Data from Chainlink will fuel the growth of privacy-enabled DeFi applications on the Oasis Network.
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 applications
- A large, independent pool of Sybil-resistant, security reviewed node operators, removing the need for developers to build and run their own oracles
- A 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 needs
- A 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.
“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,” said Sergey Nazarov, Cofounder of Chainlink.
The Oasis Network will initially leverage Chainlink’s Price Reference Data, the most widely used price feeds in all of DeFi, to provide valuations to supported tokens used in Oasis’s DeFi applications. These price reference data feeds are secured by the most decentralized oracle networks in the market, made up entirely of Sybil resistant nodes that have been security reviewed for strong guarantees on their performance. They source data exclusively from high-quality off-chain data aggregators, which maintain volume-adjusted market coverage across all trading environments, ensuring that applications on Oasis Network are receiving accurate prices that reflect true market-wide conditions.
While 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, it will ensure the integrity of off-chain information while augmenting smart contract applications built on the Oasis Network. The ability to connect data and price oracles is also critical to enabling the vision of a Responsible Data Economy, where users control and stake their data and earn a reward from companies that are interested in using this data: all of this while the computation models remain private and unknown.
By combining Chainlink’s highly available and tamper-proof decentralized oracle networks with the Oasis Network’s unique privacy features, Oasis can unlock an entirely new generation of Open Finance and DeFi applications for mainstream audiences.
At the Oasis Foundation, we’re committed to supporting individuals and businesses alike who are actively promoting and building a new, responsible data society. If you’d like to learn more about the Oasis Network and our technology visit oasisprotocol.org.