Oasis Labs announced the successful launch of its main Oasis Network network, which already has more than 70 independent validators.
Oasis is a data protection-oriented Layer 1 network that requires a throughput of 1000 transactions per second to support decentralized applications. In June 2018, Oasis raised $ 45 million from Crypto Venture heavyweights like A16z, Binance Labs, Pantera, and Polychain. With Oasis, data can be encrypted and privacy policies enforced for its use through smart contracts
According to Oasis Labs, the Confidential Data Processing feature enables the network nodes to process encrypted data to ensure the privacy of a wide variety of processes – from credit checks to genetic research. An announcement on November 19 stated:
“The Oasis Network can support a new generation of privacy protection applications that inherently take into account a user’s data preferences and ensure that everyone is adequately compensated for their data. They can earn rewards by filing their data with apps that they want to analyze or control how their most sensitive information is used by the services they use. “
The Oasis team is promoting the network’s privacy protocols to facilitate the creation of undercollateralised loan products within the DeFi sector. The network is said to have a greater capacity to enable credit checks as it ensures the protection of sensitive financial or personal data and enables loan applicants to determine their creditworthiness with lenders.
The majority of existing loan products within DeFi offer secured loans, although efforts to introduce secured loan are also being undertaken by projects including mainframe.
The announcement notes that DeFi industry leaders Chainlink and Balancer recently joined the Oasis Network. Oasis Labs also believes that its secure architecture could also facilitate the creation of private decentralized exchange platforms, including automated market makers (AMMs) like Uniswap.
According to Oasis, “hundreds” of partnership projects are already being built on the network, including a project to protect genome sequencing with Nebula Genomics and the Binance-led CryptoSafe Alliance (CSA).
Last month, Oasis announced that Nebula Genomics will use its data governance API product, Parcel, to enable analysis of genomic data in an isolated computing environment.
The project aims to reduce the risk that the genetic data of consumers will be compromised by the breach of central databases. Parcel also provides secure data storage and tamper-proof access history logs for consumers.
The CSA, announced in August, is a platform designed to facilitate the private exchange of threat data between cryptocurrency exchanges. The CSA uses Oasis’ confidential smart contracts to ensure that sensitive data of participating companies on the network remains private.