Binance unveils blockchain oracle service for BNB Chain
Bitcoin exchange Binance launched its Binance Oracle service, which will connect decentralized applications on the BNB Chain with real world data.
#Binance is officially launching its oracle service!
Binance Oracle will play an important role in the blockchain ecosystem, bringing external data on-chain.
Developers plan to integrate blockchain oracles with other networks.
Ten dapps on BNB Chain already use the service.
“Binance Oracle will be an important component in the Web3, offering a stable, reliable and efficient oracle network with comprehensive accuracy and availability features”, – stated Gwendolyn Regina, director of investments at BNB Chain.
Binance Oracle uses threshold signatures to transmit data streams securely.
As a reminder, the BNB Chain team conducted a network update on Oct. 12 as an “emergency fix” after the $100 million BSC Token Hub crosschain bridge hack https://gagarin.news/news/coin-switch-kuber-searches-of-crypto-exchanges-in-india-continue/.
In September, developers launched a zkBNB proof-of-concept solution with zero disclosure. The team expects blockchain-based innovations in GameFi and social media to emerge.
Binance CEO Changpeng Zhao said in July that BNB Chain has processed more than 2.4 billion transactions since 2020. More than 1,200 projects have been deployed on the network.
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