ideas built on Polygon. MaticLaunch aims to disrupt the traditional fundraising process involving multiple investment rounds led by large-scale investors aka VCs by giving back power to the community.
Our decentralized community-governed fundraising solution does not only offer fair investment opportunities but also avoids rugs significantly utilizing autopilot liquidity provision. MaticLaunch community is rapidly growing and so are the development efforts.
Join MatiLaunch in disrupting the traditional fundraising process by placing YOU at the forefront.