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Oracle Network to be launched for BNB Chain Ecosystem

World’s largest crypto exchange, Binance, has announced adding a data oracle network for its native ecosystem. The newly announced network will be the foundation for off-chain data to smart contracts running on the BNB Chain. Plus, it will further verify, and speed them.

Oracle Network to be launched for BNB Chain Ecosystem
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To further clarify, oracles provide a way for the decentralized Web3 ecosystem to access existing data sources, legacy systems, and advanced computations. The purpose of these oracles is to provide a “more reliable, secure, and accurate data sourcing solution for smart contracts.”

Oracles allow smart contracts to access data that resides outside of the blockchain. A protocol, for example, may want its smart contract to be activated depending on stock prices, macroeconomic indicators, or even weather data.

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The new service is said to be launched in the following month, enabling BNB chain partners and web3 dApps to be able to cooperate with it and access oracle data sources. It has been said that by this moment up to ten projects have integrated with the Binance Oracle network.

According to Gwendolyn Regina, BNB Chain’s investment director, the addition of Oracle Network for BNB Chain Ecosystem is going to make a huge improvement in the development of smart contracts and its knowledge. 

“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,” said Regina. 

Binance native token, BNB, has not shown any sign to the recent addition of the oracle network, with BNB price holding at around $290. However, over the past week it has competed with the rest of the crypto market, adding 6.6% in one day. Nonetheless, let’s not forget that it is still 58% down compared to its all-time high of $686 in May 2021.

 





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