AI and machine learning network Fetch.ai confirmed on October 1, 2020, that it’s launching its Random Number Beacon on Binance Smart Chain, which is a blockchain-based network launched by Binance, the world’s largest digital asset exchange.
As mentioned in a blog post by Fetch.ai:
“Utilizing Fetch.ai’s ledger staking, (peer to peer) P2P networking, and transaction recording capabilities, the new GLOW-DRB (the Random Number Beacon) product will provide unstoppable random number service for decentralized applications.”
The Fetch.ai team noted:
“GLOW-DRB is a new decentralized random beacon that [aims to] provide incorruptible sources of randomness for decentralized applications. Fetch.ai’s design and implementation of this novel cryptographic technique is currently integrated with the Ethereum, Binance Smart Chain, as well as all Cosmos-based chains.”
A “decentralized” Random Beacon is an “incorruptible” (cannot be altered by unauthorized or unapproved entities) and “unpredictable” source of randomness that is computed or calculated by several different parties in a manner that no individual or entity is able to interrupt or interfere with its calculation or “bias its value.” These randomness techniques may be used in software programs that require the coordination of several different parties in environments that need high degrees of trust (for e.g., like in the finance or healthcare sectors).
As explained by the Fetcha.ai team, the “trusted” and “unbiasable” randomness offered by the Fetch.ai DRB can, for instance, be used to determine which cryptocurrency trades may be matched in decentralized or non-custodial exchanges. The randomness values may also be used to deal cards in a “decentralized” game of poker, choose the winner of a lottery, or determine which service provider in a transport consortium should carry out a delivery.
As stated in the announcement:
“The Fetch.ai GLOW-DRB differs from the previous BLS scheme in its ability to achieve more reliable security levels known as pseudorandomness, which means that no single node can obtain any information on the random beacon value before other nodes have made their contribution to the multi-party computation.”
The GLOW-DRB can be computed “more rapidly.” The supply of “random” oracle values to each smart contract where the beacon has been deployed will require that payment is made in FET tokens, the Fetch.ai team noted. They also mentioned that these tokens will be used for staking purposes and reputation schemes that “guarantee the security of the oracle which is provided by Fetch.ai validators using a proof-of-stake consensus.”
Humayun Sheikh, CEO at Fetch.ai, stated:
“Fetch.ai’s GLOW-DRB is an MPC (multi-party computation) unbiased source of randomness, which [we believe] is far superior to competing ad hoc randomness generators. Our new DRB instantiations are the most efficient DRB constructions currently available and have strong and formally proven security properties, we are pleased to be bringing this functionality to Binance Smart Chain and all its users.”
(Note: for more details on this development and how this process works, check here.)
Credit: Google News