Cambridge-based tech startup Fetch.ai has announced the launch of a new solution that will help secure the decentralized applications built on Binance’s Smart Chain.
Fetch.ai has built an open access, tokenized, decentralized machine learning network to enable smart infrastructure built around a decentralized digital economy. Its network is based around an open-source technology that any user can run to connect to the network, giving access to the power of AI on a world-scale secure dataset, to carry out complex coordination tasks in the modern economy. One of the company’s key tools is a set of autonomous software agents that provide AI services, connecting suppliers and consumers of raw and processed data.
In a press release, Fetch.ai said that it has launched a new cross-chain solution, called GLOW-DRB, to bolster the security of decentralized applications in the Binance Smart Chain ecosystem. Utilizing Fetch.ai’s ledger staking, P2P networking, and transaction recording capabilities, the new GLOW-DRB product will provide unstoppable random number service for decentralized applications. A Decentralized Random Beacon is an incorruptible and unpredictable source of randomness that is computed by a collection of parties in such a way that no individual can interrupt its calculation or bias its value. The trusted and unbiasable randomness provided by the Fetch.ai DRB can, for example, be used to choose which trades should be matched in decentralized exchanges, deal cards in a decentralized game of poker, select the winner of a lottery, or decide which company in a transport consortium should fulfill a delivery.
“The Fetch.ai GLOW-DRB differs from the previous BLS scheme in its ability to achieve more reliable security levels known as pseudorandomness, which means that no single node can obtain any information on the random beacon value before other nodes have made their contribution to the multi-party computation,” said Fetch.ai. “The GLOW-DRB can also be computed more rapidly. The supply of random oracle values to each smart contract where the beacon is deployed will require payment in FET tokens. Tokens will be used for staking and reputation schemes that guarantee the security of the oracle which is provided by Fetch.ai validators using a proof-of-stake consensus.”
According to Fetch.ai, its design and implementation of this novel cryptographic technique is now integrated with the Ethereum, Binance Smart Chain, as well as all Cosmos-based chains. The communication of the DRB to Binance Smart Chain is performed by Fetch.ai’s agent technology. These agents act without human input to perform useful tasks in the real world. The agents are powered by Fetch.ai’s staking and peer-to-peer networks, and enable information and economic value to flow between the two blockchains. This couples the liquidity on Binance Smart Chain with Fetch.ai’s autonomous agent technology to bring benefits to users of both networks.
“Binance Smart Chain is dedicated to providing its users with the highest level of security,” said Binance CEO Changpeng Zhao (CZ). “The integration of Fetch.ai’s GLOW-DRB solution will help drive the security level of decentralized applications on Binance Smart Chain and provide the users with better protection, which will help grow the Binance Smart Chain ecosystem and the broader blockchain ecosystem.”
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