The world’s largest cryptocurrency exchange Binance is launching the oracle service, which will be used in the BNB Chain ecosystem for the first time.
Oracle services enable blockchain developers to migrate external resources transferred by third parties to the blockchain.
The new oracle service developed by Binance will also enable smart contracts in the BNB Chain ecosystem to leverage external sources.
Gwendolyn Regina, investment manager of BNB Chain, said:
“Using an oracle service is critical to inform smart contracts about what is happening outside of the blockchain, and to ensure that these contracts also respond to external developments. Binance Oracle will be making a significant contribution to Web3 by providing a stable, reliable and efficient oracle network.”
According to the statements made by Binance, approximately 1,400 applications in the BNB Chain ecosystem will be able to directly benefit from this oracle service. 10 projects in the BNB Chain ecosystem have already integrated with Binance Oracle.