By
Temitope Olatunji
April 17th, 2024
Oasis Network’s privacy-preserving components will have the ability to collect data from multiple sources via Chainlink and use it as input for privacy-preserving computation models that only release the outputs while the data and the models are kept private.
Oasis Foundation, an organization supporting the development of the Oasis Network and its ecosystem, decided to integrate Chainlink market-leading decentralized oracles to enable support for Decentralized Finance (DeFi), and various other privacy-focused blockchain dApps built on the Oasis Network.
Chainlink is the preferred oracle provider of the Oasis Network because it provides developers with access to high-quality data from password-protected APIs, a large, independent pool of Sybil-resistant, security reviewed node operators, and a multitude of different security approaches to secure off-chain data. In a mail sent to Coinspeaker, Oasis says it will initially leverage Chainlink’s Price Reference Data, the most widely used price feeds in DeFi, to provide valuations to supported tokens used in Oasis’s DeFi applications.
Enabling Responsible Data Economy Vision
Designed to give users financial sovereignty and control of their data, the Oasis Network is the world’s first privacy-enabled platform for open finance and a responsible data economy. By referencing Chainlink’s data and price oracles, Oasis will be able to ensure the integrity of off-chain information to augment smart contract applications built on its flexible, extensible, scalable, secure, and better fault-isolated platform. The ability to connect data and price oracles is also critical to enable the vision of a Responsible Data Economy, where users control and stake their data and earn a yield from companies that are interested in using this data.
Sergey Nazarov, Cofounder of Chainlink stated:
“We’re thrilled to supply the Oasis Network and its community with Chainlink’s secure and reliable oracles to enhance computation run on their platform. By combining Chainlink’s highly available and tamper-proof decentralized oracle networks with the Oasis Network’s unique privacy features, the Oasis Network can unlock an entirely new generation of Open Finance and DeFi applications for mainstream audiences.”
Chainlink within Growing DeFi Ecosystem
Through this integration, the Oasis Network’s privacy-preserving components will have the ability to collect data from multiple sources via Chainlink and use it as input for privacy-preserving computation models that only release the outputs while the data and the models are kept private. Ultimately, this will help grow the DeFi ecosystem and benefit decentralized exchanges, lending, trading, payments, scoring, and collateralization.
Dawn Song, CEO and Founder of Oasis Labs commented:
“Critical to the mass adoption of DeFi is the incorporation of outside data coupled with privacy technology. In order for us to get to that point, we have to address the bottlenecks: privacy, scalability, composability, and identity. Combining the privacy preserving applications built at Oasis Labs with powerful Oracles from Chainlink can help to make private DeFi a reality.”
Jernej Kos, Director at the Oasis Foundation added:
“We are excited to build a strong community and believe the Oasis Network can be the next frontier for scalable and private DeFi, together with the capability provided by Chainlink Network. It’s time to bring more users and institutions to DeFi by offering them a system that supports a high volume of fairly-priced transactions while protecting their proprietary information.”
Decentrlaized Applications Interacts with Off-Chain Resources
The Chainlink Network provides the largest collection of reliable on-chain price reference data for DeFi. All Chainlink price reference data feeds are secured by decentralized oracle networks, which source data from numerous premium data aggregators to maintain strong market coverage across all trading environments. This allows decentralized applications to interact with off-chain resources while retaining their end-to-end security. Adding this layer of security will be critical for powering private DeFi applications running on Oasis Network.
Chainlink currently provides highly secure and reliable oracles to large enterprises and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Aave, Tezos, Bancor, and many others.