Binance Launches Oracle Services on the BNB Blockchain
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Answer Binance Launches Oracle Services on the BNB Blockchain
Launched Cryptocurrency exchange Binance uses an Oracle service called “Binance Oracle” to support the BNB blockchain ecosystem, making it the first blockchain ever to use the “Binance Oracle.”
Although the team at Binance stated that they have plans to expand it to other blockchain networks.
Gwendolyn Regina, Chief Investment Officer, Binance Network, told:
The ability to link smart contracts to off-network data will be available to other networks in due course.
Oracle Binance will be used to help blockchain applications track real-world data.
It will also allow existing decentralized applications (dApps) and other Web 3.0 ecosystem partners on the BNB network to access lead data sources and accounts.Read:SEC investigates Terra project explosion, $60 billion loss
Gwendolyn Regina added:
Binance Oracle will emerge as an important contributor to Web 3.0 by offering a stable, reliable and efficient Oracle network with comprehensive features for accuracy and accessibility.
Binance has confirmed that over a dozen BNB blockchain-based projects have already been integrated with Binance Oracle.
Additionally, Binance revealed that the Oracle solution will combine off-grid data needed by applications such as those in the decentralized finance ecosystem.
Domains will also be used to secure system uptime during an unpredictable global crisis.
In addition, the components used to develop Oracle Binance include Internal Threshold Signatures – an encryption tool used to log in individual data feeds and securely aggregate prices in blockchain applications using an algorithm – this encryption mechanism will ensure Oracle’s high reliability and ensure that there is no single point of failure in Data security, according to Binance.
Cryptocurrency exchange Binance has been in a leading position in many areas of the industry recently, capitalizing on its prominent position as a cryptocurrency exchange.
Earlier this week, Binance CEO CZ announced via Twitter that the company is investing heavily in DeFi.Read:Binance founder hints at Binance US IPO
Weeks before that, Binance launched a $500 million fund on October 14 for miners unable to cope with the ongoing contraction of cryptocurrency market conditions.
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