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Binance To Launch New Oracle Service On BNB Chain

Binance, which is the most important crypto exchange platform, launches a new oracle service on its BNB blockchain. In a new blog post, Binance said that it would be launching oracle services to boost the BNB Chain ecosystem and the broader digital asset space.

Oracles offer a channel for real-time data

According to the latest reports, it seems that Oracles provide smart contracts with a channel to receive real-time data, such as price updates from external sources, so they are able to properly execute their function.

“An oracle is a bridge between the blockchain and the real world. These services can help smart contracts access real-world data and execute based on off-chain inputs…”

The same notes continue and state the following:

“Binance sees a tremendous opportunity within the field of blockchain oracles and believes that contributing to this sector will allow the BNB Chain ecosystem and the larger digital asset space to flourish for the benefit of users.”

Check out the complete available data in Binance’s official notes.

Binance in the news

Not too long ago, we revealed that Binance’s Changpeng Zhao is addressing the press agency Reuters following some inaccurate reports, as he calls them about the business.

Binance CEO Changpeng Zhao (CZ) is speaking out on recent allegations in the media, saying that the exchange is being targeted with inaccurate and unethical reporting.

In a new company blog post, CZ responded to a Reuters story published recently that alleges the company has been dodging regulators in the US and UK, as per the online publication the Daily Hodl.

CZ also addressed some claims from the media that the exchange is dodging regulators by not publicizing the exact addresses of all their offices.

“We are careful when disclosing office locations, wearing Binance branding, or representing ourselves as Binance employees for security purposes. I want to keep our employees safe. However, regulators in each jurisdiction where we operate have our local address and contact details on file and we have announced major offices in Paris and Dubai.”

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