The advent of the blockchain technology has paved the way for the creation of different applications with several use cases that are applicable to diverse sectors and industries. Since inception, blockchain has proven to be much more than the underlying technology to drive cryptocurrency, and every moment developers discover new ways to implement the technology for different purposes. Two successful blockchain-based startups have come together to offer topnotch services to users: Oasis Network and StaFi Protocol.
What is the Oasis Network?
Decentralized finance is growing fast, and with it comes the need for more private systems that protect user data. The Oasis Network was created to bring privacy to its blockchain-based platform in order for users to enjoy access to decentralized finance services while still enjoying their privacy. The system was created to provide users with complete ownership of their data and also enjoy financial independence. The organization has taken the responsibility to create an environment that will encourage developers, members of the community, projects, and partners to become an integral part of the vision. Another issue that Oasis Network addresses is scalability, and with several components included in its architecture, it has all it takes to help blockchain-based systems scale, with privacy and data security at the core of its functionality.
The StaFi Protocol
Locked liquidity is one problem that a lot of stakers have faced in times past, considering that when they stake assets, the liquidity gets locked, and thus the trader has to wait for a while before they can redeem their profits. StaFi looked at this flaw and came up with a solution in the form of a decentralized finance protocol that unlocks the liquidity when a user stakes assets. With the protocol, it becomes easy for users to stake their Proof of Stake tokens and get rTokens in exchange, and thus carry out trades with the rTokens while still being able to earn rewards from their stakes. With StaFi, the issue of locked liquidity has become a thing of the past, and that is a big plus for traders who may be looking to trade and receive rewards. The StaFi protocol functions with a native token known as FIS, and this token is needed for different purposes including the payment of transaction fees, provision of safety and security for users and their data, and also for the minting and redemption of rTokens.
What’s the connection?
Many people within the crypto community have wondered what the connection is between the Oasis Network and StaFi protocol, and one basic answer is that both organizations have come together to provide users with an easy way of retrieving private data with the aid of the rToken and data generators. One of the advantages of this is that user’s private data can be authorized while still maintaining its decentralized state, and thus revenue can be generated with the aid of data generators. By working together, both organizations can bring about more secure private data sharing.
How it works- Staking Derivatives on Data
We cannot overemphasize how important data is, considering its one of the most important part of any system, and our dependence on the internet means that every second, tons of data gets transferred through different points. Interestingly, there has been a lot of controversy surrounding the real ownership of the data being transferred, especially because owners of the data seem to be the owners only in name, and nothing else. We have heard different cases where big social media platforms were reported to harvest user data behind the backs of the users, and generated money with the data, with the real owners of the data getting nothing from the deals.
With the introduction of the blockchain technology came the concept of decentralization, and within 10 years of the technology’s existence, a lot has been achieved through the implementation of the tech as a drive for the successful decentralization of some systems. However, in getting a completely decentralized system, it is imperative for data ownership to be retrieved and given to the real owners of the data. There are different blockchain-based systems out there that are working tirelessly to improve on data privacy as well as its protection, and the Oasis Network is one of the most outstanding ones.
StaFi was created as a solution to facilitate seamless use of data in the staking world, while Oasis brings the confidential compute to the drawing board. By bringing both solutions together, it paves the way for the creation and implementation of various ways to apply the solutions within the blockchain ecosystem. For instance, StaFi can be used for the creation of privacy-based products using the Oasis protocol for the provision of services where data becomes an asset for lending, with the aid of a derivative which in this case would be an rToken. With the rToken data derivative, ownership of data can be claimed by the author or originator of the data.
With the aid of data protocols or products created on Oasis, users are presented with the ability to have their personal data stored privately, and this means they have complete ownership of the data, and when the data gets demanded, the users will be at liberty to use the personal data as asset that can be staked with the StaFi protocol. In exchange for the staked data, rData will be given for the user to trade with.
This partnership is a step in the right direction, because it is not only revolutionary, but also because there are endless possibilities and the teams from both organizations are on the same page and have seen that a lot can be achieved through the partnership. By combining the best features of the Oasis Network and StaFi protocol, it becomes possible to reward those who participate in staking, and thus help improve on the network’s security, while also bringing an unprecedented increase to liquidity on the network. The future looks bright for the partners, and some other systems can take a cue from them to deliver better data-private services.