Oasis Protocol Foundation furthering their aim of bringing DeFi to the masses in a new partnership with KnitFinance!
Still, in the business of bringing in DeFi to the masses, Oasis has a new partnership with Knit finance. Knit Finance is a unique decentralized protocol that facilitates the “wrapping” of traditional and crypto-assets with smart contracts and insurance so they are tradeable across multiple chains, bridges, and real-world markets with yield farming, lending, trading, and margin services through smart contracts. Knit bridges multiple non-Ethereum blockchains, allowing both crypto and real-world assets to move across these chains as wrapped tokens
While Oasis network on the other hand is a privacy-enabling blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Protocol is able to power private, scalable DeFi, revolutionizing Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi, but also create a new type of digital asset called Tokenized Data that can enable users to take control of the data they generate and earn rewards for staking it with applications — creating the first-ever responsible data economy
They both share the same vision, which is to open Defi to the masses and unlock potentially trillions of dollars in assets.
Making cross-chain transactions efficient and scalable
The Oasis Network ecosystem is a decentralized Layer 1 blockchain solution that is uniquely scalable, versatile, efficient, and data privacy-focused.
The network consists of two main architectural components:
- The Consensus Layer
The consensus layer is a scalable, secure proof-of-stake consensus with a high throughput, which is operated by a decentralized set of validation nodes.
- ParaTime Layer
The ParaTime layer hosts many parallel runtimes (ParaTimes), which are separate computing environments that can be designed with different aims. The consensus and paratime layers work in parallel and can reach up to 1000 transactions per second, per paratime.
Here are what you may consider as Benefits of the ecosystem:
The unique and special scalability of the Oasis network is achieved through the independent consensus and paratime layers and offers faster transaction speeds and higher throughput than other comparable networks.
The Oasis network has also developed the first confidential and encrypted ParaTime, Cipher, which will support secure smart contracts. These smart contracts are able to run a computation on transactions in a privacy-preserving way, meaning no one can ever see the details of the transaction. This among many use cases prevents common problems existing in DeFi like bots front-running transactions, or Miners extracting value (MEV).
The architecture of the Oasis Network helps to improve the range of applications that can be built on blockchain technology. With each ParaTime being a separate development environment they can be further developed and improved in isolation to meet the needs of a particular application for optimal development.
How do we bring DeFi to the masses?
The Knit Finance protocol bridges multiple real-world and Crypto markets to allow convenient cross-chain asset fluidity based on insured custody. Its aim is to free DeFi from the constraints imposed by the lack of blockchain asset interoperability, thereby freeing up trillions of dollars in assets that cannot now be leveraged in DeFi services. Knit believes that true DeFi is possible only with the free movement of assets across blockchains.
Knit Finance also enables real-world assets, including stocks, gold, and fiat currencies, to be brought into the DeFi ecosystem. By offering these capabilities to banks and crypto newcomers, Knit hopes to further accelerate the transition from centralized to decentralized financial services
This partnership will deliver all-market bridges to ensure comfortable cross-chain fluidity of assets and allow institutions, developers, farmers, and traders to tap into trusted custody to mint Knit’s K-Tokens.