OASIS INTEGRATE WITH CHAINLINK TO ENHANCE DeFi APPLICATION
On August 29th, in a press release shared with The Chain Bulletin, the Chainlink and Oasis Foundation announced a new partnership to support Dapps on the Oasis network by integrating Chainlink’s decentralized oracles.
Oasis Network is designed to give users of the platform “financial sovereignty” and control their personal information. According to its developers, Oasis Network is the first data protection platform for the open finance industry. The goal is to support a more responsible data economy.
According to the press release, Oasis can use data and price oracles to ensure the integrity of information outside the chain to run intelligent contract applications on the platform and work for the user-controlled and controlled responsible data economy. Share your data and win prizes from companies interested in using it.
We are happy to provide secure and reliable Chainlink oracles to Oasis Network and its community to enhance the computing implementation on their platform, said Sergey Nazarov, Chainlink Co-Founder. By combining Chainlink’s highly available and tamper-proof distributed Oracle networks with the unique data protection capabilities of the Oasis network, the Oasis network can unlock a whole new set of Open Finance and DeFi applications for the mainstream audience.”
With this integration, the Oasis network’s data protection components can collect data from various sources through Chainlink. The data can only be used as an input form for data protection enhancing computational models that provide results if the data and associated models are “kept secret.” According to the press release, this will allow the DeFi ecosystem to grow steadily and benefit from “decentralized” or neglected exchanges, credit and trading platforms, payment services, scoring and collateral.
The partnership aims to enable Oasis Network’s data protection components to collect data from multiple sources through Chainlink and use it as input to data protection computer models that only publish results.
The involvement of external data alongside data protection technology is critical to the mass adoption of DeFi. Privacy, Scalability, Editability, and Identity. By combining data protection-protected apps created in Oasis Labs with Chainlink’s powerful oracles, proprietary DeFi can become a reality.
Some time ago, the Oasis Foundation, in partnership with Binance, announced creating a fraud prevention platform and confirmed their commitment to a more secure crypto environment. On the other hand, Chainlink launched an award-winning Gitcoin rewards program between $ 250 and $ 5,000 for developers who have managed to find security holes in the Oracle protocol.
To support the development of the Oasis network and ecosystem, the Oasis Foundation has announced that Chainlink will be integrated into “decentralized” oracles (LINK) to support decentralized finance (DeFi) applications. The integration will also support privacy-focused blockchain dApps implemented on the Oasis network.
Chainlink is Oracle’s leading provider and has been chosen by the Oasis Network to provide access to high-quality data generated by password protected APIs. A large independent node, “Sybil-Resistant, Security-Cleared,” uses various security approaches to keep operators out of the pool and out of the data. Secure chain (chain of blocks).
Oasis will use price benchmark data from Chainlink, the most widely used pricing sources in DeFi, to provide ratings for the supported tokens originally used in Oasis’ decentralized financial applications.
By referring to Chainlink’s pricing and data oracles, Oasis can ensure the integrity of off-chain information to extend smart contract applications based on its flexible, extensible, scalable, secure, and more bug-free platform. The ability to link data and price oracles is also critical to ensuring a responsible view of the data economy. Users control and use their data and generate revenue from companies interested in using that data.
Chainlink co-founder Sergey Nazarov said the service provider hopes to provide Chainlink’s decentralized oracles to the Oasis network and its community to improve the calculations performed on its platform.
It’s time to attract more users and organizations to DeFi by offering a system that can support high-volume transactions at affordable prices while protecting [their private data.
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Oasis Protocol Foundation
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