ZapOracles LIVE on BNB Chain Mainnet

Published in

Zap Protocol

3 min readApr 28, 2022

We are pleased to announce the launch of the much anticipated Zap Oracle Network on BNB Chain (Binance Smart Chain) Mainnet! Users are able to deposit ZAP tokens(BEP-20) and BNB tokens in order to set up a decentralized node validator for ZapOracles. Zap Protocol can now focus on becoming a source for providing reliable and trusted data to the BNB Chain ecosystem. Additionally, we plan to utilize this trusted data to enrich our own applications recently released on the BNB Chain mainnet such as the ZapNFT Marketplace and Votewatcher.

The Zap Oracle Network is made up of decentralized validator nodes that support the network. The network utilizes a hybrid Proof-of-Work (POW) algorithm as a form of consensus with staking. The staking requirement to become a validator is 500,000 ZAP Tokens at this time. ZAP tokens are used as a form of payment for submitting data requests to the network. Validators are subsequently rewarded in ZAP Tokens after successfully mining the solution. Bad actors on the network are punished via a dispute voting system that can remove their stake if challenged and redistribute it.

Blockchains are isolated networks so they are limited in what data they can access and verify. Since the focus of the blockchain’s consensus is so narrow, smart contracts are referred to as deterministic. They complete terms precisely as written more securely and reliably than traditional systems. Smart contracts are limited in their ability to interact with data in the off-chain world. Smart contracts need smart data.

The Zap Oracle Network provides a solution to this problem by verifying off-chain data requested from parties that need secure and validated data for smart contracts. This data is provided by a network of validators, each individual submitting a value to ensure that the network does not have a single point of failure. This validated data is important because once a smart contract execution is triggered, it can not be undone.

Our Oracle Price Feeds dashboard offers a sleek front-end that displays numerical price data from ZapOracle Node Validators on BNB Chain. The network currently supports 45 price feeds in total; 15 cryptocurrencies, and 30 foreign exchange currencies. The price data is pulled from APIs provided by Coingecko, Caricom, Coinbase, Kraken, and more.

Please reach out to our team if you are interested in utilizing the ZapOracles Network at bizdev@zap.org, or reach out to us on Discord: discord.gg/zapprotocol