Coin Gabbar Token

The Binance Oracle will enable smart contracts based on real-world inputs and outputs. The crypto exchange has decided to first use its oracle services on the BNB Chain.&amp;nbsp;<h2 id="header-0">Binance, the world&#39;s leading crypto infrastructure provider, unveiled a decentralised Web 3 oracle on Wednesday, October 26.</h2>The Binance Oracle will function as a data feed network that will connect real-world data to blockchain-based smart contracts.This could be the first significant challenge to existing Oracle service providers such as <a href="https://www.coingabbar.com/en/crypto-currency/chainlink-link-prices-usd" rel="noopener noreferrer nofollow">Chainlink (LINK)</a>. Chainlink has established itself as a formidable data feed network, providing a link between blockchain-based systems and real-world online infrastructure.The Binance Oracle will enable smart contracts based on real-world inputs and outputs. The crypto exchange has decided to first use its oracle services on the BNB Chain. This will allow nearly 1,400 decentralised applications and Web3 partners to access existing data sources.More than ten BNB Chain projects have already integrated with smart contracts as part of the early bird program. Binance stated that its oracle services are chain-agnostic and will eventually support more blockchain networks.Gwendolyn Regina, Investment Director at BNB Chain, commented on the development:&#34;The new internet is evolving into a network of interconnected smart contracts. It will be critical to use oracles to dramatically increase the smart contract&#39;s knowledge of what&#39;s going on outside of the blockchain, allowing it to respond to external events with specified actions. Binance Oracle will contribute significantly to Web3 by providing a stable, reliable, and efficient Oracle network with comprehensive accuracy and accessibility features.&#34;How Will Binance Oracle Function?The Binance Oracle network aims to improve reliability by sourcing price data from various centralised exchanges (CEXs) and aggregating prices using an intelligent algorithm. The network employs the Threshold Signature Scheme (TSS) for individual data feeds, which provides a distributed mechanism that eliminates any single point of failure.Furthermore, the Binance public key will verify the data&#39;s authenticity multiple times during the data feeding process. This would eliminate any possibility of data tampering. If it is successful, this oracle network will compete directly with the likes of Chainlink.

Will Binance's Oracle Network Compete With Chainlink?

Table of Contents

Coingabbar

Other articles published on Nov 2, 2022

Live Now - Genesis Blueprint 3D Avatar Reveal

Caduceus Weekly Report 33

Wagering on skill based video games, with OkLetsPlay

QUASA.IO - 9K Unique Visitors!

LeisurePay Announces Mr. Armand Assante as Its First Brand Ambassador

Top 3 Mobile App Development Trends for Future

Join our free newsletter for daily crypto updates!