Privacy is a big issue when dealing with internet-based systems, and no one wants intrusions from unwanted entities or third parties. By default, the blockchain technology comes with some level of privacy and anonymity, but then again there are some bad actors lurking in different parts of the web who are always looking for loopholes to exploit and steal from unsuspecting people, and there are also social platforms that harvest user private data for different purposes that are unknown to the user. Whatever the case may be, privacy is important and it is good to see Oasis Network come up with solutions to enhance privacy when sharing data on the blockchain network.
The Oasis Network intends to provide users with a new form of privacy when using blockchain networks while also surmounting scalability challenges, and also bringing about a positive revolution in decentralized finance (DeFi). In November, 2020, Oasis Mainnet became live, and that was after successful tests and checks in beta mode. By moving on to Mainnet, it became possible for ROSE tokens to get transferred. Furthermore, it heralded the initiation of its staking reward protocol.
Since the Oasis Mainnet became live, there have been records of success in different areas, and the community has been able to achieve the following:
- The Oasis community got exposure that attracted cooperation and partnerships across different sectors and industries. The partnership is indicative of the fact that the protocol also brings flexibility and versatility to integrated systems.
- There are so many active validators that oversee the activities of nodes on the network.
- The network also implemented a protocol that allows the functionality of core parts of the network, including APIs, tools, wallets, etc.
- The Oasis Network has been actively engaged in developing the community globally by activating more than 100 ambassadors in different countries around the world.
- There is no blockchain-based university program as big as this, with more than 20 universities from different continents using the Oasis Network for different purposes.
A lot of resources have gone into making the Oasis Network a success, and these resources come from the contributions of cryptocurrency lovers, node validators and operators, advocates for privacy, etc. The plan is to actualize the dream of running totally scalable, private, and decentralized finance systems, while also encouraging the tokenization of data.
The Next Level
It is clear to see that the Oasis Network is not just a pioneer of completely private and secure data sharing on the chain, but also blazing the trail for the improvement of the blockchain of tomorrow. It is safe to say that the network is bringing the blockchain of the future to the present, by offering an architecture that is private, scalable, flexible, versatile, safe and secure. The core of its consensus architecture is made up of two major parts: the ParaTime and Consensus layers. This makes it possible for the network to perform multiple computations in parallels such that they can be custom-modified to suit a variety of purposes.
Another core function of the Oasis Network is the implementation of an innovative protocol that is known as the “confidential compute”, which is a process that involves the storage of encrypted data in a private way, while the computation is undergoing processing on the network. Data protection is the highlight of the feature, and applications that are created with the ParaTime feature can enjoy full confidentiality, as well as the default benefits that come with the underlying blockchain technology like immutability, decentralization, security, traceability, etc.
No doubts about the uniqueness of the features when integrated into systems, and Oasis Labs has created “Parcel”, an SDK that gives developers all they need to implement privacy architecture on different applications and in various use cases.
Pathway to improved Decentralized Finance (DeFi) Markets
The world of DeFi has different challenges that may be affecting the venture from scaling faster than expected. For instance, the traders are self-motivated, transaction fees are high, and identity and reputation may be missing from the mix. However, DeFi markets can upgrade to the next level with an innovation like Oasis Network that allows for confidential computes, scalability of system designs, prevention of front running, implementation of lower fees, while also allowing developers create systems that facilitate private identity creation, as well as data that is user-controlled.
We are well aware of the versatility of blockchain technology and the endless possibilities it brings to users. Its decentralization is one of the highlights of the amazing technology. However, privacy was an issue at some point, but with this revolutionary network, users do not need to worry about the safety and security of their data, because they now have more control over their data now than before. With Oasis Network’s tokenized data, users can enjoy data encryption and seamless sharing of data without fear of private data breaches by unwanted parties.
What’s after Mainnet?
A lot has gone into the successful launch of the Oasis Mainnet, and this includes years of brainstorming among the developers and engineers, as well as unfailing support from the Oasis ecosystem. However, it does not stop at mainnet, because there is still more that can be done in reshaping the world of blockchain and decentralized finance. The community is doing all it can to contribute to the growth of the Oasis Network, and more partnerships are in view.
The Oasis Network is looking to do more, and they are calling on more brains and hands to get involved in the project, more privacy advocates, more people that believe in decentralization and its products, more developers that are interested in creating apps that consider privacy first, and more blockchain enthusiasts who will come in and help make the Oasis Network better than it already is, and also help push the mainstream adoption of blockchain and related applications.
The Oasis Network has potential to scale, and there are indications that the company is leveraging every available resource to become an industry leader in data privacy on the blockchain network.