Binance oracle

Binance Launches BNB Chain Oracle Network

27.10.2022 09:55 (Updated 27.10.2022 09:10)
avatar
by Irene Pinchuk
1 min read

Binance has implemented an oracle network in its BNB Chain blockchain, the crypto exchange company announced. Ten popular BNB Chain projects were given an early chance to begin using the oracle, including Venus, Alpaca Finance, and Ankr.

Oracles enable smart contracts to access information outside the blockchain itself, such as the price of securities or macroeconomic factors, which allows for more sophisticated protocol functionality. As of now, Binance’s oracle shows price indexes for the most popular cryptos, with more to follow. The company is looking for its recovery time to be practically nonexistent, and is taking care of security thanks to the Threshold Signature Scheme monitoring.

While this is good news, oracles are vulnerable to exploits, which is what hackers are frequently taking advantage of. For instance, this month only we reported about the Mango Markets $100 million exploit, as well as about QuickSwap $220,000 oracle-related flashloan attack.

Author

  • After 6+ years in Digital Marketing & Product Management of B2C relationships, Iโ€™ve moved onto the B2B world. Now Iโ€™m CEO at Scale Final Content, creating remarkable experiences for every business we work with. We Make UX Content That Ranks ๐Ÿš€ We are a team of industry leading experts with 6+ years of writing experience, accomplishing the latest SEO trends. I'm a crypto enthusiast, NFT lover and marketer. Obsessed about coffee, UX design and UX content. Live in heart of crypto events, Lisbon, full of sun, ocean and music.

Subscribe to
Crypto Ping Pong Digest

Trash style news. You will definitely like

Trending news

Arrow previous
Arrow next
Yellow background Yellow background
Subscribe and be in touch
Click here