The internet generation has sparked an explosion in personal data sharing, raising deep concerns about how companies use and misuse user data, often without consent ( healthcare, fintech, advertising, or even secured DeFi loans).
Distributed blockchain architectures combined with privacy protection technologies, can solve the problem of centralized data ownership. However, most privacy-oriented developments in this area are particular and financially oriented (like Zcash). A general paradigm is urgently needed to provide better computational level data protection on the blockchain. Combining privacy features with scalability, Oasis currently offers a unique solution for DeFi applications blocked by the cost of Ethereum.
Oasis Network offers a unique and versatile design that is highly customizable, scalable, and privacy-sensitive.
Oasis Network stands out from existing Layer 1 protocols and can redefine existing crypto use cases such as DeFi and the web in general.
Data Protection Enabled Blockchain: Oasis Network is scalable data protection enabled blockchain. ParaTimes on Oasis Network may use hidden computing technologies, such as secure enclaves, to maintain data privacy and help new use cases and applications for the blockchain.
Privacy and Scalable DeFi: The Oasis network’s privacy-first design can take DeFi beyond resellers and early adopters and open the door to a new mainstream market. The innovative scalability design offers high speeds and high efficiency for DeFi operations.
Initial activation of data tokenization: The Oasis network can specify data, unlock innovative use cases for blockchain, and provide an entirely new ecosystem of applications and projects that support next-generation privacy protection applications on the network.
The Oasis network consists of two parts, which are the consensus layer and the ParaTime layer.
The consensus layer runs the Proof of Stake consensus algorithm and manages the immutable history of the data. ParaTimes are parallel computing environments that can be connected to the consensus layer. Together, the Consensus and ParaTime tiers offer secure compute and storage for a multitude of use cases.
The network has ParaTime support that is compatible with Ethereum. This means that any Ethereum based Dapp can be run on Oasis. The system also offers 1000 transactions per second and significantly lower gas fees than Ethereum’s very few transactions per second. Oasis is currently sponsoring an EVM-compliant hackathon at ParaTime, where participants can win rewards for completing various challenges.
Oasis Network offers a promising model for an abstraction that provides powerful and customizable privacy in blockchain-based applications. By separating data storage and data processing, the network presents substantial barriers to managing data in a project. It enables the establishment of specific data protection rules for individual workflows. Many large projects, including Binance’s Nebula Genomics and CryptoSafe Alliance, are already using the Oasis network to strengthen data protection functions.
As they near the launch of the Oasis mainnet, dozens of other projects are using Oasis to build an online world that puts privacy first.
PRIVACY PROBLEM
Since the dawn of the Internet age, the amount of personal information that people share online has increased exponentially. Social media like Facebook has documented our personal history, payment platforms like Venmo have linked to our bank accounts and lifetime savings, and health apps like Apple Health know all of our vulnerabilities and health issues. With this data boom, people have become more cautious about how companies often use this data to profit. Just two years ago, Facebook’s famous data breach was reported to political consultancy Cambridge Analytica.
Much of data protection compliance is compromised by central databases where a single central party has complete access to all data in a system for all users. The Bitcoin blockchain development challenged this core paradigm and suggested that the data set be distributed to thousands of computers. Each computer should cryptographically verify the accuracy of the data history. This led to the development of dozens of financial products that protect privacy, such as Bitcoin and Zcash, that can mask their users’ identity. However, most of these projects are still very specific, and there is still no generalization to protect user privacy in different use cases.
These privacy concerns exist not only for the core web but also for many existing Layer 1 protocols. Today, for example, DeFi is dealing with widespread and slow adoption. The public nature of data in most blockchain networks means that the processing of sensitive data on a blockchain network is impossible or incredibly risky. To improve DeFi, blockchain DApps, and the central web, we need a decentralized platform, powerful, scalable, and capable of keeping data private and private.
The solution to DeFi issues
Produced by the Oasis Foundation, Oasis Network is a blockchain that has enabled open and decentralized finance and a responsible data economy. Mainnet Beta launched on October 1, thanks to vendors and vendors that expand blockchain and DeFi beyond its predecessor, supporting a new ecosystem from DApps and apps that protect privacy when combined.
