Recently, Binance, the world’s largest exchange, officially launched its own oracle, Binance Oracle. And its popularity has made the term “Oracle”, which is no longer new, to the industry leaderboard.
What is oracle？
Oracle refers to sending data from the outside world (such as daily temperature or sports scores) to blockchain such as Ethereum and BSC. Then a smart contract on the blockchain can use this data to decide whether to allocate funds and to whom. Oracle can therefore be seen as a bridge between the blockchain and the real world in that it allows real world data to enter the blockchain. At the same time, it can also be used to send data from the chain to the real world. With the continuous development and iteration of blockchain technology, the role of oracle in the blockchain ecosystem is becoming more and more important.
According to official information, the primary role of Binance Oracle is to provide developers with the index and price of digital assets.
Binance Oracle filters and aggregates numerous data sources to ensure the accuracy of the information and the reliability of its source. For example, Binance Oracle takes price data from several centralised exchanges and decentralised financial applications and aggregates the data using a weighted average formula.
In a sense, the Binance Oracle is developed specially to meet the needs of DeFi applications, providing data to blockchain reliably and securely.
Take the entire oracle industry into consideration, since Chainlink pioneered this concept, many capitals have tapped into the market. ADAMoracle is one of the early explorers.
ADAMoracle started from 2020. As the first decentralized oracle that supports wide-area node price feeding, it meets the data needs of a large number of institutions and smart contract developers on the premise of ensuring the accuracy and credibility of data information.
Technically, ADAMoracle is the first holistic solution that decentralizes both data sources and oracles. It realizes boundaryless interstellar network computing, and the core function can connect thousands of diversified servers as price-feeding nodes for quotation, effectively constructing a secure and scalable oracle quotation system.
As the project continues to grow, ADAMoracle has upgraded its brand. After the improvement of function, it fully entered into on-chain data market, and created the new image of ADAM, the first data encryption computing network based on Web3.0. The scope of functions extends from oracles to the entire on-chain commercialization.
ADAM also pioneered the concept of “DataFi”, which can also be called data assetization, the essence of which is to unleash the value of data on the chain. ADAM believes that as the value of on-chain data get closer to the monetization value, when data circulation and data trading begin to take place freely, the value of the data element can truly be fully unleashed.
Since the development of data assetization, the value application of data has achieved results to some extent. From forecasting to direct participation in production, a large number of data use cases can be seen in various industries. From DeFi to GameFi, NFT and even the meta-universe boom is the result of on-chain data assetization, that is, the integration and development of “DataFi”.
The importance of oracles to blockchain is self-evident. While blockchain oracles do not solve the data availability problem, they can provide off-chain data available on-chain by using external resources. And without oracles, blockchain’s potential and likelihood of mass adoption will undoubtedly be less, as their information will be limited to internal data.
However, as a middleware, it is still difficult for oracles to fully explore the entire value of the on-chain data ecosystem. We hope that the launch of Binance Oracle will accelerate the development of the entire on-chain data industry. ADAM looks forward to uniting all parties in the industry to jointly explore the true value of data, so that every Web3.0 user who participates in data circulation can benefit from it.