With new technologies comes new projects to improve and promote the innovations. DeFi projects for 2020 alone showed that the tech is gradually being adopted, despite the many hurdles the blockchain industry faces in a bid to get mainstream adoption. While many new projects are coming in, other people pick out older ones and bring ideas to improve them efficiently.
The Reflect Finance Project accommodates the ETH token, Prophet. The new project utilizes Chainlink’s VRF, the randomness function. The randomness function allows systems or platforms to pick users randomly, thereby creating fairness in lotteries. The DeFi project integrates Chainlink into its system to improve and optimize its functions.
Fairness in lottery picking
People often point out that computerized picking breeds partial treatment, thereby not giving everyone an equal chance of winning prizes or lotteries. Project Prophet saw that problem, being the main reason it included the VRF function. Sources explained that the two DeFi projects hold some similarities, with Reflect giving some percentages of its transaction fees.
Whereas Reflect holds 1% in transaction fees, the former, Prophet, has diverse percentages on fees. It could be any percentage, primarily determined on the space’s projects. The DeFi project explained that since considerable accumulation by a single address significantly influences volatility, it would ensure an even distribution of its tokens, thereby ascertaining the prices’ stability.
The blockchain community is accommodating different new projects under it, with the financial technology sector exploring digital assets as the future of money. Some oppositions like volatility and stringent governmental regulations pose some concerns for the community because it believes that prominent factors could significantly discourage and restrict blockchain technology for daily activities.
The American market stands as one of the most exposed countries to innovations like cryptocurrencies, and new regulations in that region could stunt the sector’s growth globally. The US market is a significant influence for other countries, as others now understand and adopt it by creating CBDCs.
Prophet to create new projects
The Ethereum-based project’s primary motivation for the new projects is to increase trading volumes for the token. High trading volume is a prominent reason why digital asset sees new gains and establish their stance in the industry.
The project creators hope to get the token’s holders more profits on their investment when it eventually records new gains due to the higher trading volumes. The project would allow people to participate in a no-loss activity, where those who did not win prizes can retrieve money deposited.
To make things fair, Chainlink’s VRF remains the suitable option to pick winners without forfeiting the platform’s integrity randomly. VRF has an impressive security protocol that efficiently optimizes platforms along with achieving security and transparency.
Also, with VRF, there would always be a winner, unlike fraudulent projects that deceive participants. The creators’ security measures are one of the reasons the digital asset space is confident that the project is unbiased and fair. Top security means that even the organizers cannot tamper with results, improving the user experience.