Ethernity To Integrate Chainlink For Secure Minting and Pricing of aNFTs
We are proud to announce that Ethernity Chain — a community platform for the issuance of limited edition authenticated NFTs (aNFTs) — will be integrating the industry-leading oracle solution Chainlink to secure the minting and pricing of aNFTs. aNFTs represent various types of digital multimedia from top artists and notable figures from around the world, with a portion of sales going to charities that aid some of the most vulnerable members of society.
Chainlink is critical to securely supplying Ethernity Chain with any type of external data or computation not native to the Ethereum blockchain. Through our upcoming integration of Chainlink VRF and Chainlink Price Feeds, all users of the Ethernity platform will be provided strong guarantees that the distribution of aNFTs through ePacks is provably fair and cannot be tampered with, as well as that the buying/selling of aNFTs is in accordance with fair market exchange rates.
- Randomized NFT distribution from ePacks: Ethernity ePacks offer the Ethernity Community a fair opportunity to acquire incredibly rare aNFTs. Chainlink’s Verifiable Random Function (VRF) will be used as the tamper-proof and transparent source of on-chain randomness that determines which aNFT a user receives when opening an ePack. This ensures a provably fair distribution model that protects the rarity of aNFTs since no one can game the system to mint the rarest ones for themselves.
- Multi-currency payments for purchasing ePacks: Users within the Ethernity community will be able to purchase ePacks using a wide range of cryptocurrencies as payment (e.g. ERN, ETH). Chainlink Price Feeds will be used to acquire up-to-date exchange rate data of various cryptocurrencies, leading to the stable pricing of aNFTs while simultaneously supporting native crypto payments, a foundational feature of the Ethernity platform.
Securing the Ethernity Ecosystem with Chainlink Oracles
Ethernity Chain is a community-driven platform for the minting of limited edition authenticated NFTs, abbreviated as aNFTs. aNFTs are created by leading artists and endorsed by notable public figures from around the world. Built upon the Ethereum blockchain, Ethernity aims to build the largest collection of aNFTs, specifically so creators can raise funds for charitable causes today and long into the future. From the NFT collectors to the charities supported, the Ethernity platform provides a win-win solution for all.
To ensure NFT collectors have a fair opportunity of acquiring the rarest aNFTs, users will be able to acquire Ethernity ePacks that contain randomly selected aNFTs from the Ethernity collection. However, connecting smart contracts to a secure and reliable source of randomness is a difficult process with many security considerations. For example, on-chain randomness solutions like block hashes can be subject to exploits from blockchain miners while traditional off-chain randomness solutions are opaque, requiring users to trust that a centralized entity doesn’t manipulate the output to their benefit.
In order to overcome these issues, we have chosen to integrate with Chainlink VRF, an on-chain randomness solution purpose-built for smart contracts to access a highly secure and openly auditable source of randomness that can be called on-demand.
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 Ethernity smart contract will only accept the random number input if it has valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This provides users with automated and verifiable assurances directly on-chain that each ePack relying on Chainlink VRF for randomness is provably fair and connect be tampered with by the oracle, outside entities, or the Ethernity team.
In addition to Chainlink VRF, Ethernity will also be using Chainlink Price Feeds to allow users to purchase aNFT ePacks using a wide range of cryptocurrencies. Chainlink Price Feeds are highly accurate, reliable, secure, and transparent exchange rates that are maintained by Chainlink-powered decentralized oracle networks to prevent any single point of failure. They are already the most widely used Price Feed oracle solution in DeFi, securing billions of dollars in on-chain value. By allowing users to pay in different cryptocurrencies without concerns of exchange rate tampering or inaccuracies, aNFTs can reach a much broader range of users while maintaining the utmost security and transparency.
“Together with Chainlink, Ethernity will be revolutionizing the digital collectibles space, both in offering real-world assets and allowing access to digital ePacks, where collectors and members of our community alike will have equal opportunity in collecting a number of their favorite notable figures in ways never before seen. Chainlink enables true community access for, all while maintaining the security of the system so the integrity of an aFT’s rarity is upheld,” stated Nick Rose Ntertsas, CEO and founder of Ethernity.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
About Ethernity Chain?
Ethernity is the groundbreaking authenticated NFT project which auctions verified artwork featuring the top artists and notable figures from sports, music, film, entertainment, tech, gaming, history, and more. Each of these digital artworks is represented as a non-fungible token (NFT). The pieces feature well-known public figures and a portion of all funds raised from the endeavor will be donated to charitable causes. Ethernity Chain combines the utility of DeFi and merges it with NFTs to create an exclusive pipeline to rare, collectible content from notable figures and well-established digital artists including real-world assets, unreleased content, AR unlockables, virtual world integrations.
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