Chainlink (LINK), a blockchain oracle solution, announced the introduction of the upgraded version of its Chainlink Verifiable Random Function, or VRF. The v2 has gone live on the mainnet.
The new, upgraded version of the random number generator, according to its makers, can lower transaction fees by 60% when compared to v1. Nonfungible tokens and gaming applications require randomness to be fair and safe. Blockchains and smart contracts alone cannot guarantee randomization; instead, an oracle network is required to supply such solutions on-chain.
Chainlink VRF (v1) has become the most commonly used random number generator solution in the blockchain industry, completing over 3 million request transactions and supplying verifiable randomness to over 2,200 unique smart contracts across several blockchain networks since its inception.
Chainlink VRF is used by a number of popular projects, including Bored Ape Yacht Club, Axie Infinity, Ethercards, and others. “It becomes possible to safely mint NFTs and their properties or ensure fair outcomes in blockchain-based games only with verifiable, tamper-proof randomness,” stated Sergey Nazarov, co-founder of Chainlink.
With each new request, Chainlink VRF generates a random number and cryptographic evidence of how it was calculated using a combination of unexpected block data and an oracle’s private key. To prevent weakness and exploitation, the cryptographic evidence is subsequently published and validated on the blockchain.
Chainlink Network, in addition to being live on the Ethereum Mainnet, has aspirations to expand to other blockchains like Polygon and BNB.
Enhancements to subscription management, the option to alter gas limitations, enlarged block confirmations, and the ability to request multiple random numbers in a single on-chain transaction are all included in version 2.
Axie Infinity’s chief operating officer, Aleksander Leonard Larsen, said:
“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.”
Independent oracle nodes and data providers such as Deutsche Telekom’s T-Systems, Swisscom, the Associated Press, and others make up the Chainlink Network. According to its creators, by the end of 2021, the network has safeguarded more than $75 billion in value across hundreds of apps and a dozen separate blockchains.