Binance, the leading crypto exchange globally, has launched Binance Oracle, a decentralized Web3 Oracle – a data feed network that connects real-world data to blockchain smart contracts on the Binance Smart Chain (BSC).
A blockchain oracle is any device or entity that connects smart contracts with the outside world.
So what is #Binance Oracle?
Find out here 👇
— Binance (@binance) October 31, 2022
Binance Oracle will enable smart contracts to run on real-world inputs and outputs starting with the BNB Chain ecosystem.
‘The Binance Oracle will be a valuable addition to the scalable BNB Chain infrastructure providing a way for 1,400 decentralized applications and Web3 ecosystem partners to access existing data sources and advanced computations.” – Binance
An Early Bird Program is on and over 10 BNB Chain projects have already integrated with the Binance Oracle network. The Oracle is chain agnostic and will be able to integrate with projects on other blockchains too.
According to BNB Chain Investment Director, Gwendolyn Regina, the latest product will turn out to be a significant contributor to Web3 by offering a stable, reliable, and efficient Oracle network with comprehensive accuracy and accessibility features.
The new internet is in the process of evolving into well connected smart contracts. Using oracles to dramatically increase the smart contract’s knowledge of what’s going on outside of the blockchain, allowing it to respond to external events with specified actions, will be crucial.
According to the press release, the oracle’s index prices are checked for correctness and consistency using smart algorithms.
“Each regional domain has its own infrastructure, making the overall system immune to regional disasters.” – Binance
Initially, Binance Oracle will support index prices for the most popular digital assets. To do that, it will rely on a combination of 5 robust components:
- Sourcing price data from numerous CEXs and aggregating them using a proprietary formula
- Utilizing in-house TSS (Threshold Signature Scheme) to sign on individual data feeds
- Feeding the latest index price to on-chain oracle using a flexible time window and price deviation
- Providing easy-to-use interfaces to on-chain dApps
- Providing perpetual monitoring and instant reaction on a 24/7 basis
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