ProjectX Integrates Chainlink VRF, Price Feeds, and Keepers to Help Unlock Advanced Functionality in the ProjectX Ecosystem
ProjectX is excited to announce that we have integrated Chainlink Verifiable Random Function (VRF), Chainlink Price Feeds, and Chainlink Keepers on Avalanche mainnet. By integrating multiple Chainlink services, ProjectX now has access to a verifiable source of randomness needed to help underpin secure lucky draws, high-quality and decentralized price data that helps ensure node regeneration fees are accurately calculated, and a reliable smart contract automation service that helps automatically burn virtual nodes that have not paid their maintenance fees.
Helping Secure CompetitionX With Chainlink VRF
We are expanding the ProjectX ecosystem with the upcoming release of the CompetitionX Drawing Site, where participants can use ProjectX’s native PXT token to enter lucky draws offering unique rewards, including vacations/holidays, cash, and more.
We knew we needed a dependable and credible way to conduct each lucky draw, but generating a random number on-chain is a surprisingly complex programming problem. Thankfully, Chainlink VRF has already solved this difficult task in a way that enables any user to independently verify the integrity of the random number. This ultimately provides our community with peace of mind in each drawing.
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 CompetitionX 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 helps provide users with automated and publicly verifiable proof directly on-chain that the random number underpinning each CompetitionX drawing is provably fair and cannot be tampered with or predicted by the oracle, outside entities, or the ProjectX team.
Enhancing Regeneration Fee Accuracy With Chainlink Price Feeds
With the introduction of node regeneration fees, we needed a way to ensure fees were accurately calculated — for both the project and the community’s benefit. That’s why we’re using Chainlink Price Feeds to help ensure regeneration fees are calculated according to globally accurate market prices.
Chainlink Price Feeds are the industry standard for decentralized price data, responsible for securing tens of billions of dollars for DeFi protocols across the multi-chain ecosystem. This is because Chainlink Price Feeds feature top-notch security, with multiple layers of data aggregation used to filter outliers and help protect against API downtime, extreme market volatility, and data manipulation attacks via flash loans.
Automating smart contract functions With Chainlink Keepers
Smart contracts are inherently unable to self-trigger their functions, meaning our developers previously had to manually trigger functions (often at peak gas hours) to execute — wasting precious development time and risking possible failure. The team therefore chose to implement Chainlink Keepers to help automate these tasks so that our development team can focus on creating more value for users and building more functionality into ProjectX.
Chainlink Keepers leverages a decentralized and transparent pool of Keepers to help provide strong guarantees around secure contract automation, helping save teams time and mitigate the risks around manual interventions or centralized servers. Chainlink Keepers plays an important role in ProjectX by helping automate the burning of virtual nodes. These nodes have a maintenance fee which informs their activeness and liveliness in the context of the ProjectX node ecosystem. Chainlink Keepers checks whether or not nodes have paid their maintenance fees and triggers the burning mechanism for nodes which have not paid within the allotted time.
Looking Ahead: Becoming a Core Defi Ecosystem for all Crypto Users
“ProjectX is a new way for DeFi users to both participate in Web3 and win some pretty exciting prizes. Chainlink VRF and Price Feeds offer best-in-class infrastructure to build out features that will grow our community and engage our users. ” — Amir, Founder of ProjectX.
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.
ProjectX aims to be a Core Defi Ecosystem providing sustainable, passive income opportunities for all entities. Initially built as NaaS (Nodes as a Service)/DaaS (DeFi as a Service) hybrid, ProjectX is quickly expanding beyond its roots to gameified utility and TradFi/FIAT access to the blockchain. ProjectX currently has over 470,000 Nodes running and securing the AVAX network.
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