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Binance, the world's largest cryptocurrency exchange by market cap, has announced the debut of Binance Oracle, a new data feed platform that enables blockchain smart contracts to communicate with actual data, beginning with its own internal blockchain service, BNB Chain. https://twitter.com/binance/status/1585330514600378403
Binance Oracle Network
To begin with, Binance Oracle will give BNB Chain users using decentralized apps (DApps) access to current data sources and sophisticated computations. Binance acknowledged that more than ten BNB Chain projects have already collaborated with the Binance Oracle network. Other blockchains will eventually have access to the capability of connecting smart contracts with off-chain data. Gwendolyn Regina, investment director at BNB Chain, outlined the significance of the network by stating that it would be essential to use oracles to significantly expand the smart contract's understanding of what is happening outside of the blockchain and to enable it to react to external events with predetermined actions.
Employing Five Components for Reliability
Using five robust components, including internal TSS (Threshold Signature Scheme) to verify individual data feeds and aggregating prices from many CEXs, Binance Oracle can reach the maximum level of reliability. It facilitates a choice of straightforward interfaces to on-chain DApps, as well as 24-hour data monitoring and prompt reaction, and provides the most current index price to the on-chain oracle, enabling a configurable timespan or price variance. Binance further disclosed that the network employs an inbuilt Threshold Signature Scheme for every data feed and price accumulation using an algorithm, which, in its opinion, assures excellent dependability.
Binance Permanently Destroyed $547M of BNB Tokens
On October 13, Cryptoknomics reported that Binance permanently destroyed $547 million in Binance Coin (BNB), but markets remained calm. According to a statement from Binance, 2,065,152 tokens worth approximately $600 million, were destroyed. Additionally, the exchange disclosed that 4,833.25 BNB tokens were destroyed as part of its Pioneer Burn Program, which assists users who mistakenly lose their digital assets.