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Crypto exchange Binance has introduced an oracle service named Binance Oracle to facilitate the connection of blockchain applications to real-world data.
BNB Chain ecosystem will be the first blockchain to use Binance Oracle, which will be expanded to other chains in the future. The Binance Oracle has already been integrated with over ten BNB Chain projects.
Gwendolyn Regina, investment director at BNB Chain, stated that Binance Oracle would significantly contribute to Web3 by providing a robust, dependable, and efficient Oracle network with extensive accuracy and accessibility.
The Binance Oracle data schema. Image: Binance
Oracle will collect off-chain data required by applications like those in the decentralised banking industry. Binance Oracle will employ threshold signatures, a cryptographic technology that signs data inputs into blockchain apps. This technique ensures that the data feeds have no single point of failure.
Binance has entered a market segment previously dominated by Chainlink, an oracle network that serves over 690,000 active users across multiple blockchains. Other oracle projects, such as Band Protocol, Ocean, and Pyth, are also used extensively by blockchain applications.