Markets News Report
March 13, 2024

Pyth Network’s On-Chain Random Number Generator Pyth Entropy Launches on Mainnet

In Brief

Pyth Network’s on-chain randomness solution Pyth Entropy is live on EVM mainnet, with access across Arbitrum, Blast, Optimism and more.

Pyth Network’s On-Chain Random Number Generator Pyth Entropy Launches on Mainnet

Oracle project Pyth Network announced that its on-chain random number generator Pyth Entropy has been launched on the mainnet. Developers on Arbitrum, Blast, Chiliz Chain, Fantom, LightLink and Optimism can now access Entropy on their native mainnet environments.

Pyth Entropy provides smart contract developers with a source of randomness for decentralized use cases, including NFTs, gaming, social media, lotteries, and prediction markets where the randomness of the outcome is crucial for ensuring fairness to participants and safeguarding against manipulation.

“Many blockchain applications depend upon a secure source of randomness to generate unpredictable outcomes and unique experience. This includes sectors like gaming, NFTs, and prediction and parimutuel markets. Developers building a gaming app, for example, can use Entropy to power unpredictable outcomes, level designs, or obstacles for players,” Marc Tillement, Director at the Pyth Data Association told MPost.

For secure random number generation, Pyth Entropy relies on a cryptographic technique–a two-party commit-reveal protocol in which two parties can engage in the process of generating a random number without the necessity to trust the other party.

It involves a commitment phase where both parties independently generate a secret random number, keep it confidential, subsequently hash it, and share it with each other by committing the hash to the blockchain. In the reveal phase, both parties unveil their random numbers, with the counter-party verifying that the numbers align with the committed hash. The final secure random number is obtained by hashing the two revealed numbers.

Furthermore, Pyth Entropy expands this method to enhance its security in blockchain operations. The protocol enables a single party to commit to a large number of random numbers up front, reducing the number of transactions required for protocol operation. Also, it incorporates the blockchain’s blockhash into the result, introducing an additional source of random variation.

The integration with Pyth Entropy operates on a permissionless basis. The protocol has been integrated into a number of market-oriented projects such as FLAP, Fungible Flip, and SlashToken. Additionally, Pyth Entropy is anticipated to be integrated into the Estfor Kingdom native blockchains in the near future.

Pyth Network Introduces Pyth Price Feeds and Pyth Entropy on Blast

The Pyth Network is a financial data oracle network that provides price data for assets to various blockchains. Collaborating with exchanges, market makers, and trading firms, Pyth aggregates price data on-chain, making it accessible for smart contracts.

With support for over 400 real-time data feeds covering crypto, equities, ETFs, FX pairs, and commodities, Pyth has facilitated a total trading volume exceeding $120 billion across more than 50 blockchain ecosystems.

Recently, Pyth Network introduced Pyth Price Feeds and Pyth Entropy on the Ethereum Layer 2 blockchain, Blast. Smart contract developers on Blast can now access over 400 low-latency price feeds across cryptocurrencies, commodities, and foreign exchange pairs using Pyth Price Feeds. The addition of Pyth Entropy is aimed at enhancing and enabling unique Web3 user experiences within the Blast ecosystem.

“Smart contract developers can look forward to the benefits of Pyth Entropy, no matter what chain they are on. A key strategic focus for Entropy is blockchain coverage, in addition to continual improvements to gas costs, liveness, and ancillary features that developers need,” Pyth’s Marc Tillement told MPost.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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