Oasis Network announced its mainnet launch. This upgrade, which took place at 4pm UTC on November 18th, enabled transfers of the ROSE token and kicked off the network staking reward schedule.
With hundreds of applications, partnerships and validators on the network already, here are just a few community highlights:
- Over 70 unique and independent validator nodes active on the Network
- Partnerships with industry giants and innovative startups such as the CryptoSafe Alliance with Binance, and privacy-first genomics company Nebula Genomics, Fortune 500 healthcare, leading automotive companies, and more.
- A Grants & DevAccelerator program enabling over 20+ Wallets, APIs, Block Explorers, and critical network tools.
- Global community engagement led by over 100 Ambassadors focused on growing communities in over a dozen countries including China, France, Brazil, Turkey, India, Russia, Korea, Vietnam and more.
- The largest university program in blockchain with over 25 universities and clubs from 5 continents actively running nodes and building on the Oasis Network.
This moment is the culmination of an incredible effort from the Oasis Community including node operators, cryptoenthusaists, and privacy advocates committed to making the Oasis Network, and its vision for private, scalable DeFi and Data Tokenization, a reality.
A Network for the Next Generation of Blockchain
The Oasis Network is this first Layer 1 network of its kind. Scalable, versatile, and private, the network has a unique architecture that separates consensus operations from compute into two main layers: the Consensus Layer and ParaTime Layer. This design allows the Network to support many different parallel compute environments (aka ParaTimes) that can be customized for a broad set of use cases.
One of the Oasis Network’s core features is its support for confidential compute — a process where data is kept encrypted and private even while being processed by a node on the network. This feature is available today in Oasis Labs’ ParaTime. Applications built with the ParaTime can leverage confidential compute to protect data, while also getting the benefits of immutability and traceability of a blockchain.
To more easily leverage these unique features, Oasis Labs has also built a TypeScript SDK called Parcel that allows developers to automatically implement data ownership and access policies, consume data in a privacy-preserving environment, and unlock data that was previously too regulated or risky to use. If you’re interested in building with Parcel, we invite you to visit our website and apply for access to the SDK.
To learn more about the Oasis Network’s unique design and how it achieves confidentiality, visit our primer here.
Unlocking New DeFi Markets
The privacy technology made available by the Oasis Network, has the power to not only better secure user data, but also revolutionize the DeFi space. DeFi today is limited by high fees, self-motivated traders, and a lack of a reputation system or identity. Using both confidential compute as well as a lightweight, scalable design, the Oasis Network can enable lower fees, prevent front-running, and allow for the creation of identities with user-controlled data.
This powerful combination of private, scalable smart contracts has the potential to unlock new use cases like under-collateralized loans, and private automated market makers. With under-collateralized loans for example, individuals could upload sensitive financial data — allowing them to establish their creditworthiness and providing assurances to a lender that they will pay their debts. This allows lenders to offer under-collateralized loans for the first time on blockchain, unlocking entirely new markets and expanding DeFi to a mainstream audience.
We see use cases like under-collateralized loans as just the beginning. With the Oasis Networks unique ParaTime architecture, a broad range of financial services can be powered by blockchain for the first time. The Oasis Network already has a rapidly growing ecosystem of DeFi projects joining the Network such as Meter, Balancer, Chainlink, and more, who are bringing their projects to Oasis in an effort to fuel the next generation of private, scalable DeFi.
A New Class of Data
Blockchain technology is incredibly promising. It has the potential to shift the power of data from centralized institutions back to the individual. Until now, blockchains have lacked privacy — a prerequisite for truly managing and consuming sensitive data with decentralized technology. With the Oasis Network’s combination of confidential computing and blockchain enable a new paradigm called Tokenized Data. Tokenized Data is the combination of encrypted data capsules who’s access can be controlled and enforced by a blockchain like the Oasis Network. This powerful duo of data capsule + policies means data can be shared and exchanged freely and openly without concern that it could be misused or mishandled.
With Tokenized Data, The Oasis Network can support a new breed of privacy-preserving applications that respect a user’s data preferences by design and ensure each individual is fairly compensated for their data. They can earn rewards by staking their data with apps that want to analyze it or control how their most sensitive information is consumed by the services they use.