Oraichain launches 100% tamper-proof VRF for dApps on Avalanche

Rick Steves

Developers with only a limited knowledge of smart contracts can leverage the Oraichain VRF to easily create and verify VRF values.

Oraichain has launched a Verifiable Random Function (VRF) on the Avalanche network, which allows developers to benefit from a decentralized, publicly verifiable random number generator that’s impervious to attack, delivering enhanced functionality to dApps.

The Artificial Intelligence-powered oracle and blockchain ecosystem supplier said that decentralized applications can benefit from its proprietary verifiable randomness generation because existing solutions – such as generating a random value through an API – are vulnerable to known abuses such as rerolling or rewrite attacks.

As gambling protocols and DeFi platforms, for example, are always closely scrutinized by their users and are targets of hackers who look to exploit some kind of vulnerability, the launch of  Oraichain VRF 2.0 on Avalanche could change everything.

dApps running on Avalanche can now benefit from publicly verifiable random number generation that’s 100% tamper-proof and transparent, verifiable via a group signature verification process.

Fully on-chain VRF service that is publicly verifiable

Chung Dao, Chief Executive Officer at Oraichain, commented: “With the introduction of Oraichain VRF 2.0, for the first time ever, Dapps running on Avalanche are now provided with a fully on-chain VRF service that is publicly verifiable and impervious from known abuses like rewrite attacks or rerolling”.

According to the firm, whenever an Avalanche dApp makes a request for randomness with Oraichain VRF, the request will be emitted as an event from the Oraichain Mainnet via the Avalanche-Oraichain bridge.

The solution then binds a pairing-based threshold cryptosystem library to its smart contract to verify the validator’s signatures, creating a group signature on-chain.

Finally, it generates a publicly verifiable random value that’s submitted back through the cross-chain bridge to the VRF contract and, from there, to the Avalanche dApp.

Each signature contribution can be verified through a simple query to the VRF smart contract before it’s stored. Publicly verifiable random value generation is available as a plug-and-play service to Avalanche dApp developers and can be used as necessary directly with Oraiscan.

Avalanche developers using the Oraichain VRF can easily integrate publicly verifiable randomness into all kinds of DeFi and NFT applications.

Founded by Chung Dao, the Oraichain data oracle platform aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications.

In late April, the OraiBridge subnet went live on OraiDEX to enable secure cross-chain transfers of assets. OraiBridge will be gradually functional in the upcoming updates, enabling the opposite direction and to other chains as well, in which Ethereum will be the next. In the meantime, Kucoin will act as an alternative bridge.

Read this next

Digital Assets

Binance upgrades Bahrain license to offer full-suite of crypto services

The Central Bank of Bahrain (CBB) has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).

Digital Assets

BitMEX spot exchange hits $24 million in daily volume

The newly-launched spot market of crypto exchange BitMEX reported a record of $24 million in 24-hour trade activity on May 25.

Retail FX

Financial Commission certifies offering of trade copier 4X Solutions

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has certified the trading technology offered by trade copier 4X Solutions.

Industry News, Inside View

LIVE from Devexperts webinar for brokers on Fractional Trading

Finance Feeds is providing live coverage of the event that aims to help brokers discover fractional shares as a key tool for a successful brokerage business in today’s trading industry.

Industry News, Retail FX

ASIC celebrates retail ban on binary options as 68% of wholesale clients lose money

In the 13 months before the ban, between 74% and 77% of active retail clients lost money trading binary options. The product intervention order does not apply to wholesale clients.

Crypto Insider

Investing in crypto: how to stay away from weak players

The main reason behind the hacks of crypto exchanges is weak key management. For example, all 4 hacks that took place in 2021 were caused by the ability of hackers to obtain access to hot wallets. 

Retail FX

Vantage launches swap-free gold XAUUSD trades for all clients until end of July

“As the greenback continues to strengthen, we want to support traders who remain bullish on gold or seek short term trading opportunities amid the volatility”

Industry News

Broadridge launches ESG reporting solution ahead of European regulation SFDR

The Broadridge managed solution for EET adds to existing Broadridge services, including European PRIIPs Template, European MiFID Template, Solvency II Tripartite Template and many more across the European jurisdictions.

Industry News

iCapital to acquire embedded structured investment platform SIMON

SIMON’s platform, SPECTRUM, is a multi-dimensional allocation analysis and portfolio construction tool designed to evaluate how structured investments and/or annuities may fit into a portfolio.