Recently, the global leading crypto exchange Binance has created a record using Web 3. In addition, the giant crypto service provider recently unveiled its new decentralized Web 3 oracle network.
The shift into Web 3 is skyrocketing gradually. More events, projects, applications, and activities are coming with more innovative additions. In addition, the new belief surrounding Web3 as the next future with greater possibilities fuels its popularity.
Will Chainlink Continue Leading The Game?
This new project from Binance serves as the first major competition to the other oracle services networks. Chainlink (LINK) has been the lead among others of its type. Chainlink’s robust infrastructure has helped it create a strong data feed network. Hence, it could bridge real-world online data and blockchain-based systems.
The new Binance Oracle is to operate as a data feed network by creating a link between real-world data and smart contracts on blockchains. This means it will enable smart contracts using real-world inputs and outputs.
Binance Oracle Will First Operate On BNB Chain
According to its plan for the new oracle project, Binance will first use the services on its BNB Chain. Then, it will enable almost 1,400 DApps and different Web 3 partners to access some existing data sources.
Following the unveiling, many projects are taking several actions already. For example, over ten projects on the BNB Chain have integrated smart contracts to flow with Binance’s bird program.
Before now, Binance disclosed that the oracle services from the new project are chain-agnostic. But there will be support for more blockchain networks in the future.
Gwendolyn Regina, the Investment Director at BNB Chain, spoke concerning the development. The director noted the wave of interest in the new internet through its shift to well-connected smart contracts. Also, it has been essential to use oracles to heighten the knowledge of the smart contract. This will connect it with the current happenings outside the blockchain. So, blockchain activities could quickly respond and adjust to external events with the proper flow.
According to director Regina, the new Binance Oracle will provide stable and reliable reports. This will represent complete accuracy and accessibility features. Hence, the oracle will become a significant contributor to Web 3.
Operations Of Binance Oracle
Binance has placed some distinctive features for its new project. First, the overall performance of Binance Oracle targets a higher level of reliability. The network sources price data from several centralized exchanges (CEXs) and aggregates prices through an intelligent algorithm.
While providing data feeds, the Binance public key is meant to verify the authenticity of the data multiple times. This will eliminate cases of tampering.
Regarding individual data feeds, Binance Oracle depends on Threshold Signature Scheme (TSS). This is reputable in providing a distributed mechanism that removes all failure traces.
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