Cryptocurrency exchange Binance is launching the Binance Oracle service, which will aggregate off-grid data needed by applications, including those in the decentralized finance sector.
Binance Oracle will use “threshold signatures,” a type of cryptographic tool that is required to securely sign data feeds in blockchain applications. This cryptographic mechanism ensures that there is no single point of failure in data streams.
The BNB Chain ecosystem will be the first blockchain to use Binance Oracle. To date, more than ten BNB Chain projects have already been integrated with Binance Oracle. More than 1,400 dapps on the BNB network and their Web3 ecosystem partners are expected to now work with Binance Oracle.
“Binance Oracle will offer Web3 participants a stable, reliable, and efficient network with comprehensive accuracy and availability features,” said Gwendolyn Regina, Chief Investment Officer at BNB Chain.
Recall that oracles are a technology that allows you to extract critical information from a data source and send it securely to one or more smart contracts. Smart contracts that request and receive this data can then use it to perform their functions.
The launch of the Binance Oracle service will break the monopoly in the cryptocurrency market of the Chainlink oracle network and Band Protocol, which have attracted about 700,000 active users of various blockchains to service.
Last month, the international payment system SWIFT entered into an agreement with oracle provider Chainlink to test a proof of concept (PoC) for making payments using different blockchains.
Source: Bits
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