Binance Announces Its Reliable And Secure Oracle Network

Twitter icon  •  Published vor 1 Jahr  •  Hassan Maishera

Leading cryptocurrency exchange Binance has announced the launch of Binance Oracle, its reliable and secure oracle service.

Binance, the world’s leading cryptocurrency exchange, announced the launch of its blockchain oracle service on Wednesday, October 26th. In a blog post, the company mentioned that the Binance Oracle is set to officially launch this month.

Blockchain oracles are services that allow smart contracts to access data from sources that can be found outside their native networks. In other words, an oracle is a bridge between the blockchain and the real world. These services can help smart contracts access real-world data and execute based on off-chain inputs.

Binance explained that it is entering the oracle ecosystem because it sees huge potential in it. The company said;

“Binance sees a tremendous opportunity within the field of blockchain oracles and believes that contributing to this sector will allow the BNB Chain ecosystem and the larger digital asset space to flourish for the benefit of users. Oracles can serve as the foundation of Web3, reliably providing smart contracts that power a vast array of use cases with the necessary real-world data.  

Binance Oracle will support multiple blockchain partners within the BNB Chain ecosystem, becoming yet another stepping stone on Binance’s path to the role of the leading infrastructure services provider for the digital asset industry.”

The cryptocurrency exchange explained that Binance Oracle is designed to assist smart contracts that require off-chain data inputs to execute. Binance Oracle is built specifically for the needs of DeFi applications, and it will feed data to the blockchain reliably and securely.

In a statement, Gwendolyn Regina, BNB Chain’s investment director, said;

“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 is entering a field that is dominated by Chainlink at the moment. However, Binance Oracle is already gaining adoption. Binance said its oracle service has already expanded with  10 start projects. On the BNB Chain, 10 projects, such as Venus, Alpaca, SpaceID, Unilend, Deri, Ankr, Corite, Ultiverse, and Beefy, have joined the Early-bird program.

Binance’s continued expansion and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.