Binance has recently established an oracle network as part of its BNB Chain ecosystem. To facilitate the exchange of information between the blockchain and the real world, The initiation of 10 separate BNB initiatives formed an “early bird program” that began simultaneously.
#Binance is officially launching its oracle service!
Binance Oracle will play an important role in the blockchain ecosystem, bringing external data on-chain.
Find out more ⬇️ https://t.co/thuudvOREF
— Binance (@binance) October 26, 2022
Some of the largest teams on the BNB chain are behind the projects that have already integrated the Binance Oracle, including the yield farming platform Alpaca Finance ($510 million TVL), the lending protocol Venus ($770 million TVL), and the liquid staking solution Ankr ($101 million TVL), as reported by DeFi Llama.
More Details on Binance Oracles
Data that is not stored on a blockchain can be accessed by smart contracts through oracles. A protocol’s smart contract’s trigger conditions may, for instance, be tied to market conditions like stock prices, economic growth rates, or even weather reports.
At launch, Binance Oracle will offer benchmark pricing for the most liquid digital assets in the market. The major emphasis of the announcement is to give importance to safety. Data monitoring infrastructure has been set up, and algorithms will verify the correctness of pricing. Moreover according to Binance, the network’s recovery time aim is “almost zero,” or it can’t tolerate any outage.
Lastly the business claimed that a distributed “Threshold Signature Scheme” and the Binance public encryption key would be used to check each data stream for tampering. Recent crypto attacks have taken the use of oracles, which are a common yet vulnerable aspect of the blockchain ecosystem.