Web3 Studio Venture Punk has integrated Chainlink VRF on Ethereum to unrwap Christmas gifts
To provide tamper-proof and secure randomized NFT gifts to users, Venture Punk will leverage Chainlink’s VRF function on the Ethereum mainnet.
VenturePunk will ultimately unwrap and reveal the gift NFT on 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 function (VRF) on the Ethereum mainnet. This new integration will help VenturePunk to unwrap its NFT Christmas gift.
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 gifts. Ahead of the randomization, VenturePunk will tie each gift’s token ID in the array to the same NFT gift that the user submits.
Later, VenturePunk will leverage Chainlink’s VRF function to fairly shuffle the array 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 surprise for Christmas day with their gift NFTs revealed.
Folks who are willing to participate in the NFT gift exchange will have to deposit their NFTs into a pool. However, one requirement for participation is that the deposited NFTs need to be a verified collection on the OpenSea marketplace. After depositing the gift NFT with VenturePunk, the user will receive an unopened gift NFT in exchange.
VenturePunk will ultimately unwrap and reveal the gift NFT on Christmas morning once all deposited NFTs have been randomly assigned to gift NFTs using Chainlink VRF. Speaking on the development, Jordan Lyall, Founder and CEO at VenturePunk said:
The VenturePunk team chose to use Chainlink VRF to help ensure that the NFT allocation process is fair and secure, bringing a new level of transparency and reliability to our platform. We’re excited to continue building with Chainlink services on future projects.
How Does Venture Punk Allocate Gift NFTs?
In order to randomly allocate 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 several smart contracts would require security considerations in order to prevent manipulation and ensure system integrity.
For e.g. 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. The chainlink VRF helps to overcome these issues since it is secured through “on-chain verification of cryptographic proofs that prove the integrity of each random number supplied to smart contracts”.
Upon request, Chainlink VRF will combine block data with the oracle node’s pre-committed private key in order to generate a random and cryptographic proof. The Santa.fm smart contracts by VenturePunk will only accept a random number input if it has 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 gift randomization process is fair without any tampering by the oracle, outside entities, or the VenturePunk team.
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Filed under: Bitcoin - @ December 22, 2022 4:27 pm