News / CandorFi Integrates Chainlink VRF Live on Binance Smart Chain

By Candor Fi
Tuesday, May 04, 2021

 
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CandorFi — the world’s first self sustaining platform where members earn income from referrals, take part in pools with winnings, and participate in a built-in HODL program, is now available on Binance Smart Chain (BSC).

As part of our launch, we are thrilled to announce that CandorFi is using Chainlink VRF live on BSC mainnet. Thanks to Chainlink’s blockchain agnostic design, we were able to quickly integrate Chainlink VRF on BSC, in addition to our original Ethereum integration.  As users take part in a multitude of pools/scales on BSC that have winnings, CandorFi will call on Chainlink VRF once each pool/scale is completed to access a provably fair and auditable random number, which are then used to pick the winner(s). This will be the first of many use cases of Chainlink VRF as CandorFi sets new standards when it comes to trust, honesty, and giving back to the community.

CandorFi Members Make Money In Multiple Ways - As a member of CandorFi, users have the opportunity to take part through three main avenues.

  1. Winning a pool/scale. Members can join any open pool/scale. Every pool/scale has a winner. Many of our pools/scales payout multiple winners using Chainlink VRF.
  2. Becoming a member. When someone uses your referral link, you get 17% of every entry/weight that account buys with no expiration.
  3. Owning shares of WSF, our partnership company. Every time CandorFi gets a new member, the demand for WSF is greater.

Lets focus on #1 and the strategic integration of Chainlink VRF. VRF (Verifiable Randomness Function) is a secure and verifiable source of randomness designed for smart contracts. When using randomness on the blockchain, it’s important to understand that the source of randomness could be manipulated by miners in on-chain RNG solutions like blockhashes or provide no verifiability in off-chain solution such as RNG data providers, both of which can severely affect the results by causing winnings to be awarded unfairly to specific users.

Chainlink VRF solves this 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 CandorFi 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 users with automated and verifiable assurances directly on-chain that each CandorFi pool winner is determined in a provably fair manner that can’t be tampered with by the oracle, outside entities, or the Candor team.

Once users become a CandorFi member through a simple and streamlined process, they will have access through their personal dashboard to enter as many pools/scales as they choose. Each Pool will have a specific smart contract that upon completion automatically calls Chainlink VRF to choose the winner/s either in the form of Winner Takes All (WTA) or in the form of 10 winners. Once VRF chooses a winner/s, the pool automatically restarts and begins filling again.

Chainlink VRF = Trust - Whether it’s oracle services, DeFi, trust, or experience, the first oracle network that came to mind when scouting the community was Chainlink. We at the CandorFi team realized very early on that trust would be the main concern when it came to randomly choosing our winners. By integrating with Chainlink VRF, we can insure a provably-fair and verifiable randomly picked winner in every single pool/scale CandorFi ever completes.

Michael Cofounder at CandorFi said: “Without the trust of the community behind us we have nothing.

“The integration with Chainlink will be a key factor in building our trust with the community quickly!

 “We at CandorFi will put honesty and openness at the forefront of building a long lasting and mutually beneficial relationship with the community.”

About CandorFi

CandorFi is a 3-part membership based platform. The first part, designated as The Gambler, allows users to purchase entries into pools that give them a chance of winning the allotted prize for that specific pool. The 2nd part, designated as The Influencer, allows each member to generate a referral link. The member earns 17% of all entry fees of any account that uses their referral link once the corresponding pool completes. The 3rd part, designated as The Investor, allows members the opportunity to purchase excess membership tokens (WSF). Every time CandorFi gets a new member the demand for (WSF) WallStreet Finance is greater.

About Chainlink

Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.

Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.


Disclaimer

The CandorFi platform is for entertainment purposes only, it is not an investment. Before entering any pools or games associated with CandorFi you must do your own research and fully understand the rules to each game. You agree you are not holding the CandorFi team, Affiliates, or any partners associated reliable for any losses, taxes, or decrease in net worth you may incur. You agree you are not purchasing a security or investment. Always make sure you are in compliance with local laws and regulations. You should not have any form of expectations from CandorFi and it’s team. None of the information published on this site constitutes a recommendation that any particular cryptocurrency, transaction, or investment strategy is suitable for any specific person or entity.

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