Paralink Network Integrates With Binance Chain for Oracles

• Paralink Network now offers oracle services to Binance Smart Chain nodes.
• Binance Smart Chain is a blockchain network that offers better alternatives to Ethereum.
• A blockchain oracle serves as a data bridge between a blockchain network and the outside world.

Oracle service Paralink Network has integrated with Binance Smart Chain (BSC), enabling node operators to better execute smart contracts within the said ecosystem.

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Aside from this, Paralink also said that they are preparing a Paralink Network BSC partnership program. This will assist projects running on BSC to deploy the former’s oracle contracts by providing technical support.

As the name suggests, BSC was created by crypto exchange Binance to offer a better alternative to Ethereum. It provides fast transaction confirmations without the expensive gas fees that still plague Ethereum today.

The announcement added,

We believe BSC is one of the most suitable technology stacks for the  DeFi landscape. Its low transaction costs combined with higher throughput make it an excellent choice for oracle solutions to provide real time and cost accessible data.

For those who are not familiar with blockchain oracles, these are services that offer external information to smart contracts. As per its design, a blockchain network does not have direct contact with information or any entity outside of its ecosystem. Unfortunately, many smart contracts need additional information for them to execute properly.

For example, if a smart contract related to sports betting needs to know the results of a particular match, an oracle will provide a direct link. This way, the contract will know which team won and who to give the winnings to without any delay. In essence, a blockchain oracle functions as a bridge between a blockchain network and the outside world.