Binance announced the launch of a new data feed network that allows blockchain smart contracts to connect with real-world data, starting with its in-house blockchain offering, BNB Chain.
Binance Oracle will allow existing decentralized applications and Web3 ecosystem partners on BNB Chain to access existing data sources and advanced computations. Over ten BNB Chain projects have already integrated with the Binance Oracle network.
Binance revealed the use of regional domains to ensure the system’s uptime amid unpredictable global calamities. The network uses components such as an internal Threshold Signature Scheme for each data feed and price aggregation using an algorithm, which according to Binance, ensures high reliability.
Binance continues to delve into numerous crypto businesses, taking advantage of its unique position as the biggest crypto exchange in terms of trading volume.
