Chainlink, Rug Pulls, and the Biggest Giveaway in Crypto History

Chainlink, Rug Pulls, and the Biggest Giveaway in Crypto History

By ExponentialOne | Exponential Explore | 29 Aug 2021


Chainlink is well known for their oracles and being the go-to project for where smart contracts interact with data. One such Chainlink product is their VRF. Today I'm going to look at how Chainlink, Rug Pulls, and one of the biggest giveaways in crypto history are linked.

What is Chainlink VRF?

From Chainlink's docs, "Chainlink VRF (Verifiable Random Function) is a provably-fair and verifiable source of randomness designed for smart contracts." Many smart contracts (casinos/gaming instantly come to mind) need random numbers. Using Chainlink VRF, fairness can be assured. Otherwise there is the possibility of malicious actors manipulating outcomes (or seeing outcomes ahead of time).

Now let's change gears for a minute...

Rug Pulls on BSC

If you've spent some time on Binance Smart Chain (or Polygon, or Kucoin, or Ethereum, or [insert any other chain]) you have surely seen a rug pull. Either the slow variety where a dev abandons a project and it declines into oblivion or a hard rug where a project removes liquidity, jacks up fees to siphon money to a new wallet, or a number of other horrible things. If you haven't been rugged, count your blessings. If you have, you know what I am talking about here.

So many projects rug on BSC and others that in some ways it has weakened the entire network and users' views on crypto in general. Oftentimes there are major red flags in the contract, but many investors do not know what to look for or can't read Solidity, the language often used in smart contracts.

Enter SaferMoon

Now before you judge the project based on the name, please allow me to explain more about the project. SaferMoon is NOT just another Safemoon fork. Yes, they have reflections with 5% being added to the LP and 5% distributed to holders, but that is where the similarities end.

Safermoon was launched with the goal of improving safety on BSC and the rest of crypto networks. At launch they were already audited, burnt their LP, and have provided feeless staking for partner tokens such as WINGS, FTS, and xBLZD. But their main focus on safety is their own token creating platform (a token with a use case!). Their platform will allow anyone, regardless of coding experience, to create their own "SAFER" token (hence the name). Their token creating platform will use lines of code that prevent project developers from screwing over holders and SaferMoon will have a dashboard where holders can see changes and actions taken by the dev. For example if a dev changes the fee for buying or selling, users can see this happening. If the dev sends funds to a wallet, users can see this happening. But unlike BSCscan or EtherScan, it will be an easy to view/digest format.

It will still be users' responsibility to research projects, but with SaferMoon's platform it will hopefully be easier to avoid developer malice and focus on finding good projects. SaferMoon is all about creating a source of safer tokens!

But what about Chainlink?

You might be asking yourself what Chainlink has to do with this small cap BSC token. To get people hyped and prove their commitment to safety, SaferMoon is using Chainlink VRF for their SAFERsummer giveaway.

The giveaway is 6 weeks of grand prizes accompanied by smaller prizes sprinkled in (first token creator, PS5, etc.). The six BIG prizes include a dream vacation (Maldives, anyone?), a Tesla Model 3, a Lambo (!!?), and a trip to space aboard Virgin Galactic!

And did I mention that this is coming out of the developer's own pocket?

Tuesday 8/31 will be the drawing for the Dream Vacation, so it is not too late to get in on the action.

Overall seeing Chainlink VRF in action was pretty darn cool! A random seed number was chosen and entered, some LINK was used to pay the fee, and then a random token (and accompanying address) was selected. The team drew the address live so it felt a lot like one of those multi-million lotto type draws. Pretty fun!

 

It is time we as crypto users demand safety in our projects. We need to hold developers to a higher standard of transparency and quality! What SaferMoon is building might be just what we need. In the meantime, they are giving away AMAZING prizes using Chalink's VRF. And while projects like SaferMoon are trying to cure the scourge of rug pulls, Chainlink is providing projects with reliable data, random number generation, and other tools to create, stronger, safer crypto projects.

For more information, check out their Telegram or site.

Thank you to everyone for reading! Please like, comment, and follow! (This post is not financial advice; do your own research)

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