Binance Announces Launching Its Native Oracle Service

Binance has announced the launch of its native oracle service, Binance Oracle, which enables blockchain smart contracts to connect to real-world data, starting with BNB Chain and will support more blockchains later. More than ten BNB Chain projects are now integrated with this new Oracle network.

In its recent announcement, the largest cryptocurrency exchange in the world announced the launch of its native oracle service, Binance Oracle to power the BNB and Web3 Chain Ecosystem.

Binance Oracle will be a valuable addition to the scalable BNB Chain infrastructure, providing a way for 1,400 decentralized applications and partners in the Web3 ecosystem to access existing data sources. and advanced calculations.

The first program has started and more than ten BNB Chain projects have been integrated with the Binance Oracle network. In the future it will support more blockchains.

Binance Oracle achieves the highest level of reliability via the use of five resilient components: sourcing price data from many CEXs and aggregate prices using an intelligent algorithm and using internal TSS (Threshold Signature Scheme) to sign individual data feeds. It feeds the most recent index price to the on-chain oracle, allows for a customizable time frame or price variation and provides a variety of simple interfaces to on-chain DApps, as well as 24/7 data monitoring and quick response.

“The new internet is in the process of evolving into well connected smart contracts. Using oracles to dramatically increase the knowledge of what’s going on outside of the blockchain, allows it to respond to external events with specified actions will be crucial.”

Investment Director at BNB Chain, Gwendolyn Regina said

By providing a steady, dependable, and effective Oracle network with full accuracy and accessibility characteristics, Binance Oracle will become a big contributor to Web3.

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