Fetch.Ai Launches its Random Number Beacon on Binance Smart Chain

0
65

Fetch.ai is a Cambridge-based artificial intelligence and machine learning lab which building an open-access decentralized machine learning network for smart infrastructure, declares the launch of its Random Number Beacon, GLOW-DRB, on Binance Smart Chain which is a Blockchain-based network launched by Binance, the world’s largest digital asset exchange.

GLOW-DRB is a new decentralized random beacon that aims to give incorruptible sources of randomness for decentralized applications, that is computed by a collection of parties in such a way that no individual can interrupt its calculation or bias its value. These techniques may be used in applications that require coordinating multiple parties in settings that need high degrees of trust for instance, like in the finance or healthcare sectors.

Operating Fetch.ai’s ledger staking, P2P(peer to peer) networking, and transaction recording capabilities, the new GLOW-DRB (the Random Number Beacon) product will allow unstoppable random number service for decentralized applications.

The Fetcha.ai team, stated that the “trusted” randomness provided by the Fetch.ai DRB, for example, be used to dictate which cryptocurrency trades may be equal in decentralized or non-custodial exchanges. The randomness values may also be used to choose the winner of a lottery, deal cards in a “decentralized” game of poker, or determine which service provider in a transport consortium should carry out a delivery.

The Fetch.ai GLOW-DRB different from the previous BLS scheme in its capability to acquire more reliable security levels known as pseudorandomness, which means that no single node can get any information on the random beacon value before other nodes have made their offering to the multi-party computation.

The Fetch.ai team noted that the GLOW-DRB can be calculated “more rapidly.” The supply of “random” oracle worth to each smart contract where the beacon has been deployed will need that payment is made in FET tokens. They also bring up that these tokens will be used for staking reasons and reputation schemes that “guarantee the security of the Oracle.

Humayun Sheikh, CEO at Fetch.ai, stated that the Fetch.ai’s GLOW-DRB is a multi-party computation(MPC) unbiased source of randomness, which is far higher to competing for ad hoc randomness generators. The new DRB instantiations are the most systematic DRB constructions currently accessible and have strong and formally proven security properties. The Fetch.ai team are pleased to be bringing this functionality to Binance Smart Chain and all its users.

LEAVE A REPLY

Please enter your comment!
Please enter your name here