Security is a major concern for many blockchain developers, investors and users and with the recent 120,000 Ethereum Wormhole Exploitation occurring on Solana with their wETH it is something that is on everyone's mind.
After all no one wants to lose money and a security breach of a protocol that causes people to lose millions or as we have come to see of late almost billions of dollars can completely destroy a protocol and lose investor confidence.
With that in mind one of the most basic aspects of online security is the generation of random number sequences which enables websites and browsers to encrypt data that is sent between them through the use of a session key. A failure in this department can be catastrophic to any protocol if you would like to know more about why and what they do you can read Why secure systems require random numbers.
LoTerra has been growing on me as their project team has developed and is continuing to develop a significant amount of protocols that aren't just pump and dumps or overnight protocols that collapse. Each project they work on continues to grow and for all things blockchain, successful.
Their latest protocol Terrand brings the successful Random Number Generator (RNG) Drand to Terra (Luna) Network and the protocol is already in use not only on LoTerra but also Terra Vegas which is Terra's ultimate online casino launching soonish. The other major project Terrand is on is Glow which is a big deal considering what Glow is setting out to do (I'll cover Glow in another blog soon).
Why is Terrand big news? well this is where it gets impressive. Announced late last year on Hacker News it was identified a critical random number generator flaw affects billions which impacts websites, browsers and the most basic of internet access.
The LoTerra team is building a decentralised, opensource and transparent protocol which will address the security risk that is currently impacting billions of people. On top of that it will always be open to scrutiny by being verifiable to anyone and anytime where even you can check if the protocol is producing random numbers.
You might be wondering, are there other oracles on blockchain and how often are they utilised in everyday blockchain activity and the simple answer is yes. Chainlink is probably one of the best known RNGs around and you can view the top oracles and their value on Coingecko .
Just recently LoTerra has created a proposal on Terra seeking funding support to ensure they can hire developers and continue their work in this space. Their oracle is opensource and free to use and benefitting projects and from their submissions more protocols on Terra are getting onboard with MintDAO, RandomEarth, Terrafloki, Deviants Art jumping on board to utilise the code.
You can view the teams proposal by clicking on the heading Proposal: Grants for Terrand oracle
The interesting point to make in relation to RNG and their ability to encrypt data is that if deployed on Terra (Luna) Network it could potentially establish itself and ensure Terra (Luna) Network becomes a privacy network with encryption keeping all your transactions and movement around web3 safe and secure.
I think LoTerra's latest project will further drive web3 development and mainstream adoption faster with high level security and it is one to keep watching closely.
Images sourced from Terraland by LoTerra supplemented by canva pro. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
