Market-leading oracle solution Chainlink has unveiled the latest upgrade to its array of blockchain products – Chainlink VRF v2.
The upgrades to its industry-standard ‘VRF’ (Verifiable Random Function) product bring 60% reduced transaction fees for smart contract developers, a ‘subscription management’ app for easier developer access and a number of changes designed to make the solution more gas-efficient.
Used for products like minting NFTs, giveaways and other products that require randomness, Chainlink VRF uses RNG (random number generator) to provide cryptographic proof to show how the number was generated for a project.
“It is only with verifiable, tamper-proof randomness that it becomes possible to securely mint NFTs and their attributes, or ensure fair outcomes in blockchain-based games. I believe the efficiency benefits of v2 will further accelerate its adoption rate across many new ecosystems.”
It currently provides verifiable randomness to more than 2,200 smart contracts across multiple blockchain networks including Ethereum, Polygon, and Binance Chain – with popular projects like Bored Ape Yacht Club and Axie Infinity having used Chainlink VRF for randomness in the past.
Chainlink’s VRF function has found most of its joy catering to developers of leading blockchain-based games like Axie Infinity, which used the ‘V1’ version of VRF to help the game determine the distribution of rare traits.
Chirag Dhull, Head of Product Marketing at Chainlink, now believes that the introduction of ‘VRF V2’ could herald a more scalable platform for NFTs and gaming dApps to build out its products.
“We are excited to announce the next leap in on-chain randomness – Chainlink VRF v2,” he said.
“Chainlink VRF v2 puts even more control in the hands of developers to build scalable, yet highly configurable and gas-efficient on-chan RNG solutions for NFT and Gaming dApps while ensuring that the results are truly random, verifiable, and tamper-proof.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.