Band Protocol ($BAND) has announced that Web3 and dApp projects on the BNB Chain, Ethereum, Polygon and other blockchains can now integrate its tamper-proof Verifiable Random Function (VRF).
Band VRF Live on Multiple Blockchains
Band Protocol, a decentralized cross-chain data oracle platform that aggregates and feeds real-world data and application programming interfaces (APIs) to smart contracts, has made it clear via a Twitter post on October 10, 2022, that its Verifiable Random Function (VRF) service is fully ready for testing and integration by Web3 projects.
For the uninitiated, a verifiable random function is defined as a public-key pseudorandom function that provides proof its outputs are accurate. VRFs accept a series of data, computes them and formulate a pseudorandom output, accompanied by a verifiable proof of authenticity. The Band VRF, which is still in testnet, will eventually provide an alternative to Chainlink VRF that’s currently in the mainnet, used in various protocols.
BandChain, Band Protocol’s native blockchain network is designed to make it possible for any entity to request data from APIs, traditional web services and other sources.
Band Protocol has been facilitating data and information exchange between on-chain and off-chain sources for blockchain solutions since its launch in 2017.
On September 30, 2022, the project officially announced the launch of the Band Protocol VRF service, adding support for eight blockchain test nets including Ethereum (ETH), BNB Chain, Polygon, Avalanche, Optimism, Cronos, Oasis and OKX Chain.
The Band VRF Advantage
While decentralized finance (DeFi) and distributed ledger technology (DLT), the building of Bitcoin (BTC) and other cryptocurrencies is fast changing the face of finance as we know it, dApp developers still face challenges when accessing and integrating off-chain real-world data into their on-chain solutions. This is where Band Protocol comes in.
Originally built on the Ethereum network, (before migrating to the Cosmos network in June 2020) Band Protocol functions as the middleman between off-chain, real-world data and blockchain networks.
With Band Protocol’s BandChain, dApp and Web3 solution developers can build customizable oracle scripts capable of extracting highly accurate data from off-chain sources and feeding them to blockchain solutions and smart contracts.
Band Protocol claims its new VRF services come with several important features that offer users guaranteed integrity on the blockchain.
On its website, Band Protocol states:
“Randomness is a fundamental function that helps to operate many decentralized applications. However, the root and foundation of this vital randomness mechanism are often neglected. Band’s VRF service addresses the fundamental issues that threaten the integrity of various Web3 use-cases by providing a pseudorandom output along with the proof of authenticity that validates the random number generation process.”
The team says the randomness of the Band VRF service is unpredictable, unbiased, verifiable and tamper-proof.
Once a dApp requests data, the query is received by a randomized set of Band VRF validators, who respond to the request by retrieving data from a specified data source. The data is then aggregated by the validators in accordance with the customized oracle scripts on the platform before sending the validated data to the entity that made the request.
Source : crypto.news
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