The Oasis Network had seen a successful launch of its mainnet, as the announcement of Oasis Labs explained. Already, the network is seeing over 70 independent validators since going live, as well, showing that people are eager for this network.
Privacy Is King For Oasis
Oasis stands as a Layer 1 network with a focus on privacy. The network is designed to support decentralized applications (dApps) and claims that it has a throughput of 1000 transactions per second to make dApps have ease of operation.
Oasis had managed to raise an impressive $45 million back in June of 2018, gaining the patronage of several big names in the crypto venture space. These names include Binance Labs, A16z, Polychain, as well as Pantera. Oasis itself allows for privacy policies and data encryption through the use of its network, enforcing it through smart contracts.
With the “confidential compute” functionality the network has, Oasis Labs stated that encrypted data could be processed by the network nodes. This will all be done to ensure greater levels of privacy across an array of delicate processes, ranging from grand genetic research to simple credit history checks.
New Potential In Crypto Loans
The announcement itself, made on the 19th of November, 2020, detailed how a new breed of applications can be built to preserve privacy and respect the data preferences of a user through its very design.
From there, it’s easy to ensure fair compensation for every individual giving up their data, as they can stake their data through apps and earn rewards through it. Typically, these apps control how this information is consumed by the services used, or they simply analyze it themselves for their own use.
Oasis’ team has also made a few bold claims, stating that their network’s privacy protocol was the catalyst that helped create the DeFi space’s collateralized loan products.
It’s said that the Oasis network is more capable of enabling credit checks thanks to its ability to ensure sensitive personal or financial data stays private. This, in turn, allows lenders to see creditworthiness when it comes to the various loan applicants out there.
Big Players Already Joining Up
With the nature of crypto being what it is, the majority of loan products within the DeFi space are overcollateralized, either minorly or majorly. As it stands now, several projects, including Mainframe, are putting in efforts to introduce under-collateralized loans, but it’s a tough process.
The announcement further revealed that Balancer and Chainlink, two leaders in the DeFi industry, have already joined up with the Oasis Network.
Oasis Labs stands convinced that its network’s architecture will further allow the creation of private decentralized exchange platforms. This, in turn, could compete with established automated market makers (AMMs) such as Uniswap.