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Binance Launches a Native Oracle Network To Bridge Web 3.0 & Blockchains By DailyCoin

© Stocksak. Binance launched a Native Oracle Network to bridge Web 3.0 with Blockchains

The world’s largest cryptocurrency exchange, Binance, has announced the launch of a “reliable and secure” native oracle network to bridge Web 3.0 and blockchains via smart contracts.

Binance launches Binance Oracle (NYSE 🙂

Binance announced Wednesday, October 26th that it had launched Binance Oracle. This is a more reliable, secure and accurate data-sourcing solution to smart contracts.

Blockchain Oracles enable smart contracts to access data not stored on a blockchain. The Binance Oracle will permit decentralized applications (DApps), as well as Web3 projects on BNB Chain, access to existing data on other chains.

The Binance Oracle will offer index prices for most digital assets when it launches. Binance Oracle will initially work with the BNB chain, but Binance allows for expansion of its services to its native Oracle.

Security of the Network – Emphasis

Binance has put emphasis on security and the Oracle network. It explains that its smart algorithms will check prices to ensure consistency and accuracy. In addition, the network’s tolerance for downtime is “nearly zero.”

Binance announced that 10 top dApps have integrated with the Binance Oracle network. The oracle service will be beneficial to the 1,400 applications that are currently running on BNB Chain.

The Flipside

  • Oracles are often a key component in the blockchain ecosystem. But hackers recently exploited them in the recent theft of Mango Markets for $100 million.

Why you should care

Binance is a pioneer in blockchain oracles, as the company believes this sector will allow the BNB network ecosystem and larger digital asset spaces to thrive for the benefit users.

Find out more moves in line with Binance’s expansion in:

Binance launches CoinMarketCap (CMC), Index Series Tracking Top 10 Cryptos

Learn more about the Mango Markets exploit here:

The DeFi Hack Season continues as TempleDAO and Mango Markets (MNGO), Lose More Than $100M

See original on DailyCoin

News Source and Credit

Stocksak Editorial

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