MEME Is Integrating Chainlink VRF for NFT Drawings and Lotteries
https://ift.tt/3evEboF
This post was originally published on Don’t Buy Memes
We’re pleased to announce that MEME, a DeFi-focused NFT platform, is integrating Chainlink Verifiable Random Function (VRF) on Fantom mainnet. By integrating the industry-leading decentralized oracle network, we will have access to a tamper-proof random number generator that will help ensure that all MEME participants have a fair and equal chance of winning in our draw games. MEME will use Chainlink VRF to provide a tamper-proof and auditable source of randomness when picking our winners, making gameplay on our platform more fun and exciting.
MEME is an original NFT summer project, arguably one of the major catalysts in NFT platforms gaining traction through 2020 and into 2021. MEME has been a springboard for many major NFT artists, including FEWOCiOUS, Jon Noorlander, Sven Eberwein, Jonathan Wolfe, Raf Grassetti, and many others. Now, we are excited to introduce our new drops, facilitated by drawings.
On the new platform, users will no longer need to stake their MEME tokens to the smart contract to earn PINA points. Rather, users will now opt into rewards, and immediately begin earning points every block. These points can then be used to enter MEME drops. Say goodbye to the days of entering and exiting artist pools to enter our drops — this will become a one-time, no-fee interaction once connected to the platform. After earning a set amount of points, users can claim entry into drawings during the entry period.
Once the entry period has ended, our smart contract will then reach out to Chainlink VRF to retrieve a random number seed. Using this random number, our platform will then proceed to assign winners with NFTs. Once assigned, users can mint their MEME NFTs directly from the rewards page.
In order to fairly choose winners in our drawings, 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 derived from blockchain data like block hashes can be exploited by miners/validators, while off-chain RNG solutions derived from off-chain APIs 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 a time-tested blockchain oracle network, 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 MEME smart contract will only accept the random number input if it has a 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 assurances directly on-chain that MEME lucky draw games are provably fair and were not tampered with by the oracle, outside entities, or the MEME team.
“Randomness is a core part of many NFT drops, mints, and games. Powered by Chainlink VRF, auditable randomness helps enable MEME to foster a fair, unbiased environment that gives every user a chance to win, with peace of mind that the result has not been manipulated by any party.” — the MEME Team.
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About MEME
MEME is one of the original NFT platforms on the Ethereum and Fantom Network. Utilizing the $MEME token, users are able to accrue points and enter exclusive drops on our platform, at no cost. Users holding the platform token have access to the top and up-and-coming artists in the space, at a much lower cost of access than any other NFT platform. Our platform provides the chance to collect very rare and exclusive pieces that they may not have had the opportunity to collect elsewhere.
Learn more about MEME by visiting dontbuymeme.com, or follow us on Twitter.
Support Us via our Sponsors
Cryptocurrency
