Web3 and Blockchain Smart Contracts connect
Since its launch, Binance has established a reputation among cryptocurrency enthusiasts. One of the most amazing adventures in the cryptoverse was this exchange that came to light in 2017. It has expanded to become one of the largest cryptocurrency exchanges worldwide.
The cryptocurrency exchange has announced the debut of Binance Oracle, a new data feed network that enables blockchain smart contracts to communicate with actual data, starting with its own internal blockchain service, BNB Chain.
Initially, the Oracle Network will provide BNB Chain users with access to timely data sources and sophisticated calculations through their decentralized applications (DApps) and Web3 ecosystem partners. According to the stock exchange,
“Over ten BNB Chain projects have already integrated with the Binance Oracle network.”
Other blockchains will eventually have the ability to connect smart contracts with off-chain data. Gwendolyn Regina, Chief Investment Officer of BNB Chain, outlined the importance of the network by stating:
“Using oracles to dramatically increase the smart contract’s knowledge of what is happening outside the blockchain, so that it can respond to external events with specified actions, will be essential.”
In addition, the exchange disclosed the use of regional domains to maintain system uptime in the face of unpredictable worldwide disasters. According to CZ’s exchange, the network uses components that ensure high reliability, such as an internal threshold signature scheme for each data stream and price aggregation using an algorithm.
As the largest cryptocurrency exchange in terms of trading volume, Binance continues to invest in a variety of crypto businesses.
A $500 million fund was introduced on October 17, 2022 by Binance Pool, a mining division of Binance, to provide loans to the cryptocurrency mining sector.
Shibu Inu drops on Binance
The well-known meme coin Shiba Inu ($SHIB) has recently been seen ruling the entire cryptocurrency market. However, enthusiasm for this community-driven endeavor appeared to be waning. Despite the recent release of the trading card game, the alternative currency barely saw any gains. The meme coin didn’t make Binance’s top 10 searches list, so it seems users weren’t too keen on it either.
Shiba Inu had been ranked 14th on the exchange’s trend search, according to recently collected data by Crypto Differ. Many found this quite unexpected given the normal fervor on the network.
