DeSpace Protocol Integrates Chainlink VRF to Secure DeSpace’s NFT Platform
We’re excited to announce that DeSpace Protocol—the most advanced DeFi and NFT Ecosystem (aggregator, DeFi and NFT tools) will integrate Chainlink Verifiable Random Function (VRF) on the DeSpace’s NFT Auction, Lucky Draws, and Mining Pads. By integrating Chainlink’s industry-leading decentralized oracle network, we will have access to a tamper-proof and auditable source of randomness needed for our innovative NFT platform. Ultimately this will create a more exciting, transparent, and fraud-proof user experience, as users can earn NFTs of varying rarity and with different functions in a fun, gamified way.
The DeSpace NFT platform itself solves two of the biggest problems in the industry; that NFTs are illiquid and difficult to sell to diffused markets, and that most NFTs lose value over time as they lack any real utility.
As part of the overall value system being created at DeSpace Protocol, the DeSpace NFT platform takes NFTs that otherwise exist in isolated platforms on different chains and aggregates them into a single, user-friendly marketplace. This means that users no longer have to scour multiple platforms looking for the NFT they want as they can find the most popular marketplaces aggregated on DeSpace.
DeSpace’s own NFTs will hold value long-term as they provide extra utility in addition to being collectible. Thanks to integrations like Chainlink’s VRF, users will be able to farm, stake, purchase, and win DeSpace NFTs of varying rarity that can augment their DeFi experience in different ways. This extra utility means that the NFTs will have actual value instead of being speculatively priced, as a result of being able to mine DeSpace Protocol tokens.
In order to secure our NFT platform, we need access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity. For instance, RNG solutions using on-chain data like block hashes can be exploited by blockchain miners, while off-chain RNG solutions like traditional data providers are opaque and don’t provide users with definitive proof about the integrity of the process.
After reviewing various solutions, we selected Chainlink VRF because it’s based on cutting-edge academic research, supported by Chainlink’s time-tested oracle infrastructure, and secured through the generation and on-chain verification of cryptographic proofs that guarantee the integrity of each random number supplied to smart contracts.
Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The DeSpace NFT smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This provides our users with automated and verifiable assurances directly on-chain that the DeSpace NFT system is provably fair and cannot be tampered with by the oracle, outside entities, or the DeSpace team.
The integration of Chainlink VRF into the DeSpace ecosystem is just another step towards our goal of being the most trusted destination for DeFi and NFTs in the crypto space, and our team is actively looking at how other Chainlink integrations could further service our ecosystem. At a time when scam projects are stealing millions of dollars from innocent investors, ensuring that our platform is both fair and auditable is essential for our users.
“Chainlink is one of the most trusted names in VRF and price oracle systems in the crypto space, so its integration into DeSpace ecosystem was inevitable.”
– Obasi Francis Ifegwu, DeSpace Co-founder and CEO
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
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About DeSpace Protocol
DeSpace Protocol is the most advanced DeFi and NFT navigation tool to date. We empower users with a range of DeFi and NFT products from around the crypto ecosystem, including our own products, all from a single interface. DeSpace is supported by DeChain, our Layer-2 blockchain solution that connects the disparate chains and allows easy transactions across a number of bridges. Every time a user transacts, they are rewarded with DES, our native token which also unlocks a massive amount of utility within the platform.
DeSpace takes the best of DeFi and NFTs and combines them into a single, easy-to-use platform that rewards users.
Learn more about DeSpace Protocol👇
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