Binance unveils blockchain oracle service for BNB Chain

Binance launches Binance Oracle to connect BNB Chain with real-world data.

The cryptocurrency exchange Binance launched the Binance Oracle service, which will connect decentralized applications on BNB Chain with real-world data.

#Binance is officially launching its oracle service!

Binance Oracle will play an important role in the blockchain ecosystem, bringing external data on-chain.

Find out more ⬇️ https://t.co/thuudvOREF

— Binance (@binance) October 26, 2022

Developers plan to integrate blockchain oracles with other networks.

So far, the service is used by ten dapps on BNB Chain.

“Binance Oracle will be an important component in Web3, offering a stable, reliable and efficient network of oracles with comprehensive precision and availability features,” — said Gwendolyn Regina, Director of Investments at BNB Chain.

Threshold signatures are used to securely transmit data streams into Binance Oracle.

As a reminder, on 12 October the BNB Chain team carried out an upgrade of the network as a “hotfix” after the cross-chain bridge hack of the BSC Token Hub for $100 million.

In September, developers launched zkBNB based on zero-knowledge proofs. The team expects that the blockchain will host innovative projects in the fields of GameFi and social networks.

Binance CEO Changpeng Zhao in July said that since 2020 BNB Chain has processed over 2.4 billion transactions. The network hosts more than 1,200 projects.

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