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Crypto News

Chainlink Partners With Solana, Launches Price Feeds On Solana Devnet

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Chainlink, an oracle network powering hybrid smart contracts, has partnered with Solana, a high-performance decentralized blockchain.

The partnership has enabled Chainlink’s Price Feeds oracle system for decentralized finance (DeFi) to be launched live on the Solana Devnet at sub-second updates. Chainlink says that it has planned mainnet integration for the oracle before the end of Q4. According to Chainlink, the integration was a result of months of close collaboration between Solana Labs and Chainlink’s development team.

Chainlink Price Feeds serves billions of dollars worth of transactions across the DeFi ecosystem, providing leverage to a wide network of professional nodes and institutional-grade benchmark providers. This generates global market-representative prices with robust coverage and multiple layers of decentralized security to ensure precision, uptime, and tamper-resistance, even during periods of extreme market volatility.

With the launch of Chainlink Price Feeds, developers on Solana can now leverage the oracle for highly decentralized, high-quality, and fast-updating price reference data, enabling them to build a wide variety of hybrid smart contract applications for the decentralized finance sector.

Chainlink Price Feeds has comprehensively aggregated data from sub-second data and analytics providers such as Coin Metrics, Cryptocompare, NCFX, Tiingo, and dxFeed, among others. The price feeds cover both crypto and traditional assets available for the public.

Chainlink now provides sub-second speeds on-chain without compromising on both quality and security because of its integration with Solana’s high-performance blockchain. Solana will support up to 65,000 transactions per second and diminished per-transaction fees. This addition of the Chainlink Price Feeds will bring decentralized finance development to a rapid phase to compete with centralized finance trade execution and risk management quality.

“With Chainlink Price Feeds providing sub-second updates on the Solana blockchain, smart contract developers will have the proven oracle infrastructure they need to build high-speed and tamper-proof DeFi applications. We are excited to be supporting the growth of the Solana ecosystem through oracle networks that provide end-to-end decentralization, data accuracy, and a wide range of secure off-chain services.” shared Chainlink co-founder Sergey Nazarov.” Cryptodaily

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

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Blockchain Gaming Crypto News

Memenopoly Integrates Chainlink VRF to Secure Dice Rolls and Randomized NFT Packs

Memenopoly

“We’re excited to announce that Memenopoly — The meme themed yield generating blockchain game — has integrated Chainlink Verifiable Random Function (VRF) on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness needed to provide fair and transparent game play, as well as randomizing our NFT distribution. Ultimately this creates a more exciting, transparent, and fraud-proof gaming experience for our users and builds trust within the community.

Memenopoly is an evolution in gamified yield generation that combines the best of traditional yield farming, NFT yield farming and unique 3D gameplay to reward players with both instant and passive rewards. With NFTs at the core, players collect and stake properties to earn daily yields and collect rent from other players by rolling at least once a day. With token burns built into the game on a contract level and leveraging the power of Chainlink VRF, we set out to achieve our goal of releasing a transparent, fair and fun experience that pushes the limits of what’s been done so far on the blockchain!”

“In order to ensure each roll is fair and each NFT chosen is truly random, 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 Memenopoly 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 Memenopoly is provably fair and cannot be tampered with by the oracle, outside entities, or the Memenopoly team.” Memenopoly