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#Binance documentation how to
If you are a user of blockchain applications, then you don't necessarily need to learn about how to use the Binance oracle. And the Binance Oracle support team will intervene if a significant deviation gets detected. It fetches prices from different data sources and compares them to published blockchain data. The data on the Binance oracle is kept up to date with an independent monitoring service that works 24 hours a day, 7 days a week. For example, it can help get accurate data during high price volatility. In addition, the multi-nodes can adjust the data publishing frequency according to a situation. The multi-nodes also ensure that those smart contracts that already store some data are secure and audited. The multi-nodes publish data using only already signed data.
Publishing data to the blockchain happens through multi-nodes. And no one can change the data without a private key. It signs the latest data from different sources, and anyone holding a public key can verify the correctness and authenticity of that digital signature. It has established a distributed signing system called the Threshold Signature Scheme.
For example, Binance oracle sources price data from multiple centralized exchanges (CEXs) to decentralized finance (DeFi) applications and aggregates the data using a weighted formula.īinance oracle has a data processing and signing process that aims to make data tamper-proof. This feature helps to determine that the information comes from a trusted place and is accurate. The Binance Oracle has developed 5 key components to ensure the data is reliable in 4 different aspects.īinance oracle uses data sources that are selected manually. It has developed a process to ensure that the data would be consistently correct, secure, and up to date. Reliability takes the priority īinance oracle enables smart contracts to connect to all confirmed data outside its network. Please read through them carefully and understand the underlying risks before using the Oracle. For this purpose, we offer multiple data quality tiers. We offer price feeds for multiple crypto pairs aggregated over a variety of sources.īefore using the Oracle, it is important to ensure high data quality for your needs.
On such note, Binance Oracle brings the crypto asset's real-world market prices to your smart contracts on the BNB Chain. Please read our article in Binance Academy to understand more about blockchain oracle. Oracles can also be bi-directional, used to "send" data out to the real world. This data could be anything from price information to weather reports. These oracles allow real world data enters blockchain. A blockchain oracle is a bridge between the blockchain and the real world.
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