Mogul will integrate Chainlink VRF to generate tamper-proof randomness and ensure provable rarity across its NFT marketplace
BEVERLY HILLS, Calif., April 2, 2021 /PRNewswire-PRWeb/ -- Mogul is expanding its integration with the market-leading oracle network Chainlink to integrate Chainlink VRF, a verifiable randomness solution, to ensure the security of Mogul's upcoming movie-based NFT marketplace. By integrating Chainlink's novel VRF solution, Mogul will gain access to a secure and transparent source of on-chain entropy for generating and distributing provably rare NFTs.
Mogul's movie-based NFTs can represent different scenes in Mogul-produced movies, signed movie scripts, and even executive producer credits. Mogul will also issue collections of dynamic NFTs with provably rare attributes built directly into the on-chain token. Chainlink VRF enables Mogul's movie-based NFTs to be distributed to Access Pass holders and collection purchasers in a provably fair manner, ensuring all users have an equal opportunity to obtain the rarest and most desirable NFTs.
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. Any user can verify the cryptographic proof with the block data and oracle node public key to ensure that the entropy produced is authentic. Thus, Chainlink VRF provides a transparent and tamper-proof source of on-chain randomness for smart contract applications.
For more information on our previous integration and why we selected Chainlink as our preferred oracle solution, view our past announcement here: https://www.mogulproductions.com/post/mogul-partners-chainlink
"By continuing our integration with the Chainlink Network's highly secure and reliable oracle services, we are greatly expanding the functionality of our decentralized film platform. With Chainlink VRF, Mogul is ensuring that our movie-driven NFT marketplace is powered by a verifiable source of on-chain randomness and well-positioned to pioneer the next generation of unique and dynamic digital collectibles."
Lisa Sun, President of Mogul Productions
"We are pleased to offer continued support to Mogul as they work to transform the movie industry with their decentralized film platform. Chainlink VRF provides a tamper-proof source of predictability that enables Mogul to create and distribute provably rare NFTs, so any user can verify that their unique film collectibles were minted in a fair manner with authentic attributes.."
Daniel Kochis, Head of Chainlink Business Development
For media inquiries, please contact Raneem Hamad at (310) 260-7901 or Raneem(at)MelrosePR(dot)com.
About Mogul Productions (Mogul)
Mogul Productions is a decentralized film financing (DeFiFi) platform that connects creators, movie fans, and film financiers in one space to ensure the best films get made by giving everyone a voice. By leveraging blockchain technology, NFTs and a tokenized system, Mogul incentivizes participation and rewards engagement. Using the Mogul in-app payment and utility token (STARS), users can vote on, greenlight and participate in key decision-making aspects of production.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Raneem Hamad, Melrose PR, (310) 260-7901, email@example.com
SOURCE Mogul Productions