StartFi to Integrate Chainlink VRF for Fair NFT Fundraising

Chainlink continued its collaboration spree by recently joining hands with StartFi. The NFT fundraising platform recently announced the integration of Chainlink VRF into its ecosystem. In addition, StatrFi will use the Verifiable Random Function to offer fair randomness during NFT fundraising.

The platform will currently deploy VRF on the Binance Smart Chain, Polygon, and Ethereum. The announcement piqued traders’ interest, stimulating a positive outlook for Chainlink price forecast

The integration will equip StartFi with a verifiable and tamper-proof source of random number generation useful in creating dynamic and provably fair NFT launches. Moreover, Chainlink VRF will steer a transparent, fraud-proof, exciting UX for NFT enthusiasts and collectors.

StartFi is an emerging virtual NFT platform that helps content creators gather crucial funds for their digital content. The platform rewards users with NFT sale revenue and other perks. NFTs have amply proved their usefulness in the modern market, and StartFi aims to capitalize on the momentum. 

The platform offers functionalities like NFT trading, marketing, and minting across different blockchains. It also supports private auctions and secures KYC pools to facilitate unmatched flexibility.

StartFi stated that randomness is pivotal to deploying a dynamic NFT marketplace and launch pools. Randomness fuels functions such as:

  • Choosing winners during congested NFT auctions
  • Assigning unique traits to NFTs or 
  • Distributing random rewards to participants during an NFT sale

While the market offers multiple RNGs for this purpose, most do not bode well with the transparency and security associated with blockchains. However, the opaqueness of Oracle-based RNGs ensures that centralized data providers do not manipulate the outcomes.

Under such circumstances, Chainlink VRF emerges as the undisputed winner. It functions by merging block data, which is unknown during the request creation within the oracle node’s private key. The key is required to generate both a cryptographic proof and a random number.

StartFi will accept the random number only if it comes with cryptographic proof, ensuring a tamper-free process. Moreover, it helps users get automated and publicly verifiable proof on-chain. StartFi will sore through the market rankings with such an esteemed integration in the initial phase.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button