Oasis Network — Privacy first
Data is a very important part of our existence. Who we are, and what we do evolve from and revolve around data, which invariably means data exists in different forms and types for different purposes. Since the inception of the internet, data sharing has evolved, and every second tons of data get transferred from one point to another. As seamless as data transfer has become, private data vulnerability has become a big issue to be bothered about, because unauthorized access to your private data could expose you to identity theft, fraud, privacy intrusion, etc. It is no longer news that some big social media companies harvest users’ private data, and sells them to other companies for different purposes. Basically, the internet is not as safe as we think it to be, because time and time again, some online platforms we trust with our private data use it against us. Data theft is a problem that can be mitigated with the integration of the decentralized distributed ledger technology called blockchain, and interestingly, the Oasis Network is using this technology to make the internet a safer place for us and our private data.
The Oasis Network
Privacy theft is a big deal, and the Oasis Network was designed to provide different solutions needed to help people keep their private data safe, even while enjoying the benefits of the internet. The Oasis Network consists of several components working together to ensure that unauthorized access to private data is reduced, and these components include the following:
Layer 1
This is a blockchain network that is decentralized, and comes with unique features like decentralization, versatility, scalability, and privacy priority. This blockchain network is further divided into two major structures:
ParaTime Layer
The name is coined from a combination of two words; “parallel” and “runtime”. This layer plays host to multiple runtimes in parallel, and each of them plays the role of replicating a shared but confidential compute ecosystem.
Consensus Layer
Scalability has been a big problem for many blockchain-based systems, but with this project, the consensus system provides a proof of stake (PoS) protocol whose functionality is dependent on the combination of validator network nodes that are not centralized. This gives the system its high throughput, as well as enhances its scalability.
One of the major reasons why the Oasis Network is a unique system lies in the way that it detects discrepancies when processes are performed, and it has proven to be more efficient and effective than some popular network systems. It maintains a high system of security, with fewer factors of replications.
Solution
As mentioned above, data privacy is important for several reasons, and there have been different problems as a result of data breaches and thefts, but it does not have to be that way forever. The Oasis Network has some workable solutions to promote the safety of private data, and these solutions include:
Privacy Priority
The solution is to ensure that user data can remain private at all times, and the Oasis Network has designed a system that involves the implementation of a Trusted Execution Environment (TEE), a security enhancement for digital data, as well as the functionalities of ParaTime layer and smart contracts. For the network, it is privacy first before any other thing, and using blockchain as the underlying technology, enhances confidentiality, which invariably makes it possible for private data to be used securely and privately on different applications with the Oasis Network, without fear of data theft. In the near future, the project intends to support more enhanced data security and privacy frameworks.
Scalability
This is another impressive solution that Oasis is providing. Many networks experience problems of low throughputs and slow speeds for transactions, and those are flaws that the Oasis project has corrected by separating the consensus and compute processes into the aforementioned layers (ParaTime and Consensus). With the separation comes the ability to process more transactions quicker, with the parallel runtime. The network does not have to suffer the shortcomings of parachains and sharding, because its system is more effective and efficient.
Versatility
Technology is dynamic, and it is always evolving. The Oasis project is a revolutionary solution provider with a design that considers newer blockchain-based applications. Having a versatile system opens a portal for the Oasis Network to get integrated into diverse use cases without deviating from its decentralized core, and consensus system.
Confidential computing is also part of the Oasis Network’s operations, and the network uses the open source ETH/WASI system. This ensures that even while an operation is being processed, the user’s data remains private and secure.
DeFi Use Case
Within a decade, the crypto community has witnessed the creation of different blockchain-based applications, and at the moment decentralized finance applications seem to be stealing the show, considering that DeFi has a lot more potential than traditional finance. Remember the idea is to ensure that users enjoy data privacy, and thus the Oasis Network was created to allow for the use of smart contracts for the confidentiality of data exchange and transfer. Low throughput, high transaction fees, under-collateralization, etc. are challenges that DeFi faces, but with the Oasis Network, these challenges can be a thing of the past, considering that scalability, data privacy and security, data tokenization, decentralization, and versatility can be integrated into DeFi apps, as well as the use of the ParaTime and Consensus layers to improve on throughput, transaction speed, and transaction fees.
Our private data is important and should be kept as private as possible, and thus we need to do all we can to ensure that it is as safe as possible. The Oasis Network has the perfect framework to help protect people’s data on the internet. The project seeks to project the development of what may be concerned as a privacy-prioritized decentralized digital network. It is a network that will evolve beyond just the crypto community and into a more inclusive system of visionaries and revolutionary innovations. The internet is a powerful tool and an interesting platform in the virtual world, but our private data should not make us vulnerable to bad actors lurking in the dark corners of the internet.
Useful links:
Website — Primer — Node tutorial — Blog — Twitter — Telegram — Slack