Binance has Launched a Native Oracle Network to Bridge Web 3.0 and Blockchains

Binance has Launched a Native Oracle Network to Bridge Web 3 and Blockchains

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

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

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).