The Importance and Evolution of Oracles and On-chain Verifiable Randomness

Presentation at Consensus: Distributed

In this talk, we’ll cover how oracles have already accelerated the growth of DeFi, decentralized insurance, and many other smart contracts, and why they play such a critical role in the continued evolution of smart contracts beyond tokenization. We’ll also examine the key considerations that users need to take on when choosing a blockchain oracle mechanism, as well as examining key new developments such as the use of On-Chain Verifiable Randomness (VRF) in blockchain gaming. There is also a Q&A by Bobby Ong of CoinGecko.

0:23 - The oracle problem for smart contracts
1:25 - Redefining smart contracts with external data
3:50 - Chainlink’s approach to reliable and secure decentralized oracles for Web3
6:00 - Guaranteeing delivery of secure smart contract data through binding service agreements
6:50 - Crypto-Economic security of decentralized oracles from staking
10:12 - On-chain Verifiable Randomness (VRF) for Smart Contract Developers
11:29 - Blockchain gaming’s use of on-chain verifiable randomness
16:52 - Chainlink VRF provides verifiable randomness for blockchain gaming explained
19:07 - Chainlink Threshold signatures and VRF
19:40 - Chainlink VRF utilizing crypto-economic security through staking
21:05 - PoolTogether and Chainlink VRF

23:47 - Q&A with Sergey Nazarov and Bobby Ong of CoinGecko
24:23 - Chainlink’s approach and the significance of placing trust-less randomness on-chain
31:10 - Other data applications with Chainlink decentralized oracles
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Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments.

Learn more about Chainlink
Website https://chain.link
Twitter https://twitter.com/chainlink
Telegram https://t.me/chainlinkofficial
VRF Blog Post: https://blog.chain.link/verifiable-random-functions-vrf-random-number-generation-rng-feature/
VRF Documentation: https://docs.chain.link/docs/chainlink-vrf
Youtube: https://www.youtube.com/chainlinkofficial
Price Feeds: https://feeds.chain.link/
Reddit: https://www.reddit.com/r/Chainlink/
Discord: https://discordapp.com/invite/aSK4zew
Events & Meetups: https://events.chain.link

If you’re a developer, visit the developer documentation https://docs.chain.link or join the technical discussion on Discord https://discordapp.com/invite/aSK4zew

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