Source: news.google.com
- To provide secure and tamper-proof random NFT giveaways to users, Venture Punk will leverage Chainlink’s VRF feature on the Ethereum mainnet.
- VenturePunk will finally unwrap and reveal the gift NFTs at Christmas after randomly assigning the deposited NFTs as gift NFTs.
On Wednesday, December 21, Web3 product studio VenturePunk announced the integration of its NFT Gift Exchange Santa.fm with the Chainlink Verifiable Random (VRF) feature on the Ethereum mainnet. This new integration will help VenturePunk open their NFT Christmas present.
By integrating Chainlink’s industry-leading decentralized Oracle network, Venture Punk can now access a tamper-proof source of randomness required by them to shuffle the pool of NFT giveaways. Prior to randomization, VenturePunk will link the token id of each giveaway in the matrix to the same NFT giveaway the user submits.
Later, VenturePunk will take advantage of Chainlink’s VRF feature to shuffle the matrix such that each gift redeems a different NFT. VenturePunk believes that such a setup will create a much more transparent and exciting user experience with a Christmas Day surprise with the reveal of their gift NFTs.
People who are willing to participate in the NFT gift exchange will need to deposit their NFTs in a pool. However, a requirement to participate is that the deposited NFTs must be a verified collection on the OpenSea marketplace. After depositing the gift NFT with VenturePunk, the user will receive an unopened gift NFT in return.
VenturePunk will finally unwrap and reveal the gift NFT on Christmas morning once all deposited NFTs have been randomly assigned to gift NFTs using Chainlink VRF. Speaking about the development, Jordan Lyall, founder and CEO of VenturePunk, said:
The VenturePunk team chose to use Chainlink VRF to help ensure the NFT allocation process is fair and secure, bringing a new level of transparency and reliability to our platform. We are excited to continue building on Chainlink’s services on future projects.
How does Venture Punk allocate gift NFTs?
In order to randomly assign the deposit NFT to the gift NFT token IDs, Venture Punk uses a Random Number Generator (RNG) which would allow users to audit independently. But RNG solutions for various smart contracts would require security considerations to prevent tampering and ensure system integrity.
For example, the RNG solution derived from blockchain data such as block hashes can be exploited by miners/validators. On the other hand, RNG solutions derived from off-chain APIs are opaque. Chainlink VRF helps to overcome these issues as it is protected by “cryptographic proof chain verification that tests the integrity of each random number provided to smart contracts”.
Upon request, Chainlink VRF will combine the block data with the Oracle node’s pre-compromised private key to generate a random and cryptographic proof. VenturePunk’s Santa.fm smart contracts will only accept a random number input if it has a valid cryptographic proof. This cryptographic proof will only be generated if the Chainlink VRF process is tamper-proof.
This serves as proof to on-chain users that the NFT giveaway randomization process is fair without any tampering by the oracle, outside entities, or the VenturePunk team.
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