Oracle Services Are Delivered by Binance on the BNB Chain

The Binance team has acknowledged that they intend to extend it to other networks. “The ability to connect smart contracts with off-chain data will be made available for other blockchains in due time,” remarked Gwendolyn Regina, director of investments at BNB Chain.

Expanded by Gwendolyn Regina, “Binance Oracle will emerge as a significant contributor to Web3 by offering a stable, reliable, and efficient Oracle network with comprehensive accuracy and accessibility features.” More than ten BNB Chain projects have already merged with the Binance Oracle, according to Binance, which has confirmed this.

Additionally, Binance disclosed that the Oracle solution would combine off-chain data required by apps like those in the decentralised banking ecosystem. In order to guarantee system uptime during an unforeseen global catastrophe, it will also employ regional domains.

Additionally, internal “threshold signatures,” a cryptographic tool used to sign in each individual data feed and cost aggregation into public blockchains securely using an algorithm, were used to develop the Binance oracle. Thus according Binance, this data encryption process will focus on ensuring the oracle's results are satisfactory and safeguard that there is no one point of failure in the data protection.

A few weeks prior to that, on October 14, the cryptocurrency exchange also introduced a $500 million fund for miners unable to handle the general decline of the crypto-market circumstances.

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