Will Binance Oracle Hamper Chainlink Growth Amid The Bullish Run
October 30 2022 - 2:30PM
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Recently, the global leading crypto exchange Binance has created a
record using Web 3. In addition, the giant crypto service provider
recently unveiled its new decentralized Web 3 oracle network. The
shift into Web 3 is skyrocketing gradually. More events, projects,
applications, and activities are coming with more innovative
additions. In addition, the new belief surrounding Web3 as the next
future with greater possibilities fuels its popularity. Related
Reading: Bitcoin Bearish Signal: Exchanges Receiving Large Deposits
Will Chainlink Continue Leading The Game? This new project from
Binance serves as the first major competition to the other oracle
services networks. Chainlink (LINK) has been the lead among others
of its type. Chainlink’s robust infrastructure has helped it create
a strong data feed network. Hence, it could bridge real-world
online data and blockchain-based systems. The new Binance Oracle is
to operate as a data feed network by creating a link between
real-world data and smart contracts on blockchains. This means it
will enable smart contracts using real-world inputs and outputs.
Binance Oracle Will First Operate On BNB Chain According to its
plan for the new oracle project, Binance will first use the
services on its BNB Chain. Then, it will enable almost 1,400 DApps
and different Web 3 partners to access some existing data sources.
Following the unveiling, many projects are taking several actions
already. For example, over ten projects on the BNB Chain have
integrated smart contracts to flow with Binance’s bird program.
Before now, Binance disclosed that the oracle services from the new
project are chain-agnostic. But there will be support for more
blockchain networks in the future. Gwendolyn Regina, the Investment
Director at BNB Chain, spoke concerning the development. The
director noted the wave of interest in the new internet through its
shift to well-connected smart contracts. Also, it has been
essential to use oracles to heighten the knowledge of the smart
contract. This will connect it with the current happenings outside
the blockchain. So, blockchain activities could quickly respond and
adjust to external events with the proper flow. According to
director Regina, the new Binance Oracle will provide stable and
reliable reports. This will represent complete accuracy and
accessibility features. Hence, the oracle will become a significant
contributor to Web 3. Operations Of Binance Oracle Binance has
placed some distinctive features for its new project. First, the
overall performance of Binance Oracle targets a higher level of
reliability. The network sources price data from several
centralized exchanges (CEXs) and aggregates prices through an
intelligent algorithm. Related Reading: Why This Bitcoin Indicator
Points To Bullish Double Bottom While providing data feeds, the
Binance public key is meant to verify the authenticity of the data
multiple times. This will eliminate cases of tampering. Regarding
individual data feeds, Binance Oracle depends on Threshold
Signature Scheme (TSS). This is reputable in providing a
distributed mechanism that removes all failure traces. Featured
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