PolyWhirl Will Integrate Chainlink VRF to Decentralise and Secure Token Burns
We at PolyWhirl have always been passionate about building a self sustainable, decentralised and fair protocol for everyone to use. Keeping that in mind, we’re excited to announce that PolyWhirl — the premier non-custodial private transaction protocol — will integrate Chainlink Verifiable Random Function (VRF) on the Polygon blockchain. By integrating Chainlink’s industry-leading decentralised oracle network, we can obtain access to a tamper-proof and auditable source of randomness needed to autonomise and hence provide a fairer mechanism to enable buy back and burn $WHIRL via our protocol fee.
Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can rest assured the time of the burn will be randomly decided by the VRF function to avoid front-running by the team or other rogue parties according to market conditions.
At PolyWhirl our goal is to build a completely decentralised private transaction ecosystem that users can rely on, forever. We designed our token, $WHIRL, to hence set us up on a path to full-decentralisation and autonomy. To ensure that, the protocol implements a novel mechanism for stakers of $WHIRL to earn rewards through pool fees, a token buy-back and burn mechanism and governance.
In order to ensure that the token burns are executed autonomously, and without prejudice or human intervention, we need access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity. For instance, RNG solutions using on-chain data like block hashes can be exploited by blockchain miners, while off-chain RNG solutions like traditional data providers are opaque and don’t provide users with definitive proof about the integrity of the process.
After reviewing various solutions, we selected Chainlink VRF because it’s based on cutting-edge academic research, supported by Chainlink’s time-tested oracle infrastructure, and secured through the generation and on-chain verification of cryptographic proofs that guarantee the integrity of each random number supplied to smart contracts.
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. PolyWhirl’s token burn 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 our users with automated and verifiable assurances directly on-chain that the date decided for monthly token burns is provably fair and cannot be tampered with by the oracle, outside entities, or the PolyWhirl team.
We are also exploring the use cases of the Chainlink Keeper functions in the protocol with the Chainlink team and will be patiently waiting for it’s arrival on the Polygon ecosystem to actually execute the burn functions in an autonomous way.
“Chainlink’s VRF is the perfect way to empower our autonomous and decentralised token burns, with complete verifiability of the selected time to ensure fairness for the community” — WhirlMaster, Lead Dev, PolyWhirl
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralised Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralised community, Chainlink currently secures billions of dollars in value for smart contracts across decentralised finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
PolyWhirl is a completely decentralised platform for making private transactions on Polygon. It will help you preserve your privacy, in case your identity and addresses are linked and exposed. You can transfer all your funds to a new address without exposing your link to previous addresses.
PolyWhirl’s goal is to build a completely decentralised private transaction ecosystem that can be relied on, forever. PolyWhirl aims to be the go-to standard for privacy transactions on Polygon, and is dedicated to build an autonomous, self-sustainable protocol that can be trusted and used forever for on-chain privacy.