Kephi Gallery Integrates Chainlink to Fairly Distribute and Reliably Price NFTs
As a motivated and promising project, Kephi Gallery is excited to announce our integration of industry-leading oracle network Chainlink. Kephi Gallery has integrated two Chainlink oracle services: Chainlink VRF for a verifiably tamper-proof randomness and Chainlink Price Feeds for accurate and secure cryptocurrency exchange rates.
By integrating these Chanlink-powered solutions, Kephi Gallery ($KPHI) users can now enjoy fairer circulation and stronger security of the $KPHI NFT rewards generation process, as well as more dependable exchange rates when buying and selling NFTs.
Kephi Gallery is a myriad marketplace for visual artists, musicians, short-film creators, theatre performers, and more to gather together and share their work with monetization benefits. Every artist is encouraged to mint their NFT’s and start exchanging their pieces of art utilizing Kephi Gallery services.
Chainlink oracle networks enable smart contracts to access data and computations not inherently available on their native blockchain networks, often referred to as “real-world data’’ or “off-chain resources.” Through Chainlink oracles, blockchains can verify events happening in the outside world, such as the current price of assets, as well as access trust-minimized computations like the generation of random numbers backed by cryptographic proofs.
For Kephi, Chainlink comes in handy for two initial use cases. The first is the ability to distribute random NFT rewards to KPHI stakers in a verifiably fair manner. In Kephi Gallery, users can stake KPHI for a chance to win NFTs from various NFT drops taking place on the platform. By deploying Chainlink VRF, Kephi Gallery can help ensure a random, fair, and secure reward generation process for $KPHI stakers.
We selected Chainlink VRF for randomness generation because it is time-tested and has already secured drops for some of the biggest NFT projects like BAYC. 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. The Kephi Gallery app will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This helps provide our users with automated and verifiable proof directly on-chain that the Kephi Gallery’s NFT distributions are provably fair and were not tampered with by the oracle, outside entities, or the team.
The second integration involves the use of Chainlink Price Feeds, so $KPHI artists can list their NFTs at stable prices and adequately compare their work against the likes of other NFT marketplaces similar to OpenSea or Rarible. Chainlink Price Feeds maintain high-quality, tamper-proof data feeds on blockchains that track a variety of crypto exchange rates. The Price Feeds can then be used to list NFTs in various cryptocurrencies at stable values and then be purchased in real-time in other cryptocurrencies by referencing the real-time exchange rates of Chainlink. Ultimately, this creates more flexibility in how NFTs are listed and purchased, and offers a way to check Kephi Gallery against other NFT marketplaces.
We are excited to integrate these key pieces of Chainlink infrastructure to provide our users with a more seamless and secure experience, and we expect further integrations as our platform develops.
“We decided to integrate Chainlink into Kephi Gallery to establish a more trustworthy, secure, and transparent platform for our users. The Chainlink oracle solutions were seamless to integrate and provided critical infrastructure for our team to build key functionality that users require when creating, minting, and trading NFTs.” — Nicolás Verderosa, Kephi Gallery CEO
About Kephi Gallery
Kephi Gallery is a cross-chain, low fees, NFT marketplace where artists from different disciplines can get together and share (and monetize) their work. From visual arts, to music, from movie clips to even theater, every artist is welcome to mint their NFT and start trading their pieces of art.
Kephi Gallery is built on KardiaChain and Binance Smart Chain. Kardiachain technology allows for better accessibility, cross-chain integration and lower fees. NFTs minted on Kephi Gallery will use the KRC-721 standard and pay fees using KAI token, with lower fees and can approve 6000+ TPS, with 5s confirmation time.
Kephi Gallery’s vision is to provide a space where everyone can easily mint, buy and sell their digital collectibles easily, securely and with low fees.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
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