Binance launches a project to bridge Web 3.0 and blockchain with smart contracts

The Binance Oracle network has already started integration with projects on the BNB Chain, soon it will be available for other blockchains

27.10.2022 - 08:15

346

1 min

What’s new? Cryptocurrency exchange Binance has announced the launch of a new data feed network called Binance Oracle. With it, decentralized applications (dApps) and partners in the Web 3.0 ecosystem of the BNB Chain will be able to access data sources and advanced computations, the BNB Chain blog reports.

Post on the blog

What else is known about the project? In a comment to Cointelegraph representatives from Binance confirmed the information that more than ten projects on the BNB Chain blockchain have now conducted integration with the Binance Oracle network. The ability to connect smart contracts with off-chain data will eventually be available for other blockchains as well.

BNB Chain investment director Gwendolyn Regina called the ability of smart contracts to incorporate data from outside of the blockchain with oracles critical.

Binance also spoke about an initiative to use regional domains to ensure the smooth operation of the system in the event of global disasters.

Earlier, Binance CEO Changpeng Zhao reported about the integration of digital tenge with BNB. The project will allow the National Bank of Kazakhstan to bridge the gap between traditional banking services and the cryptocurrency ecosystem.

Author: