- February 16, 2022
- Posted by: Bogdan
- Category: Chainlink, cryptocurrency, Oracles, Randomness, VRF
On Wednesday, blockchain oracle solution Chainlink (LINK) announced the release of Chainlink Verifiable Random Function, or VRF, v2. As told by its developers, the new, improved version of the random number generator can reduce transaction fees by 60% compared to v1. Randomness is a core component of making nonfungible tokens, or NFTs, and gaming applications fair and secure. On their own, blockchains and smart contracts cannot guarantee randomness, but rather require an oracle network to deliver such solutions on-chain.
Since its launch, Chainlink VRF (v1) has become the most widely adopted random number generator solution in the blockchain industry, fulfilling more than 3 million request transactions and currently providing verifiable randomness to more than 2,200 unique smart contracts across multiple blockchain networks. Popular projects like Bored Ape Yacht Club, Axie Infinity, Ethercards and more rely on Chainlink VRF for randomness. “It is only with verifiable, tamper-proof randomness that it becomes possible to securely mint NFTs and their attributes or ensure fair outcomes in blockchain-based games,” said Sergey Nazarov, co-founder of Chainlink.
Chainlink VRF generates a random number and cryptographic proof of how that number was determined using a combination of unpredictable block data and an oracle’s private key with every new request. The cryptographic proof is then published and verified on the blockchain to prevent vulnerability and exploitation.
In addition to being live on the Ethereum Mainnet, Chainlink Network plans for deployment onto additional blockchains such as Polygon and BNB. Major upgrades in v2 include enhanced subscription management, the ability to adjust gas limits, expanded block confirmations and being able to request multiple random numbers in a single on-chain transaction.
Aleksander Leonard Larsen, chief operating officer of Axie Infinity, commented:
“Verifiable randomness solutions like Chainlink VRF v2 are essential for developers introducing entropy into on-chain gaming and NFT experiences, empowering them to create fair and tamper-proof play-to-earn games.”
The Chainlink Network comprises independent oracle nodes and data providers such as Deutsche Telekom’s T-Systems, Swisscom, the Associated Press and others. According to its developers, the network secured more than $75 billion worth of value across hundreds of applications and a dozen different blockchains at the end of 2021.