Binance Oracle Ready To Bridge Blockchains and Web3 Smart Contracts With Off-chain Data

• Blockchain Council
• May 03, 2024

Binance Orale is doing everything required for blockchain and web3 to function limitlessly. The idea of bridging the gap between a web3 ecosystem and the real world was too futuristic till now, but with the Binance Oracle Network, ‘things are going to change for good.’ Blockchain Oracle services source, verify and accumulate off-chain data.

Well, if the discovery doesn’t sound as exciting to you, here is how its use-case in a smart contract will transform the industry forever. Oracle will be available for limited blockchains as a start, but soon there will be arrangements for every blockchain to feed on the data from the real world.. 

According to Binance’s official announcement, the Chain Investment Director, Gwendolyn Regina, “Using oracles to dramatically increase the smart contract’s knowledge of what’s going on outside of the blockchain, allowing it to respond to external events with specified actions will be crucial.“

Binance also confirmed that “Over ten BNB Chain projects have already integrated with the Binance Oracle network.” 

The Binance Oracle network will allow existing dApp (decentralized applications) on blockchain to interact with the outside world’s data storage. Traditionally a blockchain can only access the data from limited sources of blockchain. Now with this network, smart contracts based on blockchain technology will be able to get more information about the contract’s real-world consequences and results.

Binance Oracle services can use an internal Threshold Signature scheme to feed data via an algorithm with improved reliability. Binance is the largest crypto exchange in terms of volume of trade, and the brand has benefited from its unique position in the market in terms of a wide portfolio. On Oct 17, Binance also stepped into the blockchain lending business with crypto loans. It launched a $ 500 million fund to support the crypto industry with easy loans. The company has also generated guidelines for eligibility criteria regarding loan allotment. Binance spokesperson made it pretty clear with this statement “One of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.“

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