L’oracle blockchain Pyth Network launches Entropy: an innovative and secure random number generator (RNG) on the blockchain.
Pyth Network, known for its significant contribution to the blockchain ecosystem as an oracle, announces the launch of Entropy, an innovation aimed at improving reliability and security in random number generation on the blockchain. This technical advancement aims to facilitate the development of web3 applications by providing a robust and accessible solution for smart contract creators.
Addressing the needs of Web3 applications
The demand for reliable and secure methods of generating random numbers is crucial, particularly for areas requiring unpredictable outcomes such as gaming, NFTs, and betting systems. Entropy, with its innovative approach, promises to fill this gap by providing developers with an easy-to-integrate tool, ensuring the integrity and transparency of operations on various platforms.
A technical challenge overcome by innovation
Pyth Network, through Entropy, adopts a two-party commitment-revelation protocol to overcome this difficulty, thus offering a method of random number generation that is both secure and decentralized. This cryptographic approach allows for trustless pre-collaboration between parties, ensuring the reliability and security of the generated results.
How the Entropy protocol works
- Engagement phase: Each party generates a secret random number and hashes it, then shares the hash on the blockchain.
- Revelation phase: The parties reveal their random numbers, and authenticity is verified by comparing the hashes.
- Generation of the final random number: The hash of the two revealed numbers is concatenated and hashed to give a new secure random number.
Entropy: More than just an RNG
Beyond its main function, Entropy distinguishes itself with its speed, enhanced security, and ease of integration. The solution not only promises to enrich the web3 application ecosystem but also lays the foundation for new, more immersive and equitable user experiences.
Many innovative projects are already leveraging the Entropy protocol to power their solutions:
- FLAP (Blast) – a bundled marketplace for top-tier NFT mints
- Fungible Flip (Blast) – a coin-flipping game with no house edge and equal odds of 50/50
- SlashToken (Chiliz Chain) – a platform designed to provide user-friendly tools for NFTs and tokens to web3 projects
The launch of Entropy by Pyth Network is part of a broader effort to democratize and secure blockchain applications. By making reliable methods of random number generation more accessible, Entropy contributes to the evolution of web3 development standards, paving the way for increasingly innovative and transparent applications.
