Binance, a leading cryptocurrency exchange worldwide has set a new record for Web 3. A new Web 3 Oracle network was also unveiled by the huge crypto service provider.
As Web 3 becomes more popular, it is slowly but surely becoming more mainstream. There are more events, programs, applications and activities coming out with innovative new additions. Web3’s popularity is fueled by the belief that it will be the next big thing with more possibilities.
Chainlink to Continue To Lead The Game
Binance’s new project is the main competition for the existing oracle service networks. Chainlink (LINK), is the leader among its category. Chainlink’s robust infrastructure has helped it create a strong data feed network. It could thus bridge online real-world data with blockchain-based systems.
Binance Oracle will act as a data feeder network, linking real-world data to smart contracts built on blockchains. It will allow smart contracts to be created using real-world inputs or outputs.
Binance Oracle First Will Operate on BNB Chain
Binance plans to use its BNB Chain first for its new oracle project. This will allow almost 1,400 DApps, and other Web 3 partners, to access data from existing sources.
Numerous projects already have taken multiple actions after the announcement. For example, over ten projects on the BNB Chain have integrated smart contracts to flow with Binance’s bird program.
Binance previously stated that the oracle service from this new project is chain-agnostic. There will also be future support for additional blockchain networks.
Gwendolyn Regna, Investment Director of BNB Chain spoke about the developments. Director Gwendolyn Regina, the Investment Director at BNB Chain spoke about the interest that the internet has generated in smart contracts and the shift to them being well connected. It has also been crucial to utilize oracles in order to increase the understanding of smart contracts. This will allow it to be connected with current events outside of blockchain. This allows blockchain activity to quickly react and adapt to external events in a proper flow.
Regina said that the Binance Oracle would provide reliable, stable reports. The new Binance Oracle will offer complete accuracy as well as accessibility. The oracle is a key contributor to the Web 3.
Binance Oracle Operations
Binance has selected some distinct features for the new project. Binance Oracle’s overall performance is expected to be more reliable. This network aggregates price data from multiple centralized exchanges (CEXs), and then uses an intelligent algorithm to calculate the prices.
Binance’s public key allows you to check the validity of multiple data feeds. This eliminates the possibility of data manipulation.
Binance Oracle is dependent on Threshold Signature Scheme, (TSS) for data feeds. This trusted distributed platform removes all trace of failure.
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