November 24, 2021

What Does Oasis Protocol have to do with Facebook’s Metaverse?

By Joseph G Edwards

A deep dive into the blockchain project laying the foundation for the Metaverse.


Most people don’t know how valuable their online data is. It’s very common for internet users to simply click “Accept cookies” anytime they get a website prompt without bothering to read exactly what it entails. In the age of information technology, the online data of internet users is quite valuable and most people have so little control of how their data is used.

Personal online data can be copied, auctioned, and distributed between multiple parties and platforms. A single data piece might be used to fill ad algorithms, sold to data brokers, or simply sit on your device. This data is then assembled and saved on centralized systems that are subject to assault by malevolent third parties once it has been shared.

Imagine a world where you not only have complete control over your online private information, freely granting or denying access to it, but also where you may profit from your data by sharing it with businesses. This is what the Oasis Blockchain Network is all about.

What is the Oasis Blockchain?


Oasis is the first-ever scalable blockchain with privacy features designed for decentralized banking and an ethical, user-owned data economy. The Oasis Network is categorized by high processing rates and secure architecture which allows it to support private and scalable decentralized finance (DeFi) solutions. It can also radically improve open finance by bringing it to a wider audience beyond traders and early adopters.

 

The network’s unique privacy features have the potential to revolutionize DeFi. But the protocol also introduces a new type of digital asset known as Tokenized Data. This asset will give users full control of the data they generate while browsing online. Additionally, users can also receive compensation for staking it on certain decentralized apps (DApps), resulting in the first-ever reliable data economy.

 

Confidential computing keeps data secure during processing and prevents it from being reused without consent. This process provides a new type of digital asset that may be consumed according to certain rules in exchange for a fee or a value exchange. The Oasis Network can power the next generation of privacy-first services and enable a new data civilization with Tokenized Data.

 

The Oasis Blockchain network employs a revolutionary ParaTime Architecture that separates consensus (Consensus Layer) from computing (ParaTime Layer), allowing it to scale more easily and handle a wide range of specialized processing requirements. Oasis is more efficient than sharding and parachains, needing a smaller replication factor for the same level of security. All this is thanks to novel features like smart discrepancy detection.

Who’s behind Oasis?


Dawn Song, a professor at the University of California in Berkeley, launched Oasis Labs, the Oasis Network’s core developer, in 2018. To fund the initial development of the protocol, the development team raised $45 million from a16z crypto, Polychain Capital, and Binance Labs, among others.

 

The investments have certainly paid off, as Oasis Labs has stapled several deals and partnerships with multiple organizations. One of which is a division of Facebook.

Features of the Oasis Protocol

VERSATILITY

Even if it isn’t ideal for their use case, every DApp built on Ethereum (the most popular blockchain for building decentralized applications) must utilize the same runtime. A runtime is the environment in which an application is developed. A DAO’s (decentralized autonomous organization) optimum execution environment differs significantly from that of a DeFi application. Simply said, not every setting is appropriate for every use case, but currently, things are somewhat limited in the blockchain world.

 

As a result, Ethereum is quite restrictive when it comes to building DApps. Oasis, on the other hand, provides a greater choice of contexts to DApp developers thanks to ParaTimes, enhancing the computational layer’s adaptability. The Oasis network can handle many ParaTimes running in parallel, which means it can host a wide variety of apps and runtimes. Polkadot, which executes numerous Parachains simultaneously, is quite similar to this.

 

SCALABILITY

The Oasis network is able to scale in two ways: by separating the consensus layer from the application layer, and by using ParaTimes for parallel processing. Oasis is able to achieve large scalability advantages as a result of both, with 1000 transactions per second. It’s worth noting that Oasis is able to do so in part because of its small number of validators.

 

By creating multiple “environments” that DApps can function in, Oasis has opened itself up to numerous possibilities. While the Ethereum blockchain requires developers to use its own Ethereum Virtual Machine (EVM), Oasis is offering developers much more room to play.

 

EASILY UPGRADABLE

Both the consensus layer and the ParaTime layer can be upgraded quite simply, and do not require a hard fork. This means that the ecosystem can evolve at its own pace, making appropriate upgrades as needed. This is made possible by its modular design architecture, which allows sections to be replaced without affecting the entire system. The consensus mechanism of the consensus layer, for example, can be altered rather easily.

PRIVACY


Oasis Network is a privacy-first blockchain built from the ground up. The usage of secure computing technology on the ParaTime layer allows for complete privacy. Oasis uses a variety of different technologies to ensure privacy and security, but one of the most integral pieces is the use of trusted execution environments (TEEs).

 

A TEE is essentially software built into a server’s CPU that allows the processing of data without any possibility of snooping. This, combined with the power of blockchain and other security measures, makes Oasis an incredibly safe and secure environment.

Oasis and Facebook/Meta Integration


On November 18th, 2021, Oasis officially announced a collaboration with Meta AI, formerly known as Facebook AI. The collaboration was built on the foundation of a shared goal, to develop AI computing capabilities and applications for future applications (possibly the metaverse?).

 

Big tech has been relatively slow to adjust to the world of blockchain, but Meta Platforms Inc seems to be changing the narrative. Meta is now pursuing partnerships it feels will help it achieve its ultimate goal: the development of a metaverse. Blockchain is an excellent place to start, as multiple projects such as Decentraland have been building the groundwork for some time.

 

The technology Oasis offers is undoubtedly a major benefit to Meta. Its unwavering focus on the data economy industry is at the forefront of game-changing applications. The development of a metaverse is a complex undertaking, especially to the scale Meta has discussed. With that in mind, the Oasis partnership might just be one of many.

Conclusion

The potential of the Oasis Network is endless, limited only by the community’s vision. With the growing demand for new DeFi applications, Oasis has positioned itself as one of the go-to firms, with sufficient scalability to reach a mainstream market.

 

Aside from the protocol’s excellent scalability, it also enables the creation of private smart contracts and the ability to tokenize data. This potentially opens up new use cases like private lending, undercollateralized loans, and private automated market makers, all of which distinguish its network offerings from the rest of the crowd.

 

Despite the lack of an immediate price increase from Oasis’ partnership with Meta, all indications are positive for both platforms. Meta has had its fair share of privacy breach controversy. So collaborating with a network that promotes data privacy will do a world of good for their image. On the other hand, the Oasis network will greatly benefit from validation of one of the biggest brands on the planets.

 

Only time will tell where this partnership might take Oasis, but the blockchain world can certainly benefit from the increased exposure and validity big tech has to offer.