The world’s largest cryptocurrency exchange Binance has launched its native oracle network, starting with BNB Chain. Binance says the Oracle service will directly benefit approximately 1,400 applications running on BNB Chain. Investment director Gwendolyn Regina notes that the development will make a significant contribution to an altcoin sector in particular.
“Binance’s new move will contribute to this altcoin market”
Binance, the world’s largest crypto exchange by volume, launched its native oracle service on Wednesday. In this context, the exchange aims to enable smart contracts to work on real-world inputs and outputs, starting with the BNB Chain ecosystem.
Oracles are third-party services that bring external data to a Blockchain. They are necessary as blockchains are typically an immutable store of data but cannot independently verify the authenticity of the data entered. That’s why Oracles are used to ensure that accurate data is used in decentralized finance (DeFi) applications and any Blockchain-based similar products. This data can range from pricing information to weather forecasts.
Oracles also have cases of bidirectionality. It’s also possible, therefore, that they allow them to ‘send’ data to the outside world. Gwendolyn Regina, BNB Chain investment director, said in a statement:
Using oracles to significantly increase the smart contract’s knowledge of what is going on outside of the Blockchain, allowing it to respond to external events with specific actions will be crucial. Binance Oracle will deliver a stable, reliable and efficient oracle network with comprehensive accuracy and availability features. Thus, it will make an important contribution to Web3.
Binance Oracle will support more blockchains over time
cryptocoin.com As we reported, Binance said that the Oracle service will directly benefit approximately 1,400 applications running on BNB Chain with 10 BNB Chain projects already integrated with the Binance Oracle network. However, the service is blockchain independent. It will also eventually support more blockchains.
Binance oracles receive price data from several central crypto exchanges to ensure data reliability. The lack of reliable oracle data has caused some exploits recently. One of them was a $100 million exploit at Solana-based loan service Mango Markets. In addition, it led to a $10 million exploit on Celo-based Moola. In both cases, the attacker manipulated the Oracle-dependent lending mechanisms in both protocols. He then managed to steal millions of dollars in tokens by deceiving the protocols.
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