Randcast – On-Chain Verifiable Randomness
Why you should listen Randcast is ARPA’s first product, an on-chain verifiable random number generation service with an easy-to-use Smart Contract SDK that can be directly integrated into DApps to provide out-of-the-box...
Randcast is ARPA’s first product, an on-chain verifiable random number generation service with an easy-to-use Smart Contract SDK that can be directly integrated into DApps to provide out-of-the-box functionalities like rolling dice, shuffling an array, generating in-game item attributes based on probability, generating random in-game maps or dungeons, and deciding the probability outcomes of a lottery.
Using a random number in a smart contract is a common requirement. For example, a game may need to generate a random number to determine the lottery winner. However, the blockchain is deterministic, and the result of a smart contract is determined by the input. That is to say, a blockchain is a decentralized and trustless environment where the random number generation can be easily manipulated by any party in the network. e.g., if we use a block hash or timestamp as the source of randomness, the miners can manipulate it to their advantage by either withholding the block or manipulating the timestamp.
The solution is to use an external source of randomness. Randcast is a service that generates random numbers through a decentralized network and provides them to smart contracts. The process of generating randomness is both transparent and verifiable. It is facilitated by a group of nodes that utilize the threshold BLS signature scheme. Before returning the requested random number to the user’s smart contract, the randomness is verified on-chain by the Randcast Adapter smart contract.
Randcast and the ARPA Network solve another major issue with random number generation. Randomness generated by a single off-chain entity could potentially be tampered with or manipulated by that entity. Randcast solves this issue by using multiple nodes in the ARPA Network to generate randomness through BLS Threshold signature tasks, which means that no single node has the ability to manipulate the final randomness result.
Supporting linksBitget VIP Link with BONUS 1000 USDT
If you enjoyed the show please subscribe to the Crypto Conversation and give us a 5-star rating and a positive review in whatever podcast app you are using.
ADVERTISEMENT
Advertise with BNC
Original source
Read on Brave New CoinRelated market context
Nik Bhatia: The eurodollar system poses significant risks to global finance, Bitcoin’s market cap could match gold’s, and the Lightning Network may revolutionize yield generation | Macro Musings
The eurodollar system's unchecked risks pose a significant threat to global financial stability. The post Nik Bhatia: The eurodoll...
Aztec Connect’s abandoned smart contract exploited for $2M three years after shutdown
The exploit highlights the risks of immutable smart contracts in DeFi, emphasizing the need for robust exit strategies and fund re...
Aztec Connect’s abandoned smart contract exploited for $2.1M
The Aztec Connect platform was deprecated in March 2023, but the immutable smart contract still held over $2 million in crypto ass...
HYPE ETFs quietly pulled $161M in one month as Wall Street buys crypto’s on-chain exchange bet
One month after THYP launched on Nasdaq, the three US-traded spot HYPE ETFs have pulled in $161 million in net inflows. June 5 was...
Deprecated Aztec Connect Contract Exploited For $2.19M, SlowMist Says
A legacy Aztec Connect smart contract has been exploited for roughly $2.19 million, according to a post-mortem published by blockc...
LG Electronics Tests Onchain Advertising Network On Arbitrum
TL;DR LG Electronics is piloting an onchain advertising network on Arbitrum. The project is designed to make ad performance more v...