Crypto industry updates: Chainlink VRF live on Arbitrum One – InvestorsObserver

2023-05-20 07:12:07 ET

Chainlink is a web3 services platform and a decentralized Oracle network. On Saturday (May 20), the protocol joined forces with Arbitrum, an Ethereum layer two scaling solution, to reveal the launch of Chainlink VRF (Verifiable Random Function) on Arbitrum One.

That will offer developers access to a widely-recognized random number generator (RNG). Arbitrum Foundation and Chainlink will host a VRF workshop on 22 May.

The official press release revealed that Chainlink Verifiable Random Function joined the Arbitrum One platform. The launch will benefit Arbitrum and Chainlink, providing them access to new decentralized applications (dApps) and smart contracts that developers create.

Chainlink VRF remains the most adopted RNG (random number generator) within the cryptocurrency market. It allows smart contract creators to develop scalable, fair, and secure apps, including gaming and NFT . Moreover, Arbitrum One enables developers to build dApps at low cost and high throughput.

Chainlink Labs Johann Eid commented on Arbitrums benefits in unloading Ethereum transaction congestion without compromising security. He believes Arbitrums incredible speed will unlock many use cases by enhancing Chainlink VRF.

As mentioned, the collaboration is a win for the parties benefiting Chainlink and Arbitrum communities. Chainlink Verifiable Random Functions offers randomness to more than 6,300 smart contracts in various blockchains.

The Arbitrum-Chainlink connection will help developers to develop high-end decentralized applications to boast smart contract functions. Moreover, Chainlink Automations launch on Arbitrum One will automate crucial smart contract functionalities without sacrificing decentralization. Chainlink continues to expand on innovation, signing deals with companies such as Coinbase Cloud , Optimism, and SWIFT.

Chainlink and Arbitrum have LINK and ARB as their native tokens, respectively. LINK lost around 1% over the past day, changing hands at $6.50 at press time. The altcoin struggled in May following market uncertainty. LINK lost 2% over the past seven days.

Contrarily, ARB surged 1% within the past 24 hours, currently hovering at $1.16. It hit a $1.17 daily high and a $1.15 low. Meantime, Arbitrum dominates transactions on the Ethereum blockchain as it ensures low gas fees and high speed.

The post Crypto industry updates: Chainlink VRF live on Arbitrum One appeared first on Invezz .

Read this article:

Crypto industry updates: Chainlink VRF live on Arbitrum One - InvestorsObserver

Related Posts

Comments are closed.