Key Takeaways
- Chainlink’s VRF v2 is now up and running on the Ethereum network
- The update comes with major improvments that help reduce gas fees and transaction time
- The update also helps in further easing the VRF NFT minting process
YEREVAN (CoinChapter.com)- In what could prove to be a big boost to the NFT (nonfungible token) ecosystem, Chainlink has announced the launch of its VRF v2 on the Ethereum network.
In detail, VRF refers to the Verifiable Random Function that provides proof that the computer has calculated its outputs correctly. Only the holder of the private key can compute the function value, whereas anyone with the public key can verify the correctness of the function value.
“#Chainlink VRF v2 is now live on #Ethereum mainnet! Featuring a new Subscription Management App, VRF v2 provides #NFT creators and #blockchain game devs with a highly configurable, gas-efficient, and scalable solution for accessing verifiable randomness,”
Chainlink announce on Twitter.
Chainlink is a decentralized oracle network built on the Ethereum (ETH) blockchain. It helps to seamlessly transfer real-world data from off-chain sources to on-chain smart contracts. Furthermore, the data cannot be tampered with because of its encrypted value and is more reliable and accurate.
The company claims Chainlink VRF has fulfilled more than three million request transactions and currently provides verifiable randomness to over 2,300 unique smart contracts across multiple blockchain networks, including Ethereum (ETH), Polygon (MATIC), and Binance Smart Chain (BNB).
Recommended: Chainlink (LINK) at a rebound level — sustainable growth, or looming decline?
The major updates coming with the Chainlink VRF v2 launch
According to the press release Chainlink shared, VRF v2 brings five major benefits to smart contract applications. First, its new subscription management app allows smart contract applications to pre-fund multiple random requests using a single LINK token balance.
As a result, the update helps reduce gas fees for VRF requests by up to 60% as it does not require developers to transfer LINK tokens for each request.
The pre-fund subscription model also allows developers to adjust the callback gas limit when verifiable randomness is delivered. For example, they can set the parameter to a maximum of 2M gas, which is 10x higher than the VRF v1 limit. This helps contracts execute complex transactions, improving network speed and reliability under congested network conditions.
The v2 update also enables users to define the number of block confirmations needed to generate verifiable randomness. While the VRF v1 had a fixed ten-block confirmation, the update lets users decide from a 3-block minimum to a 200-block maximum across all testnets and mainnets.
In addition, v2 also brings a new, seamless way to request multiple random numbers in a single on-chain transaction.
Its unified billing will enable multiple smart contract addresses (up to 100) to fund their request for randomness from a single subscription balance.
Recommended: 21Shares launches three new crypto-ETPs: Aave, Chainlink, and Uniswap
Why is the Chainlink VRF v2 launch good for NFTs?
Chainlink VRF went live on the Ethereum network in October 2020, almost one and a half years back. The new update, however, comes with huge improvements. Besides a massive reduction of transaction fees, the VRF v2 update will improve the stability of gaming applications and NFTs.
Because of its applicability, many creators have been using Chainlink VRF to set up fair NFT mints. For example, some projects offer NFTs with numerous attribute and trait combinations, as well as varying levels of rarity. Chainlink VRF helps ensure everyone gets a fair shot at minting a rare NFT, thus increasing the project’s credibility.
Axie Infinity, one of the most popular NFT-based online video games, uses Chainlink VRF to mint rare nonfungible tokens.
“Verifiable randomness solutions like Chainlink VRF v2 are essential for developers introducing entropy into on-chain gaming and NFT experiences, empowering them to create fair and tamper-proof play-to-earn games,”
Aleksander Leonard Larsen, COO of Axie Infinity said.
In addition, Chainlink VRF helps determine which NFT a user receives during a drop, thus preventing anyone from influencing or tampering with the distribution mechanism.
With the latest overall improvement to the Chainlink ecosystem, the NFT minting experience will become more seamless and hustle-free. The development also comes as good news for game creators.
