Forward Protocol Integrates Chainlink VRF To Help Determine IVO Allowlist Slots
Forward Protocol has integrated Chainlink Verifiable Random Function (VRF) on BNB Chain into our blockchain-based drag and drop, no-code-required, adoption-focused ecosystem. The integration enables Forward Protocol’s blockchain adoption solution to leverage Chainlink’s industry-leading RNG solution to help determine allowlist slots in our upcoming IVO.
Forward Protocol lowers the barrier to entry across verticals through a B2B approach known as Forward Factory, which connects ideas, companies, and markets with open-source, fully customizable, no-code-required smart contract tools. Forward Factory makes blockchain adoption an unambiguous and straightforward process for organizations. Decide. Deploy. Test. Evaluate. No hidden costs involved.
Integrating Chainlink VRF into Forward Factory
In order to help determine allowlist slots in our upcoming IVO, we need access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity. For instance, RNG solutions derived from blockchain data like block hashes can be exploited by miners/validators, while off-chain RNG solutions derived from off-chain APIs are opaque and don’t provide users with definitive proof about the integrity of the process.
After reviewing various solutions, we selected Chainlink VRF because it’s based on cutting-edge academic research, supported by a time-tested oracle network, and secured through the generation and on-chain verification of cryptographic proofs that prove the integrity of each random number supplied to smart contracts.
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 Forward Protocol 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 provides our users with automated and verifiable assurances directly on-chain that the selection process for allowlist slots was not tampered with by the oracle, outside entities, or the Forward Protocol team.
Forward Protocol is also planning to use Chainlink Price Feeds in the future to access a secure source of market data in our launchpad.
“We’re extremely excited about this integration because a transparent IVO process is key to building an engaged community. By using Chainlink VRF, we are giving our users high assurances that the selection process for allowlist slots is fair and not vulnerable to manipulation.” — Mitch Rankin, Co-Founder
Forward Protocol’s Initial Value Offering (IVO), the third and final token sale event, is fast approaching. The sales date and other important announcements will be made on our official social media channels. Community members and blockchain enthusiasts can find more information about our vision and mission through our Litepaper and Whitepaper.
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Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Forward Protocol
Forward Protocol uses an easy-to-use WordPress-like model to facilitate a no-code environment that users can use to deploy their blockchain applications without technical knowledge. Forward Protocol has elements of NFT, DeFi, Gamification, AI, ML, and Social Tokens inbuilt that connect the value-driven economy. Applications and smart contracts from Forward Protocol can be deployed on any EVM compatible chains in one click. Forward Protocol is cross-chain compatible, industry-agnostic, and adoption-focused, with an ultimate goal to fast-track mass adoption of blockchain technology.