Method and apparatus for producing verifiable randomness within a decentralized computing network

Abstract

A system and method for providing a randomness function to a smart contact on a decentralized network. An oracle receives a request for at least one random value to be supplied to a smart contract executing on a decentralized network, the request including a seed. The oracle generates the at least one random value based on the seed, and a secret key associated with the oracle, wherein the oracle is identified on the decentralized network by a public key associated with the secret key. The oracle generates a cryptographic proof based on the at least one random value and the public key and sends the at least one random value and the cryptographic proof to the decentralized network, whereby the proof, and thus the randomness of the at least one random value, can be verified.