RT @SergeyNazarov: Thrilled about Chainlink VRF's verifiable on-chain randomness, specifically made for smart contracts; https://t.co/5k8mhIf45j, excited to see what games and other great smart contracts can be built using on-chain verifiable randomness.
Thrilled about Chainlink VRF's verifiable on-chain randomness, specifically made for smart contracts; https://t.co/5k8mhIf45j, excited to see what games and other great smart contracts can be built using on-chain verifiable randomness.
I was re-thinking this news a little more after my initial comment and actually it's a bit bigger than what appears on the surface. True random number generators are integral in calculating options volatility and randomizing certain variables - this could be the basis of something much bigger than we all see at the current moment. NYSE and other market exchanges and tokenized stocks could develop something much more useful around LINK's integrated random number generator.
Progress although seemingly small at times is always good - keep it up LINK team!
Yeah its a pretty pathetic announcement. Games and gambling with the and then some distant far off use cases like assigning judges or jury members. Nothing burger announcement. Plus random number generation has already been invented a million times inside and outside the cryptosphere.
* Make games more trustworthy by using a source of randomness that is verifiable on-chain, allowing developers to provide additional proof to security-sensitive users.
* Make games more fun by generating challenging and unpredictable scenarios and environments, and assigning unpredictable player rewards like loot drops.
* Generate provably random assignments of duties and resources, e.g. randomly assigning judges to cases or auditors to firms under scrutiny.
* Choose a representative sample of observers eligible to vote on a proposal the contract needs to establish consensus for (surveys are an efficient way to provide extra sybil resistance).
Gaming is a multi hundred billion dollar industry. It's not something to sniff at. Meanwhile random numbers are useful for a myriad of use cases. For example, you could create a stakeable ERC20 contract, and give people one "ticket" for each token they stake and distribute new tokens periodically based on a random drawing. You can also improvise a new security or encryption mechanism with it. You could obfuscate voting mechanisms to protect privacy. You could A/B test smart contract features...lots to explore there...
You're not wrong and I'm hopeful got the future. But random number generaton isn't some crazy new phenomenon just unveiled to the universe for the first time. How much of the multi billion dollar gaming industry needs a random number generator from a decentralized Oracle other than online gambling?
How much will random online gambling 0.1 link heart beat really add to the market cap?
Furthermore eth already has this built into the beacon chain to generate shards, and can probably achieve similar results.
This is the kind of stuff I'm curious about. What are the more day-to-day business use cases for randomness? Could it be used to randomly match parties in an options contract somehow? Can it be used to obfuscate transactions, prevent front-running, hide identities, hide location information? Could it be used to match and/or hide lenders and borrowers in a micro-loans program? Could it be used to assign independent auditors to decentralized insurance products so they can't be contacted or influenced by the insurance seller or buyer?
I don't know the answer to any of these questions, but I'm sure there's a lot more uses for randomness than just lotteries, raffles, and BINGO.
Great post and thanks for writing as you have brought me greater clarity - I am long LINK for all those wondering - but this sort of announcement is really not that fascinating or that exciting considering they only reference gaming apps.
Let's get to work on partnering with AWS or MSFT Azure!