The tiny contract deployment that is racing to the finish line is bringing decentralized application [DApp] development on Cardano closer. The advancements on the network have had a favorable impact on the native ADA token.
The Cardano-powered IDO Launchpad Ventup is scheduled to merge with Chainlink’s Verifiable Random Function [VRF] to create a Decentralized Allocation System, according to the latest news. The decentralized fund’s new move attempts to guarantee access to tamper-resistant and auditable sources of randomness, which are essential to put up a provably impartial platform.
The major aim behind this connection, according to Ventup’s official blog post, is to provide a more dependable, transparent, and fraud-proof user experience within the platform’s community, as this would allow users to access unique and promising projects in a secure and fair manner.
This month, Chainlink’s VRF has acquired a lot of traction. This feature works by combining unknown block data with the oracle node’s pre-committed private key to generate a random integer as well as a cryptographic proof when the request is made.
Only after generating a sufficient cryptographic evidence will the smart contract of the decentralized and interoperable protocol authorize the random number input. Only if the method of securing a verifiable random function is secured can this be generated.
The Cardano-based platform also plans to use Chainlink’s VRF in the future to ensure fair and random applications, allow off-chain API data feeds, and incorporate Chainlink’s Price Feeds into its ecosystem.
The released document regarding the same also stated,
“As we advance in the development and growth of Ventup, Chainlink oracles will provide Ventup the necessary tools to further mold a seamless user experience in which we value and prioritize both transparency and accuracy.”
Ventup claims that Chainlink’s infrastructure will help them improve the efficiency of its smart contracts. Off-chain API data streams can be used to combine safe inputs and outputs.
Furthermore, its Price Feeds will make it easier for the Ventup community to connect its smart contracts to real-time market prices, giving users a safe way to analyze the most relevant data before completing any transactions.
The Cardano blockchain’s development platform, IOHK, has announced the availability of a suite of products allowing the network to enter the domain of decentralized finance [defi].
The Marlowe suite, whose implementation is aimed to facilitate P2P financial agreements through the ease of Cardano smart contract creation, is one of the most talked-about aspects.