Binance, the biggest crypto exchange in the world, is diversifying. It has brought forth the Binance Oracle Network to effectually and seamlessly communicate between real-world data and smart contracts.
Binance is one of the major crypto infrastructure providers, and it has unveiled a decentralized Web 3 oracle. The Binance Oracle will function as a data feed network linking real-world data to blockchain-based smart contracts.
Today Chainlink has established itself as the leader in providing oracle services. It has created a robust infrastructure to function as a data feed network offering the bridge between blockchain-based systems and real-world online infrastructure. Finally, its monopoly will be challenged by Binance Oracle, which is a healthy development for the industry.
The Binance Oracle envisages providing intelligent contracts based on real-world inputs and outputs. The crypto exchange has decided first to use its oracle services on the BNB Chain. It will create 1,400 decentralized applications and Web3 partners to tap into existing data sources.
Ten projects on the BNB Chain have already been integrated with smart contracts, and the oracle services are chain-agnostic and shall eventually support more blockchain networks.
Investment Director at BNB Chain, Gwendolyn Regina, said:
“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 is 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 -How It Will Operate?
Binance Oracle network touts to take reliability to new heights with price data sourced from different centralized exchanges and then collating the prices with an intelligent algorithm. For customized data feeds, the network offers a Threshold Signature Scheme (TSS) that provides a distributed mechanism eliminating any single point of failure.
During the data feeding process Binance, the public key, will verify the integrity of the data numerous times to preempt any data tampering.