Top cryptocurrency exchange Binance has announced it will list privacy-focused Oasis Network on its platform. The listing will enable Oasis Network to make it easy for under-collateralized loans in DeFi.
Mainnet is live! The network launched in under a minute thanks to our fantastic community of Node operators. Check out our blog to learn more about the Oasis Network and our vision for a scalable, private blockchain network https://t.co/mnDYjfP2IL#OasisMainnet #OasisLaunchParty
— Oasis Foundation (@OasisProtocol) November 18, 2020
Binance announced this on its blog, with plans to offer Oasis Network on its platform with three pairs, which include ROSE/USDT, ROSE/BUSD, and ROSE BTC.
Yesterday evening, Oasis Network mainnet was live with over 75 independent validators already registered.
According to the Network, it is set up to provide decentralized applications, and it can provide about 1000 transactions per second.
In 2018, Oasis Network raised $45 million from top crypto ventures such as Binance Labs, A16z, Pantera, and Polychain.
The funds helped the company to grow bigger, offering more efficient services to its users. The company ensures the encryption of data and ensures the enforcement of privacy policies via smart contracts.
According to Oasis Labs, the ‘confidential compute’ functionality helps encrypt data to ensure several processes’ privacy, from genetic research to credit history check.
By default, the Oasis Network respects the user’s data preference and supports new sets of privacy-preserving applications. Users can earn rewards when they stake their data with apps that control how the services they use consume their most sensitive information.
Oasis Labs collaborated with Binance in August this year to launch CryptoSafe, a decentralized platform designed to fight crypto fraud.
Oasis platform will offer a wider capacity
The Oasis platform’s integration offers a much wider network capacity to ensure credit checks and privacy of sensitive personal or sensitive data. It also helps loan applicants to establish their creditworthiness to creditors.
Most existing DeFi loan products provide over-collateralized lending, but plans are in place to also introduce under-collateralized loans.
Based on the post, Binance decided to collaborate with Oasis Labs to offer a platform where exchanges can reduce the industry’s number of frauds. While ensuring safety, the platform will also protect each participant’s sensitive data confidentiality in a decentralized environment.
Oasis Labs has hundreds of DeFi projects
The announcement also noted that the DeFi industry leaders such as Balancer and Chainlink recently joined the Oasis Network.
Oasis Labs has also assured participants that its security architecture can improve private decentralized exchange platforms’ operations, such as automated market maker Uniswap.
Oasis Labs says several partnership projects are already ongoing on the network, including Binance-led CryptoSafe Alliance and the privacy-first genome sequencing partnership with Nebula Genomics.
Just last month, Oasis Lab revealed that Nebula Genomics would use “Parcel,” its data governance API product, to enhance the platform’s capabilities. And there are hundreds of projects the company is presently working on, according to the report.