What is Verifiable Delay Function (VDF)?

A verifiable delay function (VDF) is a cryptographic primitive created in 2018, built to run a given number of sequential steps which allows the end result to be efficiently verified. VDFs can be implemented within the context of blockchain and computer systems to help create trustless, public randomness in network-based environments. To achieve their desired result within a distributed system, verifiable delay functions generally involve three main processes: setup, evaluation, and verification.