The world’s largest cryptocurrency exchange, Binance, has announced the launch of a “reliable and secure” native oracle network to bridge Web 3.0 and blockchains via smart contracts.
Binance Launches Binance Oracle (NYSE:ORCL)
On Wednesday, October 26th, Binance announced that it had launched the Binance Oracle to offer a more reliable, secure, and accurate data-sourcing solution for smart contracts.
Blockchain Oracles make it possible for smart contracts to access data that exists outside of a blockchain. As a result, the Binance Oracle will allow decentralized applications (DApps) and Web3 projects on BNB Chain to access existing data on other chains.
At its launch, the Binance Oracle will provide index prices for the most popular digital assets. While the Binance Oracle will start with the BNB Chain, Binance leaves room for the expansion of services for its native Oracle.
Emphasis on Security of the Network
Binance has placed emphasis on the security of its Oracle network explaining that its smart algorithms will check prices for accuracy and consistency. In addition, the network’s tolerance for downtime is “nearly zero.”
Binance revealed via the announcement that 10 leading dApps have already integrated with the Binance Oracle network. However, the oracle service will benefit the 1,400 applications currently running on BNB Chain.
On the Flipside
- Although often a key component of the blockchain ecosystem, oracles have recently been exploited, with hackers using them in the recent $100 million theft from Mango Markets.
Why You Should Care
Binance has ventured into blockchain oracles because the company believes that the sector will allow the BNB chain ecosystem, and the larger digital asset space, to flourish for the benefit of users.
Find out more moves in line with Binance’s expansion in:
Binance Launches CoinMarketCap (CMC) Index Series Tracking Top 10 Cryptos
Read more about the Mango Markets exploit below:
DeFi Hack Season Continues as TempleDAO (TEMPLE) and Mango Markets (MNGO) Lose over $100M