Valuable Step For These Altcoin Markets From Binance!

Binance, the world’s largest cryptocurrency exchange, launched its local oracle network, starting with BNB Chain. Binance says the Oracle service will directly benefit approximately 1,400 applications running on BNB Chain. Investment manager Gwendolyn Regina notes that the development will make a significant contribution to an altcoin branch in particular.

“Binance’s new attack will contribute to this altcoin market”

Binance, the world’s largest crypto exchange by volume, launched its local oracle service on Wednesday. In this context, the exchange aims to enable smart contracts to work on real-world inputs and outputs, starting with the BNB Chain ecosystem.

Oracles are third-party services that bring external data to a Blockchain. Blockchains are typically required because they are an immutable store of information, but cannot independently verify the authenticity of the data entered. That’s why Oracles are used to enable real data to be used in decentralized finance (DeFi) applications and exemplary artifacts based on a random blockchain. It is possible that this information can range from pricing information to weather claims.

There are also cases of Oracles being double-sided. It’s also possible, therefore, that they allow them to ‘send’ data to the outside world. BNB Chain investment manager Gwendolyn Regina talked about the following in a statement she prepared:

It would be invaluable to use oracles to significantly increase the smart contract’s knowledge of what is going on outside of the blockchain, allowing it to respond to external events with reasonable action. Binance Oracle will offer a stable, credible and efficient oracle network with comprehensive accuracy and availability features. As such, it will make a valuable contribution to Web3.

Biggest Web3 altcoin projects by market price / Source: CoinMarketCap

Binance Oracle will support more blockchains over time As we reported, Binance said that the Oracle service will directly benefit approximately 1,400 applications running on BNB Chain with 10 BNB Chain projects already integrated with the Binance Oracle network. However, the service is blockchain independent. It will also eventually support more blockchains.

Binance oracles receive price data from several central crypto exchanges to ensure data reliability. The lack of credible oracle information has resulted in some recent exploits. One of them was a $100 million exploit at Solana-based loan service Mango Markets. In addition, it led to a $10 million exploit on Celo-based Moola. In both cases, the attacker manipulated the Oracle-dependent lending systems on both protocols. He then managed to steal millions of dollars in tokens by deceiving the protocols.

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