StartFi Is Integrating Chainlink VRF to Bring Fair Randomness to NFT Fundraising
We are excited to announce that StartFi, an NFT fund-raising platform for content creators, is integrating Chainlink Verifiable Random Function (VRF) on the Ethereum, Polygon, and Binance Smart Chain blockchains. By integrating the industry-leading oracle solution into our platform, we will have access to a tamper-proof and verifiable source of RNG that content creators can use to help power provably fair and dynamic NFT launches. Additionally, Chainlink VRF will drive a more exciting, transparent, and fraud-proof user experience for NFT collectors and fan bases of NFT creators.
StartFi is a digital NFT platform that aims to help content creators raise funds for their digital content, while sharing rewards and NFT sale revenue. With NFTs being the future of digital content copyright and ownership, we aim to provide a decentralized platform that allows any content creator to seamlessly mint, market, and sell their NFTs across various blockchain networks. Additionally, support for trusted KYC pools and private auctions is provided, allowing for a significant degree of flexibility.
In our journey to build a comprehensive platform that includes a dynamic NFT marketplace and support for ever-changing launchpads and launch pools, we identified the need for randomness. Randomness is critical to key functions like assigning traits to an NFT, selecting winners of high-demand NFT auctions, or giving out random rewards to participants in a sale.
However, existing Random Number Generator (RNG) solutions don’t align with the security and transparency guarantees inherent to blockchains. For example, RNG solutions derived from the blockchain itself like blockhashes introduce vulnerabilities where miners can manipulate the results in their favor. Instead, we need an oracle solution like Chainlink to obtain an external source of randomness.
Just like the general definition of the word, an oracle in this context is an off-chain service that sends real-world data onto a blockchain network. Through this mechanism, smart contracts can make a decision based on data existing outside their native blockchain. Since all of the transactions on the blockchain are final and hence immutable; the accuracy and the authenticity of external data from the outside world is highly crucial.
However, oracle-based RNG solutions are often opaque, requiring users to trust that the centralized data provider won’t manipulate the results to their benefit. For this reason, we choose to integrate Chainlink VRF—an verifiable RNG solution purpose built for smart contract applications.
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. StartFi’s 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 users with automated and publicly verifiable proof directly on-chain that each community NFT distribution is provably fair and was not tampered with or predicted by the oracle, outside entities, or the StartFi team.
By integrating Chainlink VRF into our platform, we can provide users with greater guarantees that the distribution and rewards processes have not been manipulated, which can be fully verifiable on-chain. We are also looking into how Chainlink could play an even larger role in the StartFi ecosystem such as the integration of Chainlink Data Feeds to augment how NFTs are purchased.
“Integrating Chainlink VRF was an obvious decision as the StartFi ecosystem is focused on delivering the best and most robust NFT platform to our users and their communities. Verifiable randomness helps us achieve that goal, creating a more fair and engaging experience for NFT creators, buyers, and sellers,” stated Komy, CEO and Co-founder of StartFi.
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
StartFi is a content management platform that is powered by NFTs. StratFi's mandate is providing content creators globally with blockchain networks agnostic solutions and tools needed to digitize, manage, and monetize their content using a user-friendly platform that can onboard all types of users regardless of their technical ability.
StartFi content management platform has two components. The first one is a marketplace where various users can create various types of NFTs for their content in order to list them in the marketplace as buy now items or auctions with certain business rules like royalties. The second component of the platform is a Launchpad where verified and curated content creators and projects can run Initial NFT Offering (INO) offerings that users can participate in. This platform will be available on various mainstream blockchain networks like ETH, BSC, HECO, etc. in order to give users various options and opportunities to maximize their ROI using StartFi platform.