Cryptocurrency exchange Binance has released the Binance Oracle service to rival Chainlink.
BNB Chain will be the first blockchain to use Binance Oracle. The service is expected to be released on more networks in the future.
Binance Oracle Era
BNB Chain manager Gwendolyn Regina used the following statements about the newly launched service:
“Binance Oracle will make a significant contribution to Web3 by testing a stable, secure and efficient Oracle network with comprehensive accuracy and availability features”
The Oracle solution will enable the collection of off-chain data needed by applications such as DeFi applications.
Binance Oracle will leverage the use of “threshold signatures”, a type of encryption tool that will be used to securely sign data streams to blockchain applications. This encryption mechanism will ensure that there are no errors in data transfers.
By launching this service, Binance rivaled Chainlink, the oracle network serving 690,000 users. Other oracle services such as Band Protocol, Ocean, and Pyth are also actively used by blockchain applications.
Binance’s native token, BNB, is trading at $290.01 at the time of writing, according to data from CoinMarketCap.
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