Fetch.ai Announces Launch of Random Number Beacon on Binance Smart Chain
Utilizing Fetch.ai’s ledger staking, P2P networking, and transaction recording capabilities, the new GLOW-DRB product will provide unstoppable random number service for decentralized applications
Fetch.ai, a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced the launch of its Random Number Beacon, GLOW-DRB, on Binance Smart Chain. GLOW-DRB is a new decentralized random beacon that provides incorruptible sources of randomness for decentralized applications. Fetch.ai’s design and implementation of this novel cryptographic technique is currently integrated with the Ethereum test network and is compatible with all Cosmos chains.
A Decentralized Random Beacon is an incorruptible and unpredictable source of randomness that is computed by a collection of parties in such a way that no individual can interrupt its calculation or bias its value. These techniques can be used in applications that involve coordinating multiple parties in settings that require high degrees of trust such as in the finance or healthcare industries.
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The trusted and unbiasable randomness provided by the Fetch.ai DRB can, for example, be used to choose which trades should be matched in decentralized exchanges, deal cards in a decentralized game of poker, select the winner of a lottery, or decide which company in a transport consortium should fulfill a delivery.
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 also be computed more rapidly. The supply of random oracle values to each smart contract where the beacon is deployed will require payment in FET tokens. Tokens will be used for staking and reputation schemes that guarantee the security of the oracle which is provided by Fetch.ai validators using a proof-of-stake consensus.
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“Fetch.ai’s GLOW-DRB is an MPC (multi-party computation) unbiased source of randomness, which is far superior to competing ad hoc randomness generators,” said Humayun Sheikh, CEO of Fetch.ai. “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.”
The communication of the DRB to Binance Smart Chain is performed by Fetch.ai’s agent technology. These agents act without human input to perform useful tasks in the real world. The agents are powered by Fetch.ai’s staking and peer-to-peer networks, and enable information and economic value to flow between the two blockchains. This couples the liquidity on Binance Smart Chain with Fetch.ai’s autonomous agent technology to bring benefits to users of both networks.
Upon being deployed on Binance Smart Chain, Fetch.ai’s cross-chain GLOW-DRB will be used to supply virtual routing and forwarding via an autonomous agent framework. The underlying cryptographic technology will be used by agents for collective off-chain agreements. Validators responsible for running Fetch.ai’s ledger consensus will also play the role of DRB nodes on the Binance Smart Chain meaning that the DRB will utilize Fetch.ai’s ledger staking, p2p networking, and transaction recording capabilities.
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