What are the best practices for generating random numbers in Solidity for cryptocurrency applications?

3 answers

• May 17, 2022 · 3 years ago
  One of the best practices for generating random numbers in Solidity for cryptocurrency applications is to use an oracle service. By integrating with an oracle service, you can fetch random numbers from a trusted source outside of the blockchain. This ensures that the generated numbers are truly random and cannot be manipulated by any party within the blockchain. Additionally, using an oracle service allows for the generation of random numbers that are not predictable or influenced by any factors within the blockchain ecosystem. This is crucial for maintaining the fairness and security of cryptocurrency applications.
  623312
• May 17, 2022 · 3 years ago
  Another approach for generating random numbers in Solidity is to utilize the block hash and timestamp. By combining the block hash and timestamp of the current block, you can create a unique seed for generating random numbers. However, it's important to note that this method is not completely random, as the block hash and timestamp can be influenced by miners or other factors. Therefore, it's recommended to use this method as a supplementary source of randomness, rather than relying solely on it.
  501167
• May 17, 2022 · 3 years ago
  At BYDFi, we recommend using a combination of both oracle services and the block hash/timestamp method for generating random numbers in Solidity. This approach provides a higher level of randomness and security for cryptocurrency applications. By leveraging trusted oracle services and incorporating the block hash and timestamp, developers can ensure the integrity and fairness of their applications. It's important to carefully evaluate and select a reputable oracle service to ensure the reliability and accuracy of the generated random numbers.
  548137