iBetYou Integrating Chainlink Price Feeds and VRF to Support A New Gameplay
We are excited to announce our integration with Chainlink — the leading oracle solution in the blockchain industry!
Oracles allow smart contracts to interact with data and systems outside their native blockchain (off-chain). In other words, they open up interchain communication and enable smart contracts to interact with traditional non-blockchain systems that currently power global economies.
We decided to introduce a few new challenge modes in IBY using Chainlink price oracles to replace judges in some special cases.
Chainlink price feeds on IBY!
Chainlink price feeds are the quickest way to connect your smart contracts to the real-world market prices of assets. They enable smart contracts to retrieve the latest price of an asset in a single call. IBY will gamify that function to introduce Chainlink’s price feeds with the goal of replacing judges in special game modes, where users can speculate on the price of the cryptocurrency asset in the set time. For example, you can speculate on the price of Ethereum in the next 48 hours, without going through the process of finding a judge. We are developing a separate part in the IBY dashboard that will allow you to select this mode and a “marketplace” part to find the other side of the challenge.
The integration of these two functions is the first step that will be further expanded as we progress down the development roadmap.
Eliminating judgment bias with the help of Chainlink’s new Verifiable Random Function (VRF).
At the very beginning, we highlighted the importance of decentralization and the role of judges in the IBY system and announced that we will ultimately launch a DAO to fully govern the whole protocol. One of the most important parts of IBY as a protocol is the role of judges that are solving disputes and earn part of the revenue from the protocol as a reward for their services. All IBY token holders will be able to participate in the judging by locking their tokens for a specific period of time to signal their intent to get involved. We will use Chainlink’s VRF to randomly select judges from the judges’ pool, which plays a key role in deciding who is the winner of a particular prediction.
For those of you who are curious about the tech of Chainlink’s VRF, you can check out this blog article. We see VRF as a crucial element of improving the decentralization and trustworthiness of winner selection.