UniLend Public Sale Lottery Guarantees Fairness and Transparency with On-Chain Verifiable Randomness by Chainlink
With the advent of IEOs, choosing participants for public token sales by lottery grew in popularity. Until recently, lottery-based selection has been executed in a more centralized manner. This won’t even be a hypothetical possibility at UniLend’s token sale thanks to Chainlink Verifiable Random Function (VRF). Chainlink VRF generates a provably fair and unpredictable source of random number generation (RNG) with cryptographic proofs that are verifiable by any participant on-chain.
Chainlink VRF utilizes Goldberg’s Verifiable Random Function as described here. The randomness is truly random, manipulation-proof, and most importantly can be openly audited by its users. This not only increases security, but greatly accelerates smart contract development, layer-two protocols, and various other use cases.
For our Public token sale, We will deploy a smart contract on Ethereum and populate it with participants’ public addresses. To kick it off, Chainlink VRF will generate a root random seed as a starting point. As each winner is chosen, their public address becomes the seed for the next round, the input for random selection. This process repeats until all winning addresses have been chosen from an indefinite number of applicants. The precise cap of participants allowed depends on the USD/ETH rate and is to be announced.
The first version of this contract was deployed and tested successfully on the Ethereum Kovan Testnet. It can be found here: https://kovan.etherscan.io/address/0x677f023ee7fb29100c29874565f652d8ed8a6e35#code
Because of the deterministic nature of the selection process, there was always a hypothetical risk that manipulation could occur in generating the root seed. This raised some eyebrows, and rightly so. Chainlink VRF has tackled this issue by creating a truly unpredictable source of randomness.
Linking up with Chainlink, UniLend is one step closer to unlocking the true potential of DeFi.
“Chainlink VRF adds trust to lottery-based token sales by removing any chances of manipulating outcomes. This is an exciting progression in the world of smart contracts. It makes many use cases all the more reliable, secure and verifiable, increasing trustlessness for all parties involved.”
— Chandresh Aharwar, Co-founder & CEO of UniLend, Previously Strategy & Marketing at Matic
About the Chainlink Network:
The Chainlink Network is the most widely used and secure way to power universal smart contracts. With the Chainlink Network, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands people, the Chainlink Network is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
UniLend is a decentralized protocol seeking to unlock the true potential of decentralized finance. It combines spot trading and money markets with lending and borrowing services through smart contracts.
Current platforms are non-inclusive to the majority of digital assets in DeFi. With thousands of tokens on the market why are only a small handful listed on Compound, Aave, Maker DAO, and others?
UniLend plans to level the playing field and keep gatekeeping out of the equation.
Get a more in-depth overview here: https://buff.ly/3itkI7u
The UniLend team would like to thank our community for your incredible support thus far. We remain at your disposal should you have any questions. Don’t hesitate to reach out to us!
Telegram community: https://t.me/UniLendFinance
Announcements channel: https://t.me/UniLendAnnouncement