Technology, although capable of improving quality of life, has eliminated any slivers of privacy. Although a human right, third parties, often big tech corporations, have taken to storing personal data, patterns and other activities, even selling this data for their profit. Many would agree this problem is only increasing with the prevalence of more personalized “offers.”
Data is the new oil, so it’s particularly important to develop technologies that can utilize data in a privacy-preserving way. Most people give away their data, signing it over to companies by clicking “accept,” not even bothering to read the fine print.
As data becomes more popular, many argue that people should maintain control of their own information and should, at a minimum, be able to monetize their details ahead of a third-party organization. This is partly why blockchain has gained in popularity, with tools that enable complete ownership and control.
The only question left unanswered is the paradox of how openness and auditability, being the key to a decentralized solution, can coexist with larger concerns around data privacy. For this reason, parties have begun looking for privacy-focused blockchain solutions.
However, in seeking a widespread solution, it is not enough for platforms to solve the privacy problem alone. They must also address the current limitations of decentralized finance (DeFi), including high fees, user trust, scalability and bad actors.
The Oasis Network has since emerged as the solution to this paradox, a leading, scalable, and privacy-enabled layer-1 blockchain. The result is that Oasis can put companies in control of their data while simultaneously bringing privacy into the marketplace and enabling the ease of sharing.
On the Oasis Network, data tokenization and privacy-preserving computation functionality are built-in. The company shares that data would never be stored in one centralized database, vulnerable to attack. Users can retain complete control and visibility over who is using their data and what they are using it for at any one time.
As a result, the Oasis Network boasts high throughput, low gas fees and secure architecture while being the foundation for scalable DeFi solutions. Together, these features will allow a user’s sensitive information, including health, finance and personally identifiable data, to exist on the blockchain, opening the door to opportunities like private lending and under-collateralized loans.
The industry has recognized the utility of this platform, with Messari, a platform for professional-grade crypto research, pointing to Oasis as one of the two most-invested-in blockchains, with an ecosystem composed of Fortune 500 companies.
Perfect for DeFi
While the project has a notable history, most recent developments have pointed to the YuzuSwap and Wormhole bridge. YuzuSwap has become available to users as the first decentralized exchange (DEX) built by the community on Oasis with features including trade once mine forever and auto-buyback price support. By launching YuzuSwap, users can freely trade ROSE, the native token of Oasis, with the ability to transact across multiple chains.
Functionality for multiple-chain interoperability is made possible through the creation of the Wormhole bridge, as well as two computing environments, known as ParaTimes. Cipher Paratime was designed as a smart contract environment that would enable confidential smart contracts on Oasis and Emerald (EMD), an EVM Compatible ParaTiem with fees said to be 99% cheaper than Ethereum (ETH).
In support of development initiatives, the team also announced the release of a $ 200 million Ecosystem Fund, an effort dedicated to helping projects build on the network, which retains support by top industry backers including Pantera, Binance Labs, Dragonfly and Electric Capital.
Strong Partner Ecosystem
Backed by many developments marking the 2021 year and partnerships with BAND, Nebula Genomics, Genetica and WePiggy, Jernej Kos, the Director of the Oasis Foundation, shares, “We are thrilled to work with longtime supporters of Oasis to build, cultivate and grow the ecosystem. We are now fully developer ready, and we invite all developers to consider Oasis as we are ready to support them with funding, technical expertise and mentoring, and a strong network of backers. ”
The genomic data of 100K Genetica customers will be migrated on Oasis Network. Customers will get token rewards when they contribute their genomic data for research, in addition to getting interpretations of their genome-based traits with full transparency to all participants.
Oasis also shares that it’s working with the BMW Group on an early-stage project to create innovative privacy solutions that leverage differential privacy and set a new standard for responsible data use in the automotive industry.
Alongside the open invite, a look at the protocol’s official roadmap also hints towards the launch of additional DeFi apps on Emerald, WebAssembly smart contracts, and the potential for a network upgrade, all in support of the existing community Oasis has built.
The intent is to make sure the Oasis Network can revolutionize open finance, extending it from those in the early adopter group to the mass market.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.