[NEWS] Financier partners with Chainlink to strengthen FNCT’s staking environment

On the 25th, Financier announced that it has entered into a technical partnership with the Chainlink Foundation, which operates the decentralized oracle network Chainlink (LINK).

Financier will introduce Chainlink Verifiable Random Function (VRF) to the staking function of its cryptocurrency FNCT (Financier Token), aiming to strengthen governance and security in validator selection.

Chainlink VRF is a service that can generate random numbers that can be verified on the blockchain and prevent tampering. Both random numbers and cryptographic proof are generated by combining block data, which is still unknown at the time of the request, with a cryptographic key that has been pre-matched by the oracle node.

The FNCT staking smart contract is said to be able to accept random number input only if it has a valid cryptographic proof. In addition, cryptographic proof is generated only if the Chainlink VRF process cannot be tampered with.

This mechanism ensures that validators are selected fairly and have not been tampered with by any outside parties in an automatic and verifiable on-chain manner.

FNCT is a cryptocurrency designed and developed to connect sports clubs and creators who use the blockchain-based token-issuing crowdfunding service "FiNANCiE" with their fans and communities, and provide further benefits.

It has utilities such as the ability to participate in governance in FiNANCiE. An IEO was held on the domestic cryptocurrency exchange Coincheck in March of this year.

FNCT staking is a service that regularly records transaction history on the blockchain to ensure the transparency and value of the community token (CT) issued and used by FiNANCiE, and FNTC is earned as a reward. It was launched on the 13th of last month, and in just three days, the amount of FNCT locked exceeded 1.1 billion FNCT.

In the future, in order to grow the FNCT token economy, it is planned to allow external partners to participate as validators in FNCT staking.

Financier explains that by introducing Chainlink VRF in this situation, it will be possible to prove that the selection of validators who generate rewards was done fairly, thereby improving governance and security and creating an environment in which validators and FNCT holders can participate in staking more safely and securely.

Reference:Announcement
Image: Quoted from the announcement