Binance Oracle: Chainlink competitor launches
With the banal name Binance Oracle , the largest crypto exchange on earth is launching its own network for the transmission of real-world data. The aim is to take market share from the market leader Chainlink (LINK).
BNB integrates Oracle
Chainlink is so far the undisputed number one when it comes to blockchain oracles. These ensure that smart contracts are executed in accordance with the rules when a specific event occurs.
This often requires the collection of real-world data. For example, tokenized shares can be implemented that reflect the value of the original shares, but are much more freely accessible in the crypto space.
Chainlink’s lonely top position apparently irritates Binance . The largest crypto exchange in the world is constantly looking for new opportunities to expand. The introduction of an own token with use on the trading platform was innovative.
The scheme now mimics almost every trading platform. This token is called BNB and has since grown into its own cryptocurrency with blockchain . Binance even expanded the project to include smart contracts.
Unsurprisingly, BNB is the first blockchain to integrate the new Binance Oracle. A press release reports on more than ten dApps that want to use the project in the future.
There is definitely room for further growth. BNB currently has 1,400 different Web3 applications and is currently the second most important smart contract platform after Ethereum .
Binance Oracle is said to be particularly resilient
The press release also states that the Binance Oracle is said to be particularly resilient. This is how the infrastructure of the network is divided into regional areas in order to prevent overarching manipulation. Accordingly, each sub-area evaluates the correctness of its own data itself.
In addition, one wants to enable a particularly secure price indexing. In the DeFi sector, smart contracts are responsible, for example, for estimating which loan has what value. This prevents a borrower from receiving more money than he is actually entitled to.
However, such an incident happened recently. The Solana -based DeFi platform Mango Markets is the target of an attack, at the end of which the person responsible is a hundred million US dollars richer.
Binance Oracle Index prices are checked for correctness and consistency by intelligent algorithms.
It says in the statement from BNB. This may be a reference to the incident within the Solana ecosystem. If an oracle checks the stability of the price development, the manipulation used could actually be noticed and such an attack could fail.
