Ultimately, this creates a more exciting, transparent, and fraud-proof user experience as users can have higher assurances that the drawn numbers in the lottery are generated in a manner that’s verifiably fair to all participants.
We selected Chainlink because it’s the most widely used and battle-hardened oracle network in the blockchain industry. The Chainlink Network is a large and ever-growing ecosystem that offers a high level of security and reliability in its oracle services, while also being incredibly cost-effective — making the decision to use Chainlink VRF as our RNG solution very easy for us!
Every 72 hours, the ‘Eternal CAKE Lottery’ draws a random number and either distribute CAKE rewards generated by the Cake Monster protocol to one lucky Lottery NFT ticket holder or rolls the prize over to the next draw if there is no winner or a winner did not claim the prize within 60 hours. The lottery will initially be accessible to all Diamond Claw NFT holders who have their NFT benefits activated. Apart from having exclusive access to special Cake Monster rewards, these NFTs allow also for the minting of ‘Eternal Cake Lottery NFT Tickets’ that can be kept in hopes for some lucky draws, or traded on the secondary NFT market!
What’s Chainlink VRF and How Does It Work?
To generate random numbers every 72 hours within a specified range, we needed access to a secure random number generator (RNG) that each user can independently verify. However, RNG solutions for smart contracts require several security considerations to prevent tampering and ensure system integrity. For example, RNG solutions derived from blockchain data such as block hashes can be exploited by miners/validators, while RNG solutions derived from off-chain APIs are opaque and do not provide users with definitive proof of process integrity.
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. The Cake Monster 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 Cake Monster lottery draw process is provably fair and was not tampered with by the oracle, outside entities, or the Cake Monster team.
We plan to use Chainlink VRF and other Chainlink services for future developments in the Cake Monster and Monsta Party ecosystem to continuously provide our users the highest level of security, trust, and transparency.
“Chainlink VRF is the most reliable and proven RNG solution for smart contracts in the blockchain ecosystem. For randomness-needing ecosystem products such as our Eternal Cake Lottery, Chainlink VRF gives users verifiable assurances of fair play while making it simple and cost-effective for development to integrate and maintain, making it a win on all fronts.” — Whaleorian, Co-founder at Cake Monster.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Cake Monster — The Beast of BSC, is a ultra-deflationary, automated dividend yield, and meme token on Binance Smart Chain. It offers a multitude of unique DeFi features aimed at building a flexible and multifaceted reward system for all participants without compromising the sustainability or security of the protocol ecosystem. Cake Monster is a sophisticated DeFi protocol with true utility and value. Backed by a community-owned, non-correlated asset vault and constant supply pressure, each deflationary cycle builds up the intrinsic value for $MONSTA and the paid-out rewards for holders. The tokenomics of $MONSTA include a total tax of 5% on every transaction and cause it to be extremely deflationary, as 2.5% get burned and 2.5% is used to buy $CAKE for the Gravity Vault from PancakeSwap, to fill up the reward asset vault, and to add locked liquidity to the LP. Cake Monster thrives on farming volume and impatience, whereby the goal for every holder is to own as much $MONSTA supply as possible, to get the most $CAKE rewards at the end of each cycle.