2021-1-20 23:26 |
Newly launched DeFi project Prophet has integrated Chainlink’s Verifiable Randomness Function (VRF), allowing for fair lottery winners on the platform Offertory.
In the age of DeFi and Chainlink, new projects are cropping up all over the place. Some offer new ideas, and others simply fork older projects while improving the fundamental weaknesses of older projects.
The DeFi project Prophet is one such fork. Prophet is an Ethereum (ERC-20) token based on the Reflect Finance project (RFI). Prophet claims to improve on Reflec’s innovative yield-generation features.
.@prophet_finance is using #Chainlink VRF in its decentralized no-loss lottery to pick winners in a provably secure & fair manner. Backed by on-chain cryptographic proofs, Chainlink VRF provides Prophet users integrity guarantees on the selection process. https://t.co/2wsTOCBcTX
— Chainlink – Official Channel (@chainlink) January 19, 2021 Prophet Improves on Past ProjectsProphet operates similarly to Reflect Finance, which is well known for its groundbreaking feature. Reflect distributes 1% of all transaction fees to holders automatically.
However, Prophet has turned the flat rate of 1% as a transaction fee into an adjustable fee. It makes the fees dynamic, ranging from 2% up to 10% depending on community proposals.
Prophet offered a fair distribution method to avoid whales accumulating the tokens, which often causes extreme price volatility. Prophet has also locked most of its liquidity for a year, theoretically making the project more stable.
Introducing the No-Loss Decentralized Lottery on ChainlinkProphet is launching a unique offering on its platform, the Offertory lottery. The idea is based on increasing trading volume, which in turn offers positive yields to Prophet holders.
The Offertory allows participants to enter for a chance to win part of a prize pool that includes an initial deposit amount and passive interest collected by the entries.
The no-loss feature allows users to reclaim their initial deposit minus on-chain fees. Participants can purchase tickets using the platform. The seven-day collection period before the lottery allows users to purchase tickets. However, what method is used to determine a winner?
Introducing ChainlinkProphet would need a fair protocol to select a winner. Step in Chainlink, one of the most popular projects for securing off-chain data.
Prophet, therefore, decided to implement Chainlink’s Verifiable Randomness Function (VRF). The Chainlink VRF allows smart contracts to access random protocols without compromising security, usability, or transparency. This ensures a fair winner is selected in every Prophet lottery.
Prophet Finance project manager, known only as Poseideon0x, commented on the integration with Chainlink. He explains that oracle security and encryption were vital parts to the success of the Lottery:
“This gives our engineers and users extremely high assurances that lottery selections are fair, unbiased, and tamperproof.”
The ability to select winners while offering tamper-proof randomness that cannot be manipulated by anything or anyone is an extremely valuable tool that could likely see more adoption outside of the crypto space and in the future.
The post Prophet Integrates Chainlink Tech to Decentralize Lottery Winners appeared first on BeInCrypto.
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