Binance Announces Launch of Web3 Oracle Network

• More than 10 BNB Chain projects have implemented smart contract integration.
• Binance Oracle will facilitate the use of inputs and outputs from the real world in smart contracts.

Binance, the largest cryptocurrency exchange platform, revealed a decentralized Web3 oracle on October 26. In this capacity, the Binance Oracle will operate as a data feed network. That will link external data sources to smart contracts implemented in the blockchain.

Binance Oracle will facilitate the use of inputs and outputs from the real world in smart contracts. The cryptocurrency trading platform has selected the BNB Chain as the first network on which to deploy its oracle services. In doing so, approximately 1,400 distributed apps and Web3 partners will have access to preexisting data.

Significant Contributor to Web3

More than 10 BNB Chain projects have implemented smart contract integration as part of the early bird programme. Binance has said that its oracle services are chain-agnostic and that it plans to provide support for more blockchain networks in the future.

Investment Director at BNB Chain Gwendolyn Regina stated:

“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. Binance Oracle will emerge as a significant contributor to Web3 by offering a stable, reliable, and efficient Oracle network with comprehensive accuracy and accessibility features.”

Binance Oracle network strives for higher dependability by collecting price data from many centralized exchanges (CEXs) and then averaging the prices using a sophisticated algorithm. Threshold Signature Scheme (TSS), a distributed approach with no single point of failure, is used by the network to secure individual data feeds.

Recommended For You:

Kazakhstan’s CBDC Trial To Utilize Binance’s BNB Chain