Oasis Labs has announced the successful launch of its Oasis Network mainnet,
with over 70 independent validators.
According to cointelegraph, Oasis is a privacy focused Layer 1 network that declares a throughput of 1000 transactions per second designed to provide decentralized applications. In 2018, Oasis raised $45 million from crypto venture heavyweights inclusive of A16z, Binance Labs, Pantera, and Polychain. Oasis also allows data to be encrypted, and for privacy policies surrounding its use to be enforced through smart contracts.
An announcement on Nov. 19 states:
“The Oasis Network can support a new breed of privacy-preserving applications that respect a user’s data preferences by design and ensure each individual is fairly compensated for their data. They can earn rewards by staking their data with apps that want to analyze it or control how their most sensitive information is consumed by the services they use.”
The Oasis team touts the network’s privacy protocols as facilitating the particular of under collateralized loan products within DeFi sector. The network is said to have a better capacity in order to enable credit checks as it ensures the privacy of sensitive financial data, allowing loan applicants to establish their creditworthiness and providing assurances to lenders.
The majority of existing loan products within DeFi offer over collateralized lending, however, efforts to introduce under collateralized loans are also being undertaken by projects including Mainframe.
The announcement mentions that DeFi industry leaders Chainlink and Balancer recently joined Oasis Network. Oasis Labs thinks its secure architecture could also facilitate the creation of private decentralized exchange platforms, including automated market makers (AMMs) such as Uniswap.
According to Oasis, hundreds of partnership projects are being built on the network, including a privacy-first genome sequencing venture with Nebula Genomics, and the Binance-led CryptoSafe Alliance (CSA).
The project aims to decrease the risk of consumers’ genetic data being compromised through the breach of centralized databases. Parcel also suggests secure data storage, and tamper-proof access history logs to consumers.