Binance Oracle will allow decentralized apps and Web3 partners on BNB Chain to access data sources and advanced computations.
A new data feed network called Binance Oracle has been launched by cryptocurrency exchange Binance, starting with its own internal blockchain product, BNB Chain. Binance Oracle enables blockchain smart contracts to link with real-world data.
To begin with, Binance Oracle will give BNB Chain users access to current data sources and sophisticated computations through their decentralized apps (DApps) and Web3 ecosystem partners. According to Binance, “over 10 BNB Chain projects have already merged with the Binance Oracle network.”
Other blockchains will eventually have the ability to link smart contracts with off-chain data. Gwendolyn Regina, investment director of BNB Chain, outlined the significance of the network as follows:
“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.”
Additionally, Binance disclosed the use of regional domains to maintain system uptime in the face of unpredictably occurring worldwide catastrophes. According to Binance, the network employs components that assure high dependability, such as an internal Threshold Signature Scheme (TSS) for each data feed and price aggregation utilizing an algorithm.
With its unique position as the largest cryptocurrency exchange in terms of trading volume, Binance continues to invest in a variety of crypto businesses.
A $500 million fund was introduced on October 17 by Binance Pool, a mining division of Binance, to provide loans to the cryptocurrency mining sector. A spokeswoman for Binance further detailed the requirements for a possible borrower in an interview with Cointelegraph:
“One of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.”
The statement disclosed various loan parameters, such as 18 to 24-month periods, 5% to 10% interest rates, and the use of some tangible or intangible assets as security.