Binance is Launching its Own Oracle Service This Month

October 27, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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On Octobor 26th on Binance blog was announced that Binance is launching its own Oracle service data.

Oracles are data bridges data between distributed ledgers and the outside world data. This is good solution and it couldn’t be a better time for Binance to launch its own. reliable and secure blockchain data service.

Binance believes in the potential for blockchain oracles and that contributing to this sector will allow the BNB Chain ecosystem to flourish for the benefit of users. This is a step towards, for Binance, of becoming the leading infrastructure services provider for the digital asset industry. Binance Oracle will support multiple blockchain partners within the BNB Chain ecosystem.

Binance Oracle is designed to help smart contracts that require off-chain data inputs to execute for DAPPS and feed data to the blockchain, especially for DeFi protocols.

Oracles are services that let smart contracts access data that is available outside their native blockchain network. Oracles are the bridges between the blockchain and the real-world data and make it possible to store data on a blockchain. Oracles also can help smart contracts access outside data with execution based on off-chain inputs.

BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.

Binance Oracle has already onboarded ten BNBChain-based projects, including: Venus, Alpaca, SpaceID, Unilend, Deri, Ankr, Corite, Ultiverse, and Beefy to the oracle program.

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