How This Cardano Platform Will Benefit From Chainlink Oracles

Reynaldo Marquez

4 years ago

2 mins read

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CardStarter will integrate Chainlink’s Verifiable Random Function (VRF). Thus, CardStarter will have access to Chainlink’s solutions. Its VRF will “guaranteed” that actions within this platform are fully randomized without any bias and protected against manipulation.

CardStarter is an important part of Cardano’s ecosystem, via its decentralized platform project on this blockchain has a launchpad with a swapping feature integrated. With CardStarter, “early-stage Cardano innovators” can connect with the community.

The platform has selective listings with a quality assurance program, an insurance fund back by the community, development resources, and a mechanism for projects to raise capital with “Token Vouchers”.

Chainlink use case in Cardano’s ecosystem

Chainlink VRF will be used in the CardStarter tiered system. That way, “Card” holders will be able to receive rewards via a “secured lottery”. The VRF solution will have to select a Card hold to participate in “a token sale”.

Also, users will leverage NFT when they become available to “Cards” holders. CardStarter will reward a user’s loyalty, for example. An official post claims the following:

The integration of Chainlink VRF will play a key role in ensuring the CardStarter ecosystem provides equal and provably unbiased opportunities to all participants in regards to earning IDO participation rights and rewards of varying valuations. We are excited to see this integration come to fruition and further improve the CardStarter user experience.

Cardstarter’s team selected Chainlink’s solution due to its “high integrity system” and the capacity to provide users with proof of randomness with no way of being predicted. The solution ensures the integrity of the process by providing cryptographic proof which can only be generated by the VRF.

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 integration is set to bring “more transparency and security” to Cardano’s ecosystem. CardStarter aims to become one of the strongest accelerator and swapping platform on this blockchain. Shuffle, Founder of CardStarter said the following in an official post:

We look forward to providing Deuces holders with equal opportunities for participating in upcoming IDOs, and plan to continue exploring various other ways that Chainlink VRF can be utilized to enhance the CardStarter experience.

Cardano (ADA) with potential for a 266% upside move

ADA is trading at $1,42 with 2.4% losses in the past day. In the weekly and monthly chart, ADA has 15.8% and 14.4%, respectively.

Cardano ADA ADAUSDT — ADA with small losses in the daily chart. Source: ADAUSDT Tradingview

With Cardano’s smart contract capabilities around the corner further integration with renowned services, like Chainlink, could give it a bigger advantage over Polkadot and Ethereum to take the number 1 spot on DeFi.

For ADA holders, the coming months look bullish, according to trader Justin Bennet. He claims that there is a correlation between VeChain (VET) and ADA, the former cryptocurrency has a lead on what could be a 266% rally for the latter.

The current $VET to $ADA correlation shows VET is running a 266% lead on ADA.

Said differently, VET's rise points to a $5.20 ADA based on today's prices.

How the tables have turned.#VeChain #Cardano https://t.co/sclsj48B2e pic.twitter.com/XzkyjKewUC

— Justin Bennett (@JustinBennettFX) April 16, 2021

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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