Some of the technical features that make Oasis Network stand out
It divides consensus and execution into two tiers for better scalability and greater versatility. The consensus layer sees the ParaTime layer.
Separation of reconciliation and execution allows multiple ParaTimes to run in parallel; This means that complex workloads handled in one ParaTime will not quickly slow down faster in another.
The ParaTime layer is an entirely decentralized layer that allows anyone to develop and create their own ParaTime. Ihre ParaTime can be designed individually for a specific group of advice, such as confidential computing, open or closed committees, and more.
Advanced network inconsistency detection make Oasis more efficient than fragmentation and parachutes, and a smaller replication factor for the same level of security
The network has complete support for covert computing technology. The Oasis Eth / WASI Runtime is an example of keeping secure enclaves hidden ParaTime open while it is being processed in the market.
Together, they offer powerful shots that allow developers to access the blockchain meaningfully and seamlessly, protecting the privacy and increasing security. DeFi can enable various new apps such as privacy, private dark pools, private fixed coins, Insufficiently secured loans, and more. For example, third parties, DeFi loan applications, personalized disclose target (intended) to determine an application loan, something mostly impossible in Tier 1 chains today. . For custom DeFi DApps such as this, the Oasis Network could expand DeFi to more massive markets v
The network supports end-to-end data privacy and offers 1000 transactions per second to Ethereum’s 13 transactions per second, significantly lower. an even more attractive candidate for the future. , differentiated DeFi enhancements.
How it works
The Oasis network consists of two components: the consensus layer and the ParaTime layer.
The consensus layer runs the consensus algorithms Oasis sees the blockchain’s immutable history as stores. The layer runs proof of the delivery keyword.
The ParaTime layer is what users of the Oasis Network communicate with. Paratime is different computing environments that depend on the consensus layer. Anyone can create a ParaTime, and it can be tailored to suit a wide variety of uses. For example, the ParaTimes committees should not be large or small, open or closed, confidential or not, according to their requirements for a given age, speed, safe, or unique application, and allowing them to be used. Also, ParaTimes can run simultaneously, allowing the network to process many transactions in parallel.
What has been done with the network
Oasis Network is actively promoting the ParaTimes ecosystem to support new network use cases and applications.
Oasis and Second State recently announced the release of EVM-compatible ParaTime, which is fully backward compatible and stronger than Ethereum. This means that the network can support all Ethereum-based dapps while diversifying the use cases. ParaTime also offers higher yield sizes than Ethereum and less than 1% of gas costs. This means that Ethereum-based DApps can run faster and more efficiently on the Oasis network. ParaTime supports the entire Solidity toolchain, and the team plans to add support for sensitive EVM smart contracts in the coming months. They launched a hackathon to introduce the new ParaTime Oasis and Second State. People can earn rewards by completing training and creating DApps in ParaTime before the age of 23.
The Oasis Labs team is actively working on corporate use cases that use their own hidden ParaTime. Recently, he announced several high-profile projects for various use cases that protect privacy. Nebula Genomics, which requires users to have complete control over their genome data, uses the Oasis Network to summarize privacy-friendly genome analysis. Binance is also working with the Oasis Network to establish the CryptoSafe Alliance; Here, safe and confidential information about crypto breaches and attacks and bad actors can be shared.
With the Mainnet Beta’s recent release, it probably won’t be long before the network is up and running at full production capacity. When Mainnet launches, we are likely to see an explosion of privacy protection projects from the Oasis Network community.
Final thoughts
The explosion of the world of data has made data protection one of the most pressing concerns regarding technology’s future. Oasis blockchain architectures can enable various privacy protection features, but it is difficult to generalize and scale-out several different use cases. Oasis Network presents an excellent example of a data protection blockchain that modularizes its architecture to enable various use cases. By combining blockchain and secure computing, Oasis Network provides dozens of new privacy protection features that can be natively integrated into applications.
Data tokenization and the potential of DeFi are currently being explored with exciting projects such as Nebula Genomics and the CryptoSafe Alliance. As they are close to the final release of the mainnet, we expect there will be dozens of more use cases that take advantage of Oasis’ powerful abstractions and provide better user-centric privacy for everything we do on the blockchain.
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