Binance exchange launches the Binance Oracle service – Bits Media

Binance cryptocurrency exchange launches the Binance Oracle service, which will combine data outside the network, necessary for applications, Including the decentralized finance sector.

Binance Oracle will use “threshold signatures” - a type of cryptographic tool, which is necessary for a safe signature of data channels in blockchain applications. This cryptographic mechanism guarantees the absence of a single point of refusal in data flows.

BNB Chain ecosystem will be the first blockchain, Using Binance Oracle. Currently, more than ten BNB Chain projects have already been integrated with Binance Oracle. Expected, what more 1 400 Decentralized applications in the BNB network and their web3 ecosystem partners will now work with Binance Oracle.

“Binance Oracle will offer the participants of Web3 a stable, Reliable and effective network with comprehensive functions of accuracy and accessibility ", - said the investment director of BNB Chain Gwendolin Regina (Gwendolyn Regina).

Recall, that oracles are technology, which allows you to extract critically important information from the data source and safely send it to one or more smart contracts. Then smart contracts, which request and receive these data, can use them to perform their functions.

The launch of the Binance Oracle service will violate the monopoly in the cryptocurrency market of the ChainLink and Band Protocol Oracle Network, which attracted to maintenance 700 000 active users of various blockchains.

Last month, the SWIFT International Payment System entered into an agreement with the Supplier of ChainLink oracles to test evidence of the concept (PoC) on payments using different blockchains.