Generating Randomness In Blockchain: Verifiable Random Function

Written by ricc | Published 2020/12/13
Tech Story Tags: cryptography | chainlink | polkadot | randomness-in-crypto | blockchain-technology | hackernoon-top-story | algorand-randomness-function | cardano-randomness-function | web-monetization

TLDR Bitcoin's problem with the long mining process (10 minutes per block on average) is more complex than it may seem. Because of that, fewer transactions can be processed in a specific time, because it takes too much time to mine and finalize the block. The elegant solution is a random draw, which happens in a decentralized manner. This application of a cryptographic lottery is called Verifiable Random Function. The VRF functions are similar to a lottery and are used to choose a block leaders.via the TL;DR App
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Written by ricc | crypto enthusiast
Published by HackerNoon on 2020/12/13
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