Binance has announced the launch of a new data feed network called “Binance Oracle,” which allows blockchain smart contracts to connect to real-world data, starting with the BNB Chain.
Binance Oracle will allow decentralized applications (DApps) and Web3 ecosystem partners on the BNB Chain to access existing data sources and advanced computing. Oracle already.”
Ability to connect smart contracts to data outside the network It will be made available to other blockchains in the future. Gwendolyn Regina, Director of Investments at BNB Chain, explains the importance of the network, saying:
“Using oracles greatly increases the smart contract’s knowledge of what happens outside of the blockchain. and make it able to respond to external events.”
Binance also revealed the use of regional domains to ensure its systems uptime in the midst of unpredictable global disasters. The network uses components such as internal Threshold Signature Scheme for each data feed and price aggregation using algorithms. Which, according to Binance, ensures high reliability.
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