You are here: Home/ News/ Here Comes Binance Oracle: The Web3 And Blockchain Smart Contracts Connect
October 27, 2022 by Aishwarya shashikumar
Since its launch, Binance has established a reputation among cryptocurrency enthusiasts. One of the most amazing adventures in the crypto-verse was that of this exchange that came to light in 2017. It has expanded to become one of the biggest cryptocurrency exchanges worldwide.
The cryptocurrency exchange has announced the debut of Binance Oracle, a new data feed network that enables blockchain smart contracts to communicate with actual data, beginning with its own internal blockchain service, BNB Chain.
To begin with, Oracle Network will give BNB Chain users access to current data sources and sophisticated computations through their decentralized apps (DApps) and Web3 ecosystem partners. According to the exchange,
“Over ten BNB Chain projects have already integrated with the Binance Oracle network.”
Other blockchains will eventually have the ability to link smart contracts with off-chain data. Gwendolyn Regina, investment director at BNB Chain, outlined the significance of the network by stating,
“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, the exchange disclosed the use of regional domains to maintain system uptime in the face of unpredictably occurring worldwide catastrophes. According to CZ’s exchange, the network employs components that assure high dependability, such as an internal Threshold Signature Scheme for each data stream and price aggregation utilizing an algorithm.
As the largest cryptocurrency exchange in terms of trading volume, Binance continues to invest in a variety of crypto businesses.
A $500 million fund was introduced on 17 October 2022 by Binance Pool, a mining division of Binance, to provide loans to the cryptocurrency mining sector.
Shibu Inu drops down on BinanceThe well-known meme coin Shiba Inu ($SHIB) has recently been spotted ruling the whole cryptocurrency market. The enthusiasm for this community-driven endeavor, though, appeared to be waning. Despite the recent release of its collectible card game, the alternative currency scarcely saw any gains. The meme coin didn’t make it onto Binance’s list of the top 10 trending searches, so it appears that users weren’t too keen on it either.
Shiba Inu had been ranked 14th on the exchange’s trending searches, according to recently collected data by Crypto Differ. Many people found this to be quite unexpected given the normal zeal on the network.
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