Chainlink has continued to innovate and the new effort is an update to the Chainlink VRF. According to available information from the official site, VRF v2.5 has gone live. It has gone live on Avalanche, Arbitrum, BNB Chain, Ethereum, etc. There are multiple benefits of the mentioned update to the users.
New update: Chainlink Verifiable Random Function (VRF)
The Oracle project Chainlink has announced that the update has been officially launched. The new version ensures that users can pay for VRF in a new way. The new update went live on 29 April 2024 and the announcement came from the official blog.
Chainlink VRF is one of the most popular RNGs (random number generator) on the Web3. As per the official statistics, it has fulfilled more than 20+ million requests. These requests came from a range of blockchain smart contracts. As VRF has continued to serve blockchains, it has continued to roll out updates. It is the result of the continuous upgrades and improvements that it has been able to achieve an end-to-end latency of approximately two seconds.
Furthermore, the speed efficiency has ensured that various novel use cases have been effectively responded. As the blockchain system has continued to expand, Chainlink VRF has ensured that its updates help Web2 and Web3 projects without any delays and problems.
Major updates in VRF
As the new update has gone live, there have been some major updates to the VRF. These include low-friction billing, more predictable pricing, and simplified upgradability. These changes are discussed in detail as follows.
The aim of developers at Chainlink has been to ensure that there are enhanced payment models that remain sustainable for a long duration. The aim has been to reduce the cost for dApps, developers as well as the end-users. In the new update, fee payments can be made in LINK and other assets.
Furthermore, work is underway to ensure that alternative payments are automatically converted to LINK. Also, the new upgrade ensures that users can programmatically pay for VRF on-chain randomness.
In addition to that, predictable pricing has also been a focus which will be possible with the new upgrade. It has brought a model that will calculate the fee for the request made. The users will be able to get the fee details even if the system faces severe congestion.
Upgradability has also been simplified where there will be a ‘migrate’ function to the new VRF versions.
New use cases with VRF v2.5
The users will also be able to realize new use cases with the new version of Chainlink VRF. As verifiability has become a need for Web3 as well as Web2 giants, it will help in it. Multiple gaming companies and international brands have adopted Chainlink VRF for the mentioned purpose.
Major names like Lotte Group, NBA, MapleStory Universe, etc. use VRF. Interested readers can further explore the novel use cases of VRF here. With major announcements, it has become more beneficial to the users who can utilize the various features to get improved outcomes.
Conclusion
As Chainlink has announced new upgrade to VRF, it brings multiple benefits to the users. As the major upgrade comes with enhanced UX, increased fee predictability, and lower friction prices, it will benefit businesses in getting improved results. It ensures that the progress of Web3, as well as Web2 giants, continues without any trouble.
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