Binance Launches a New Oracle Service on Its Blockchain

A new oracle service launched on the BNB blockchain by Binance, the world’s largest crypto exchange platform by volume.

“#Binance is officially launching its oracle service!. Binance Oracle will play an important role in the blockchain ecosystem, bringing external data on-chain,” said Binance on their Twitter account. 

The New Services Aim to Boost The BNB Chain Ecosystem

A new blog post from Binance announces that it is launching oracle services in an effort to boost its BNB Chain ecosystem.

Oracles enable smart contracts to receive real-time data like price updates from external sources in order to perform their functions correctly.

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“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…” said Binance.

“Binance sees 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,” they added.

Oracle WIll Support Index Price for The Most Famous Digital Asset

Although Binance did not mention specific cryptocurrencies, its oracle “will support index prices for the most popular” cryptocurrencies.

Binance Oracle is expected to be highly secure and available all the time, according to the crypto exchange.

A proprietary threshold signature scheme (TSS) will be used by Binance to continuously verify the validity of data being fed into the system.

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“Binance Oracle, tailored to the needs of most reliable and accurate data, will bring security, reliability, and efficiency into this sector of BNB Chain infrastructure services from October 2022,” they said. 

“It will enable smart contracts to connect to verified data sources, ensuring that the data is consistently correct, reliable, and up-to-date,” they explained.

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Jamilatul Mahmudah

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