Binance announced today that BNB Chain, its own blockchain, will now be served by its own network of oracles. The latter will bring continuous data flows to the various network applications, and should eventually be deployed on new blockchains. What to overshadow Chainlink (LINK)?
Binance deploys its own oracle network
Binancethe world’s largest cryptocurrency exchange, today announced that he had his own network of oracles. The latter has been deployed on the BNB Chain, the Binance blockchain, and already serves around ten projects.
Oracles make it possible to associate the real world with that of the blockchain in order to automate the triggering of smart contracts. If this concept is foreign to you, we invite you to read our detailed explanation of what oracles are.
By choosing to deploy its own network of oracles, an absolutely vital component of the blockchain and Web3 ecosystem, Binance affirms its goal of becoming the premier infrastructure provider for the cryptocurrency industry.
Gwendolyn Reginathe chief investment officer at Binance, highlighted the importance of the exchange having its own network of oracles:
“The new Internet is evolving towards well-connected smart contracts. […] Binance Oracle will emerge as an important contributor to Web3 by offering a stable, reliable, and efficient oracle network with comprehensive accuracy and accessibility features. »
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How will the Binance Oracle work?
According to the Binance press release, the aptly named “Binance Oracle” will source market data from many centralized exchanges and will aggregate the various data received using an intelligent algorithm, all secured via a threshold signature system (Threshold signature, or TSS).
The exchange claims that its network of oracles will provide a continuous stream of data and that the data will enjoy great reliability through verification by Binance’s internal protocol. In addition, each geographic region will be served by its dedicated local infrastructure, as stated in the press release:
“This means you’ll be able to access the best sources in real time. Binance Oracle’s component architecture ensures that the system can continuously deliver data in all extreme scenarios. »
Eventually, Binance’s oracle network should serve more than 1,400 decentralized applications (dApps) of the BNB Chain and different exchange partners operating in the Web3. Defined as “chain-agnostic”, the Binance Oracle will be implemented later on new blockchains.
Whereas the oracle field is largely dominated by Chainlink (LINK)remains to be seen whether Binance will succeed in doing well and overshadowing the historic giant of the sector.
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Source: BNB Chain
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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