Binance launches Oracle
Binance has announced the launch of its first native Oracle called Binance Oracle.
Binance Oracle will be deployed first in the BNB Chain ecosystem, making the network better in terms of “security, reliability, and efficiency.” Projects that have integrated with the Binance Oracle include BiSwap, Venus, Beefy Finance, Alpaca Finance, SpaceID, Unilend, Deri, Ankr, Corite, and Ultiverse.
The Binance Oracle is designed to connect smart contracts with off-chain data reliably and securely.
Blockchain Oracle are services to permit smart contracts to access data and information outside the native network. Oracles bridge the gap between blockchains and real world data. Although they are not the sources of the data, they grant access to. Oracles are important because dApps built on blockchains need off-chain data for high-performance and real-life use cases.
The five components of the Binance Oracle
Descriptions by the team showed that the Binance Oracle that will serve projects on the BNB Chain, as well as other chains in the future, has these five components:
- Gathering price data from several CEXs and grouping them using a proprietary formula
- Utilizing in-house TSS (Threshold Signature Scheme) to sign on individual data feeds
- Feeding the latest index price to on-chain oracle using a flexible time window and price deviation
- Allowing easy-to-use connections with on-chain DApps
- Providing round-the-clock monitoring and instant reaction
The team explained that the opportunity of having Oracles for blockchains inspired the development and launching of the Binance Oracle. Oracles can become the “foundation of Web3, reliably providing smart contracts” with the necessary connection to power several real use cases with the right data, the team added.
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