Blockchain
Oraichain Enables Decentralized & Publicly Verifiable Randomness Generation for dApps on Fantom Network
Tortola, British Virgin Islands–(Newsfile Corp. – May 11, 2022) – Oraichain, the world’s first AI Layer 1 for Data Economy and Oracle services, recently announced the availability of Verifiable Random Function services on Fantom. Developers building decentralized applications (dApps) in Fantom’s vibrant ecosystem will now be able to benefit from a fully decentralized and publicly verifiable random number generator and deliver enhanced capabilities for DeFi, NFTs and more.
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Randomness is essential for dApps to enable fairness, validate the rarity of assets and stimulate competition. But random values derived from APIs do not provide integrity guarantees, hence the need for fully on-chain VRF services to ensure transparency and tamper-proof outcomes.
Oraichain VRF 2.0 has been designed to overcome the limitations of randomized number generators that utilize on-chain data, which can be subject to attacks by malicious miners. It works by fully generating random values and verifying their group signature on-chain, making it impossible for entities including dApp developers, node operators and oracles to tamper with their randomness generation process. Oraichain VRF 2.0 decentralizes every aspect of the randomness generation by automatically recovering the final group signature from a predetermined threshold of VRF executors. That signature is verified against a group public key, with transparency further enhanced through the application of a hash function to generate random values on-chain through a smart contract.
Oraichain VRF 2.0 provides the infrastructure Fantom developers need to quickly and easily integrate publicly verifiable randomness into highly-scalable and cost-effective DeFi, NFT and gaming applications. This enables fairness and transparency in any number of scenarios, such as assigning rare NFT attributes to newly minted tokens, creating unpredictable in-game scenarios, game match-making engines, the distribution of limited-edition assets, the selection of airdrop winners from liquidity provider pools at random, and choosing network validators or DAO participants at random for important decision-making.
Developers can implement Oraichain VRF 2.0 in Fantom-based apps with ease. Oraichain VRF is designed as a plug-and-play utility that comes with a simplified verification process as it’s built directly upon the Oraichain’s mainnet 2.0 Layer 1 infrastructure with a built-in block explorer. This enables anyone to query the blockchain to verify a VRF output.
“We are delighted to bring Oraichain VRF 2.0 to the Fantom ecosystem. With Oraichain VRF, Fantom developers can access the necessary infrastructure to quickly develop highly scalable and cost-efficient DeFi, NFT, and gaming products augmented by publicly verifiable randomness,” said Duc M. Tran, Head of Community Relations at Oraichain, in a statement.
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/123568
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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