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Chainlink oracles to be deployed on privacy-centric DeFi app Chainlink oracles to be deployed on privacy-centric DeFi app

Chainlink oracles to be deployed on privacy-centric DeFi app

with insights from Sergey Nazarov

The Oasis Foundation, an organization supporting the development of the Oasis Network and its ecosystem, will integrate Chainlinkโ€™s market-leading decentralized oracles to enable support for Decentralized Finance (DeFi), and various other privacy-focused blockchain dApps built on the Oasis Network, it said in a release shared with CryptoSlate.

Chainlink oracles to be deployed on privacy-centric DeFi app

Cover art/illustration via CryptoSlate

The Oasis Foundation, an organization supporting the development of the Oasis Network and its ecosystem, will integrate Chainlinkโ€™s market-leading decentralized oracles to enable support for Decentralized Finance (DeFi), and various other privacy-focused blockchain dApps built on the Oasis Network, it said in a release shared with CryptoSlate.

Chainlink comes to Oasis

Oasis picked Chainlink as the preferred oracle provider of 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, the firm said.

Oasis will initially leverage Chainlinkโ€™s Price Reference Data, the most widely used price feeds in DeFi, to provide valuations to supported tokens used in Oasisโ€™s DeFi applications, it added.

The Oasis Network touts itself as the world’s first privacy-enabled platform for open finance and a responsible data economy. By referencing Chainlinkโ€™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.ย 

The ability to connect data and price oracles is also critical to enable the vision of a so-called “Responsible Data Economy,” where users control and stake their data and earn a yield from companies that are interested in using this data.

Through this integration, the Oasis Networkโ€™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. This, said Oasis, will help grow the DeFi ecosystem and benefit decentralized exchanges, lending, trading, payments, scoring, and collateralization.

Sergey Nazarov, the cofounder of Chainlink, commented on the integration:

โ€œBy combining Chainlinkโ€™s highly available and tamper-proof decentralized oracle networks with the Oasis Networkโ€™s unique privacy features, the Oasis Network can unlock an entirely new generation of Open Finance and DeFi applications for mainstream audiences.โ€

Dawn Song, CEO, and founder of Oasis Labs stated the move also helps address the bottlenecks: privacy, scalability, composability, and identity. โ€œCombining the privacy-preserving applications built at Oasis Labs with powerful Oracles from Chainlink can help to make private DeFi a reality,โ€ he added.

Chainlinkโ€™s stellar 2020

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.

And 2020 has been the year of a DeFi explosion, pushing up projects like Chainlink. The blockchain agnostic tool has announced partnerships and implementations of its decentralized oracles almost daily this year, signaling the demand for an oracle provider as blockchain technology becomes more prominent among developers.

Posted In: , Adoption