Oasis Network Joins Chainlink Oracle Integration To Secure Off-Chain Data Resources

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Chainlink Oasis (Courtesy: Twitter)
Chainlink Oasis (Courtesy: Twitter)

Decentralized Finance continues to grow, and increasingly solutions are needed that can scale, incorporate outside data, ensure privacy, and promote financial sovereignty. To that end, the Oasis Foundation is proud to announce its integration of Chainlink’s market-leading decentralized oracle network to secure off-chain data resources.

This reinforces the integrity and security of dApps built on the Oasis Network by extending it to external data, which will help grow the DeFi ecosystem and benefit decentralized exchanges, lending, trading, payments, scoring, and collateralization.

Chainlink is the preferred first oracle provider of the Oasis Network because it provides:

Access to high-quality data from any password-protected API, leaving no limits to the amount of data developers can incorporate in their on-chain applicationsA large, independent pool of Sybil-resistant, security reviewed node operators, removing the need for developers to build and run their own oraclesA variety of security approaches to secure off-chain data, empowering developers with the tools to create a multitude of security guarantees to satisfy a wide range of needsA strong academic research focused team, matching the rigorous security standards we hold ourselves to at the Oasis Foundation.

With these new capabilities and more, the Oasis Network’s privacy-preserving components will be able to leverage Chainlink to collect and aggregate data from multiple sources and use it as a validated data input for privacy-preserving computation on the Oasis Network.

The Oasis Network aims to enable an entirely new class of DeFi applications that leverage the Oasis Network’s ability to keep data on the blockchain private. For example, traditional lending DeFi apps today can’t offer under collateralized loans because they have no way of verifying an individual’s credit worthiness. With the Oasis Network, personal data, such as bank statements or social security numbers, can be brought onto the blockchain and remain fully encrypted — allowing DeFi lending apps to broadly expand their addressable market by offering under-collateralized loans. These types of lending apps are just one example of the many innovations the Oasis Network hopes to bring to DeFi and blockchain technology.