DigitsBrands Integrates Chainlink VRF and Price Feeds To Help Power Web3 Ecosystem
On 20th of October we integrated Chainlink Verifiable Random Function (VRF) into the DigitsMainframe on Ethereum mainnet to help enable users to join the transparent DigitsCoins raffle system. By doing so, we were able to pick winners using a provably fair and verifiable RNG.
In support of the continued growth and maturation of our decentralized infrastructure, we have now expanded our integration with Chainlink Price Feeds to provide real-time price data. By integrating Chainlink Price Feeds, we can display accurate, real-time ETH/USD price information.
Through a combination of Chainlink VRF and Chainlink Price Feeds, we were able to increase the decentralization, transparency, and reliability of the DigitsBrands Web3 infrastructure.
- Increased decentralization
- More transparency and fairness in raffles
- Higher team efficiency due to less manual labor
The Continued Growth of DigitsBrands Through Chainlink Service Support
The mission of DigitsBrands is to be one of the world’s leading producers and providers of Web3 information and tools. By leveraging the synergy between the DigitsBrands products, we seek to help develop a more transparent, innovative, and impactful Web3 ecosystem.
The DigitsBrands ecosystem will underpin the DigitsMainframe and DigitsAgents NFT collection with Chainlink’s trust-minimized services.
Securing DigitsCoins Raffles With Chainlink VRF
When hosting raffles, the integrity and transparency of the system is always something that should be prioritized. The DigitsMainframe weekly DigitsCoins raffle will use Chainlink VRF to help power the winner selection method, helping provide users with more transparency on how the winners are chosen.
Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The DigitsBrands smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This helps provide users with automated and publicly verifiable proof directly on-chain that each raffle using Chainlink VRF for randomness is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the DigitsBrands team.
We strive to make the DigitsBrands ecosystem as transparent as possible and Chainlink VRF has allowed us to take it to the next level.
Displaying Accurate Price Data With Chainlink Price Feeds
The DigitsAgents NFT collection will have a full price feed displayed on the mint page to ensure that the eligible minters are always aware of the real-time price of ETH/USD.
Pricing products in cryptocurrency tokens is always a risk due to the potential heavy price fluctuations. Utilizing the Chainlink ETH/USD price feed DigitsBrands enabled customers to make decisions around minting their NFT using pricing data that maintains high accuracy and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
By integrating Chainlink Price Feeds we are leveraging:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by the data provider or the oracle network.
- Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
Looking Ahead: Becoming a Leader in Web3 Investment Ecosystems for New Investors
The opportunity to further increase efficiency and reliability across the DigitsBrands ecosystem using Chainlink services has only just begun. Next, we plan to leverage Chainlink Automation for high-performance and hyper-reliable smart contract automation.
“Chainlink Web3 services increase the reliability and decentralization of our ecosystem. By integrating Chainlink VRF and Chainlink Price Feeds, we’re able to help select raffle winners in a more fair and transparent manner and provide our users with highly accurate price information.” — Colin Dijs, DigitsBrands CEO
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
DigitsBrands is the overarching umbrella organization that stands above the individual DigitsBrands assets such as DigitsClub, DigitsPad, DigitsTracker, and the DigitsMarketplace. The mission of DigitsBrands is to be one of the world’s leading producers and providers of cryptocurrency information and tools.