Oasis Partners With Chainlink To Integrate Decentralized Oracles
- The integration is said to provide support for developers building DeFi applications on Oasis Network.
- Oasis’ privacy-preserving features will collect data from multiple sources via Chainlink and use it as input for computation models.
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On August 29, in a press release shared with The Chain Bulletin, Chainlink and the Oasis Foundation announced a new partnership that aims to enable support for dapps on the Oasis Network through the integration of Chainlink’s decentralized oracles.
According to the press release, using data and price oracles, Oasis will be able to ensure the integrity of off-chain information to reinforce smart contracts applications built on the platform and work towards a Responsible Data Economy, where users control and stake their data and earn rewards from companies interested in using it.
“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,” said Sergey Nazarov, co-founder of Chainlink. “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 partnership is said to allow the Oasis Network’s privacy-preserving components to collect data from multiple sources through Chainlink and use it as input for privacy-preserving computation models that release only the outputs.
“Critical to the mass adoption of DeFi is the incorporation of outside data coupled with privacy technology,” said Dawn Song, CEO and founder of Oasis Labs. “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.”
Earlier this month, the Oasis Foundation announced the establishment of an anti-fraud alliance platform in collaboration with Binance, confirming their commitment towards a more secure crypto environment. Chainlink, on the other hand, launched a Gitcoin bounty program, with rewards between $250 and $5,000, for developers who manage to find security loopholes in the oracle protocol.
- Chainlink Staking v0.1 is now available on the Ethereum mainnet to a limited number of users, but will be opened to the general public on 8 December.
- The new feature includes a LINK staking pool with 25 million token cap, which aims to secure the ETH/USD price feed within the Ethereum mainnet.
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- The proof-of-concept project will see SWIFT use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect to most blockchain environments.
- CCIP will allow the interbank messaging system to instruct on-chain token transfers, further accelerating the adoption of blockchain technology.
- Partnering with Chainlink will allow Galaxy Digital to distribute its crypto pricing data to various blockchains, and help developers build better applications.
- The company noted that its high-quality pricing data will play a valuable role in “unlocking exciting new use cases and driving innovation across the DeFi ecosystem.