5.5.8. Picking The Winner

In a savings group, a winner will be determined randomly at the end of each period through a smart contract-based algorithm.

Chainlink Verifiable Random Function (VRF) will be utilized for smart contract-based draws to determine the winner in each savings period.

Chainlink VRF provides on-chain verifiable randomness with a random number generator to prevent unintended consequences or manipulation of the relevant smart contract by malicious actors.

When generating a random value for a smart contract, Chainlink VRF also generates a cryptographic proof of how it reached at the random value in accordance with predetermined criteria in each request, and this proof is published and verified on-chain.

By determining the winner with random numbers generated with Chainlink VRF, the Nexspecto platform provides an additional and very important layer of security for their respective smart contracts, while providing its users with on-chain proof that the winner determination process has not been manipulated by any actor.

The lucky winner of the relevant period will be eligible to receive the savings accumulated in that period.

Each participant can only be selected for one period and can only be paid once.