Binance, the world’s largest crypto exchange platform by volume, is launching a new oracle service on its BNB blockchain.
In a new company blog post, Binance says that it will be launching oracle services in a push to boost the BNB Chain ecosystem and the broader digital asset space.
Oracles provide smart contracts with a channel to receive real-time data such as price updates from external sources so they are able to properly execute their function.
“An oracle is a bridge between the blockchain and the real world. These services can help smart contracts access real-world data and execute based on off-chain inputs…
Binance sees tremendous opportunity within the field of blockchain oracles and believes that contributing to this sector will allow the BNB Chain ecosystem and the larger digital asset space to flourish for the benefit of users.”
Though no specific cryptocurrencies were mentioned, Binance says that its oracle will “support index prices for the most popular digital assets.”
According to the crypto exchange, the Binance Oracle will be highly secure and available for use at all times. Binance says the oracle will utilize a proprietary threshold signature scheme (TSS) to continuously verify the authenticity of data being fed in.
“Binance Oracle, tailored to the needs of most reliable and accurate data, will bring security, reliability, and efficiency into this sector of BNB Chain infrastructure services from October 2022. It will enable smart contracts to connect to verified data sources, ensuring that the data is consistently correct, reliable, and up-to-date.”
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Featured Image: Shutterstock/Stella_paint/Diego Ioppolo
