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Oasis Network will integrate Chainlink’s oracles
Oasis Network will integrate Chainlink’s oracles
DeFi

Oasis Network will integrate Chainlink’s oracles

By Marco Cavicchioli - 29 Aug 2020

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Oasis Network is working with Chainlink to integrate their oracles into its platform. 

The Oasis Foundation is the organization that supports the development of the Oasis Network and its ecosystem and has decided to integrate Chainlink’s decentralized oracles to enable support for DeFi and dApps built on its network.

Oasis will initially use price data from Chainlink’s oracles, i.e. the most used price feeds in DeFi, so that it can provide prices for the tokens used in the Oasis DeFi applications.

Oasis Network is a high-level privacy platform for open finance and responsible data economy, designed to provide users with financial sovereignty and control over their data. 

Chainlink’s oracles to improve the Oasis Network platform

By using Chainlink’s oracles it will be able to guarantee the integrity of off-chain information to increase the applications of smart contracts built on its platform. 

The ability to connect data and price oracles is critical to enable the development of a responsible data economy, where users control and leverage their data, earning a return from companies interested in using their data. 

Thanks to this integration, Oasis Network components will be able to collect data from multiple sources and use it as input for computational models that preserve privacy, and only release outputs, while data and models are kept private. 

The goal is to grow the DeFi ecosystem and favour decentralized exchanges, lending, trading, payments, and collateral. 

The CEO and founder of Oasis Labs, Dawn Song, said:

“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”.

The co-founder of Chainlink, Sergey Nazarov, commented: 

“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”.

The Director of the Oasis Foundation, Jernej Kos, 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”.

 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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