Binance introduces Binance Oracle, a new data feed network that connects blockchain and web3 by deploying smart contracts as it scales its expansion in the crypto space.
The famous crypto exchange, Binance, launches a new data feed network called Binance Oracle network. The new data feed network will first serve its own blockchain service, the BNB chain.
This will allow blockchain smart contracts to interact with real-world data. Binance Oracle will provide BNB chain users with access to up-to-date data sources and complex computations.
Data feed network for smart contracts
The data feed network will operate through its decentralized apps and web3 ecosystem partners. Binance claims that over 10 BNB chain projects were already merged with the Binance Oracle network.
Binance will offer other blockchains the ability to link smart contracts’ knowledge of what happens aside from blockchain. The oracle enables it to react to external events with predetermined actions.
BNB chain investment director, Gwendolyn Regina explained the above in a bid to show the significance of the network.
Binance also highlighted the use of regional domains to maintain system uptime. This features in the face of unpredictable occurring global calamities.
The use of an internal threshold signature scheme for each data stream uses components to ensure high reliability.
The process also incorporates an algorithm for price aggregation.
Binance pool
Binance continues to invest in other areas of the crypto world. This comes despite the crypto exchange owning the largest trading volume in the crypto space.
In October, Binance introduced a $500 million fund in a project dubbed Binance Pool. Binance Pool represents a mining division of Binance. The pool provides loans to the cryptocurrency mining sector.
A loan applicant must be a Binance VIP user and connect at least 500 PH/S to the Binance Pool. The borrower must do this for at least 24 months after the loan is approved and provided.
The loans must meet a number of requirements such as an 18 to 24 months period. The loans must also indicate a 5% to 10% interest rate. Also, the use of collateral whether tangible or intangible featured in the requirements.
Binance making moves
Binance first started offering staking to US customers in June. The crypto exchange now supports tokens of other blockchains. Some of the blockchains include Cardano (ADA), Polkadot (DOT) and Polygon (MATIC).
Binance also signed an agreement with Kazakhstan’s financial monitoring agency. The crypto exchange planned to formalize their shared interest in developing a crypto asset base.
The agreement expressed mutual support in developing crypto assets. The memorandum of understanding demonstrated support for data circulation. In addition, the agreement also targeted illegal trading activities in the crypto space.
According to Kazakhstan’s President, Kassym-Jomart Toakyev, Binance plans to expand its Kazakhstan office.
The crypto exchange signed an agreement with the Ministry of Digital Development. The deal was sealed in May after a meeting with President Kassym.
