The arrival of this new oracle service from Binance seeks to improve the BNB Chain infrastructure with better security, reliability, and efficiency.
Binance launched an official oracle service to begin in October 2022. The new oracle service will provide index prices for popular digital assets and projects across BNB Chain to improve the overall security and functionality of on-chain data.
The oracle details were announced via Binance blog on October 26 and confirmed that ten BNB Chain projects have already joined the early-bird program. The ten projects include notable names such as BiSwap, Venus, Beefy Finance, and Alpaca Finance. BNB Chain tweeted the next day that the new oracle is set to make a “game-changing impact” on the BNB Chain ecosystem.
“There couldn’t be a better time for Binance to unveil its reliable and secure blockchain data service,” the Binance blog writes.
Oracle services play an integral role in on-chain data development and help bridge outside data to the chain. The Binance blog confirmed that there will be five key components to the new oracle system, of which the ‘Threshold Signature Scheme’ stands as an integral facet of the overall security of the system’s data.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
What is BNB Chain:
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
Find more about BNB Chain here:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
