Binance Oracle network uses smart contracts to connect Web3 and Blockchains

Binance, a crypto exchange, announced the launch a new data network, Binance Oracle. This allows blockchain smart contracts and real-world data to be connected with each other. It all started with BNB Chain, its own blockchain offering.

Binance Oracle will enable existing decentralized apps (DApps), and Web3 partners on BNB Chain access to existing data sources and advanced computations. Binance confirmed that more than ten BNB Chain projects are already integrated with the Binance Oracle Network.

In due course, other blockchains will have the ability to connect smart contract with off-chain data. Gwendolyn Regina, director of investment at BNB Chain, stated the importance of the network.

“Using oracles will dramatically increase the smart contracts’ knowledge of what’s happening outside of the blockchain. This will allow it to respond to external events by taking specific actions.

Binance also revealed that regional domains are used to protect the system from unpredicted global disasters. Binance claims that the network has components such as an internal Threshold Signature Scheme to each data feed, and an algorithm for price aggregation, which ensures high reliability.

Related: CZ created Binance and became the richest man in crypto.

Binance continues to explore many crypto businesses and takes advantage of its unique position of the largest crypto exchange by trading volume.

Binance Pool, a mining affiliate of Binance, launched a 500 million fund to support crypto mining via loans on Oct. 17. A spokesperson for Binance clarified the requirements for potential borrowers when speaking to Cointelegraph.

“One of the requirements for the loan is that the applicant be classified as Binance VIP user. The applicant must also connect at least 500 PH/s with the Binance Pool within a minimum period of 24 months.”

An announcement was made that specified conditions were required for loans to be taken out, including terms of 18-24 months, 5% to 10% interest rates and certain physical or digital assets to act as security.

Opinion writer on 7trade7