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Ferrum Network, a blockchain and cryptocurrency services ecosystem, today announced that it now integrating oracle solution Chainlink for a number of different initiatives.
The first integration is already live. Ferrum Network is utilizing Chainlink VRF (Verifiable Random Function) to determine the addresses for presale token allocations in a provably fair and tamper-proof manner.
Additionally, Ferrum Network will employ Chainlink VRF to determine awarded participant’s wallet addresses in presale allocations for high-demand token launches; along with other randomly generated lists as a result of future initiatives.
Chainlink VRF is a Verifiable Random Function used to generate random numbers and deliver them on-chain to smart contracts. While oracles are typically known for relaying data on-chain; Chainlink has expanded its oracle networks to also perform a variety of scalable, low-cost, and verifiable off-chain computations on behalf of smart contracts. One of these being their popular VRF service.
Securing Ferrum’s Cross-Chain Token Bridge with Chainlink
Aside from adding on-chain utility with verifiable security, Ferrum will further use Chainlink oracles to enhance the quality, security, and robustness of its cross-chain token bridge.
UREEQA, a Ferrum Network incubated project was recently introduced to the Chainlink Labs team…
Just days after conversing, UREEQA released a series of NFTs from MLB Home Run Derby runner-up, Trey Mancini; with all proceeds going to cancer research. Chainlink VRF was used to fairly assign bonus rewards, including autographed memorabilia, to select NFTs now and in the future.
“We are very excited to see Chainlink VRF being used within our advisory services for provably fair and unbiased token allocations. As well as moving forward on more promising and synergistic work between the two projects. We believe that these integrations will add an immense amount of value to both the Ferrum and Chainlink communities.”
– Ferrum Network Co-Founder Ian Friend