Crypto Exchange Binance Launches New Oracle Service on BNB Chain, Citing Great Opportunity
Binance, the world’s largest crypto exchange platform by volume, is launching a new oracle service on its BNB blockchain.
In a new company blog post, Binance says it will launch oracle services to boost the BNB Chain ecosystem and the broader digital asset space.
Oracles provide smart contracts with a channel to receive real-time data such as price updates from external sources so that they are able to perform their function properly.
“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…
Binance sees huge opportunities in 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 its users.”
Although no specific cryptocurrencies were mentioned, Binance says the oracle will “support index prices for the most popular digital assets.”
According to the crypto exchange, Binance Oracle will be highly secure and available for use at all times. Binance says the oracle will use a proprietary threshold signature scheme (TSS) to continuously verify the authenticity of data being fed.
“Binance Oracle, tailored to the needs of the most reliable and accurate data, will bring security, reliability and efficiency into this sector of BNB Chain infrastructure services from October 2022. It will enable smart contracts to connect to verified data sources, and ensure that data is consistently correct, reliable and up-to-date.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Stella_paint/Diego Ioppolo
