Top-tier crypto exchange Binance reportedly disclosed details of new data feed network Binance Oracle release, enabling connection for blockchain smart contracts with real-world data.

Specifically, the freshly rolled out update will commence initially with its in-house blockchain offering, BNB Chain.

Initially, Binance Oracle will reportedly support current decentralized applications (DApps) and Web3 ecosystem partners on BNB Chain to tap into available data sources and advanced computations. “Over ten BNB Chain projects have already integrated with the Binance Oracle network,” confirmed Binance.

The feature to link smart contracts with off-chain data will be rolled out for other blockchains in due time. 

“Using oracles to dramatically increase the smart contract’s knowledge of what’s going on outside of the blockchain, allowing it to respond to external events with specified actions will be crucial.” BNB Chain investment director Gwendolyn Regina, additionally explained the network’s importance. 

Moreover, Binance reportedly shared the use of regional domains to ensure the system’s uptime during unexpected global calamities. The network utilizes different components, nominally an internal Threshold Signature Scheme, for each data feed and price aggregation using an algorithm, which, per Binance, is highly reliable.

Binance carries on with its voyage into different crypto businesses, utilizing its unique position as one of the most high-profile crypto exchanges when it comes to trading volume.

On Oct. 17, Binance Pool, a mining subsidiary of Binance, launched a $500 million fund to support the crypto mining industry through loans.

“One of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.”