Global cryptocurrency exchange and digital asset management platform Bitrue has moved to strengthen the security of its daily XRP raffles by integrating Chainlink technology.
Bitrue Implements Chainlink VRF
Chainlink’s Verifiable Randomness Function (VRF) was selected specifically by the Bitrue team to add tamper-resistant transparency to its daily random number lottery, where users can win a share of a 240,000 XRP prize pool.
Using Chainlink VRF, every random number generated by users on the Bitrue exchange is accompanied by cryptographic proof that is logged on the Ethereum blockchain, providing an auditable trail and proof of the unbiased randomness used.
In a release shared with CryptoPotato, the Bitrue team said Chainlink was chosen as its source of randomness generation as it represents the most secure and provably fair solution on the market. Once set into action, no entity can interfere or manipulate Chainlink’s VRF function – not even the Bitrue team themselves. While VRF is normally used for blockchain applications, it can also be used for off-chain purposes, and its use in Bitrue’s XRP raffle may be the first such instance of this kind.
Taking the Chance out of Chance
Typically, games of chance hosted on centralized platforms have relied too heavily on the assumed benevolence of the site owners. Any lapse in vigilance can lead to an irreversible mistake, or outright manipulation, and the consequent degradation in user trust.
“We’re excited to leverage Chainlink VRF for our daily raffles to redefine how traditional platforms offer and operate chance-based games to their users. Using an unbiased and fully auditable source of randomness ensures that winners are always fairly chosen and that rewards cannot be unfairly farmed by any single party, further adding to the transparency guarantees we provide at Bitrue.” stated Bitrue CMO Adam O’Neill.
Supposedly High Yields from Staking Chainlink
Bitrue’s use of Chainlink stretches back to August of 2020 when the exchange employed Chainlink’s price reference oracles to feed its pricing mechanisms. The integration boosted the integrity of Bitrue’s various financial products, including its crypto-backed loans.
Today, Chainlink’s LINK token can be staked in Bitrue’s Power Piggy investment product in return for an expected annual rate of 7.3%. Bitrue CMO Adam O’Neill said that was the highest rate of returns on LINK, staking to be found in the cryptocurrency space.
Chainlink shot to prominence in 2019 when Microsoft announced it would employ its oracle technology in its web-based products. The value of the LINK token subsequently exploded, resulting in Chainlink becoming a top-five ranked crypto project by market cap – currently valued at over $5 billion. The cryptocurrency also surged following news that it was included in China’s blockchain service network.
Bitrue launched in 2018 and is a diversified cryptocurrency investment and management platform. In August, Bitrue became the world’s first hybrid exchange platform when it integrated decentralized finance (defi) matching engine to connect lenders and borrowers.