Oasis Network, focusing on privacy, promises to make unsecured loans at DeFi easy.
Oasis Labs announced the successful launch of its Oasis Network mainnet, with more than 70 independent validators already live.
Oasis is a privacy-focused layer one network designed to support decentralised applications that demand 1000 transactions per second performance. In June 2018, Oasis raised $45 million from large crypto companies including A16z, Binance Labs, Pantera and Polychain. Oasis allows data to be encrypted and the privacy policies surrounding its use to be enforced through smart contracts.
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Oasis Labs says that its „confidential computing“ functionality allows network nodes to process encrypted data to ensure privacy for a wide range of processes, from credit history checks to genetic research. An announcement on 19 November explained:
„The Oasis Network can support a new generation of privacy-aware Bitcoin Trend App applications that respect user data preferences by design and ensure that each individual receives fair compensation for their data. They can earn rewards by betting their data with applications that want to analyse it or control how their most sensitive information is consumed by the services they use“.
The Oasis team introduces the network’s privacy protocols to facilitate the creation of under-secured credit products within the DeFi sector. The network is said to have a greater capacity to allow credit checks, as it ensures the privacy of confidential financial or personal data, allowing loan applicants to establish their creditworthiness with lenders.
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Most of the existing credit products within DeFi offer over-guaranteed loans, although projects, including Mainframe, are also making efforts to introduce under-guaranteed loans.
The announcement notes that industry leaders DeFi, Chainlink and Balancer, recently joined the Oasis Network. Oasis Labs also believes that its secure architecture could also facilitate the creation of decentralized private exchange platforms, including automated market makers such as Uniswap.
According to Oasis, „hundreds“ of partnership projects are already being built on the network, including a „genome sequencing first in privacy“ company with Nebula Genomics and CryptoSafe Alliance, or CSA, led by Binance.
Last month, Oasis announced that Nebula Genomics would use its „Parcel“ data governance API product to allow genomic data to be analyzed within an isolated computing environment.
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The project aims to reduce the risk of consumers‘ genetic data being compromised by the violation of centralised databases. Parcel also provides secure data storage and tamper-proof access history records for consumers.
Announced in August, CSA is a platform designed to facilitate the private exchange of threat intelligence data between cryptosystems exchanges. CSA uses Oasis‘ confidential intelligence contracts to ensure that confidential data belonging to participating entities remains private within the network.