Blockchain
Oraichain Introduces First Fully On-Chain Verifiable Random Function For Avalanche Developers
Tortola, British Virgin Islands–(Newsfile Corp. – May 3, 2022) – Oraichain, a leading Artificial Intelligence-powered oracle and blockchain ecosystem supplier, has announced the launch of its Verifiable Random Function (VRF) on the Avalanche network. The launch means Avalanche ecosystem developers can benefit from a truly decentralized, publicly verifiable random number generator that’s impervious to attack, delivering enhanced functionality to dApps.
Oraichain Introduces First Fully On-Chain Verifiable Random Function For Avalanche Developers
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Decentralized applications can benefit from verifiable randomness generation in multiple ways. For instance, gambling protocols and DeFi platforms are always closely scrutinized by their users and magnets for hackers looking to exploit some kind of vulnerability. While solutions do exist, such as generating a random value through an API, these methods are vulnerable to known abuses such as rerolling or rewrite attacks.
With the debut of Oraichain VRF 2.0 on Avalanche, dApps running on the network can benefit from publicly verifiable random number generation that’s 100% tamper-proof and transparent, verifiable via a group signature verification process.
Whenever an Avalanche dApp makes a request for randomness with Oraichain VRF, the request will be emitted as an event from the Oraichain Mainnet via the Avalanche-Oraichain bridge. Oraichain VRF then binds a pairing-based threshold cryptosystem library to its smart contract to verify validator’s signatures, creating a group signature on-chain. It then generates a publicly verifiable random value that’s submitted back through the cross-chain bridge to the VRF contract and, from there, to the Avalanche dApp.
Oraichain VRF makes it possible for developers with only a limited knowledge of smart contracts to easily create and verify VRF values. Because each signature contribution from the VRF executors must be verified on-chain with Oraichain before it’s stored, they can be verified through a simple query to the VRF smart contract. As for publicly verifiable random value generation, this is available as a plug-and-play service to Avalanche dApp developers and can be used as necessary directly with Oraiscan.
Avalanche developers can easily integrate publicly verifiable randomness into all manner of DeFi and NFT applications, bringing fairness and transparency to NFT and token airdrops and many other use cases, such as creating unpredictable NFT game scenarios, match-making in games, selection of network validators and more.
“With the introduction of Oraichain VRF 2.0, for the first time ever, Dapps running on Avalanche are now provided with a fully on-chain VRF service that are publicly verifiable and impervious from known abuses like rewrite attacks or rerolling” – Oraichain CEO Chung Dao
About Oraichain
Oraichain is an AI-Powered Oracle and Blockchain Ecosystem. Oraichain data oracle platform aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. Founded by Dr Chung Dao, Oraichain’s mission is to be the portal between AI and blockchain technologies, aiming to revolutionize the AI, DeFi, and Blockchain industries.
Contact:
Duc M. Tran
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122567
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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