Hello UTU Trust Guardians!
Did you miss the AMA with Oasis Network held on February 17, 2021? Check out the full transcript below!
As you may have seen, we’ve partnered with Oasis to launch our trust infrastructure on the Oasis Network.
So we invited two Oasis team members Andrew Miller (Head of Marketing) and Jon Poole (Community Manager & Biz Dev) to discuss what the Oasis team is building and how we’ll work together. UTU CCO Mike Chan was the host.
Find out below about what Oasis Network is, how they’re tackling privacy in the blockchain space, and the exciting partnership that’s happening with UTU. Happy reading!
Q1: Jon and Andrew, could you briefly introduce yourselves and how you first got into blockchain and crypto?
A1: [Jon] Good morning everyone! I’m Jon Poole, Community Manager and Business Development for Oasis! I joined the Oasis team back in June 2018. My blockchain background comes from the private investor side, before shifting into CM & BD. I was introduced to Oasis, and the rest is history. When I understood what our CEO Dawn Song’s vision had in store for blockchain, like so many of our team, I had to be a part of it!
[Andrew] Hi folks, my name is Andrew Miller, I run marketing here at Oasis. I’ve been working in tech, mostly at early stage startups, for about 7 years now. I became interested in blockchain early on from a technology perspective. It’s ability to coordinate large, decentralized networks was fascinating to me, so I join Oasis about two years ago to help build, what we hope, will be the next generation layer-1 platform for DeFi!
Q2: What is the Oasis Network and how did it get started?
A2: [Andrew] Sure! So the Oasis Network is a privacy-enabled, Layer-1 blockchain for open, decentralized finance, and a responsible data marketplace. The network is scalable, versatile, and able to support new use cases in DeFi and Blockchain more broadly by leveraging it’s unique ParaTime architecture and support for end-to-end privacy of data.
The Oasis project was started in 2018 by UC Berkeley computer science professor Dawn Song. The project was originally funded by investors like a16z, Accel, Polychain Capital, and Binance Labs. The Oasis team now spans Europe, the US and Asia.
We recently launched our Mainnet last November and are hard at work on our first network upgrade later this quarter.
R2: [Mike] That’s awesome. We definitely share the same vision for privacy, which is why this partnership is perfect. We’ll get into that a little later.
Q3: What makes the Oasis Network’s architecture different from other Layer 1 blockchains and how are you different from your competitors?
A3: [Jon] The Oasis Architecture is something very unique and worth highlighting. At a high-level, the Oasis Network is a proof of stake, layer 1 protocol. It stands out from other networks by separating execution from consensus allowing it to have many, parallel execution environments (we call these ParaTimes) submitting transactions to the network simultaneously. This is primarily helpful in improving the scalability of the network as well as the adaptability of the network to serve a broad range of needs (for businesses, developers etc.)
The Oasis Network stands out from Competitors in three main ways:
- First Privacy-Enabled Blockchain: The Oasis Network is the world’s first scalable, privacy-enabled blockchain. ParaTimes on the Oasis Network can leverage confidential computing technology such as secure enclaves to keep data confidential — unlocking new use cases and applications for blockchain.
- Scalable, Private DeFi: The Oasis Network’s privacy-first design can expand DeFi beyond traders and early adopters — unlocking a new mainstream market. Plus its innovative scalability design brings fast speeds and high-throughput to DeFi transactions.
- First to Enable Data Tokenization: The Oasis Network can Tokenize Data, unlocking game changing use cases for blockchain, and an entirely new ecosystem of apps and projects on the network — powering the next generation of privacy-first applications.
R3: [Mike] Thanks for the in-depth overview! It’s clear you have a huge focus on privacy, and the Oasis Network is well known for its ability to keep data and smart contracts confidential.
Q4: How are applications using your privacy technology today?
A4: [Andrew] Yes, like John said one of the Network’s main capabilities is to support confidential smart contracts. We’ve recently announced major partnerships and projects being built on the network including a new privacy-first genome sequencing integration with Nebula Genomics where customers can own their genome data and a new CryptoSafe alliance with Binance to help combat crypto fraud. These two projects both leverage the Oasis Network’s privacy technology to give their users control and ownership of their data.
Here are links to each for more information:
We also recently announced a partnership with Google Cloud Platform to bring their Confidential VMs to the Oasis Platform. These powerful pieces of computing technology will help power privacy-first applications built on the Oasis platform using the Parcel SDK. You can read more here: https://medium.com/oasis-protocol-project/bringing-gcps-confidential-vms-to-oasis-parcel-95952df06937
R4: [Mike] WOW those are huge partnerships! Congrats! It’s cool to see that you’re partnering with companies inside and outside the crypto space. It just shows that your tech is needed everywhere, not just in crypto.
Q5: What role does Oasis play in DeFi and how can you help grow the DeFi ecosystem?
A5: [Jon] The Oasis Network is designed to support confidential smart contracts, allowing it to keep data private while being processed. By providing end-to-end data confidentiality on Blockchain, the Oasis Network unlocks new and exciting use cases in DeFi. From under-collateralized lending to preventing front/back running, the Oasis Network can help expand DeFi beyond traders and early adopters to a mainstream market.
The network’s cutting-edge scalable features can help unblock DeFi as it works today, fixing the high-transaction fees and slow throughput currently plaguing other Layer 1 networks. Combined, Oasis’ unique ability to provide scalable, private DeFi is expected to make it the leading platform for unlocking the next generation of DeFi markets and use cases.
R5: [Mike] I think everyone feels the pain of high fees and being front-run…
Q6: Can you tell us a bit about the Oasis-UTU partnership and the benefits it will bring to our networks?
A6: [Andrew] Yes! We’re very excited about the UTU partnership.
Your powerful trust infrastructure will be hugely beneficial for unlocking the most value out of DeFi. As John mentioned, in order to expand DeFi to a mainstream market, applications will need a bullet-proof trust oracle. This will help ensure that applications are able to measure individuals creditworthiness and evaluate their risk when providing financial services will be critical. What’s unique about combining UTU’s powerful trust solution and our privacy-preserving architecture, is that a user’s reputation data remains confidential and secure.
We see this really as just the beginning. We’re eager to investigate building out a cross-chain ecosystem to facilitate the movement of users’ trust data across multiple blockchains.
R6: [Mike] Yup, we are super excited for the partnership as well. We’ve always said that privacy should be a core feature, and not just a setting, so we are eager to work together with you guys to get our trust infra on your network.
At this point Mike opens the AMA for the entire group chat to ask their questions on the UTU Telegram .
Q7: How easy does the ROSE team see the integration from UTU? Was it a smooth and easy to handle process? And how high would you rank the “trust” aspect within a project? Is it a must have or do you see this as optional?
A7: [Andrew] We’re still in the early days of integrating, but I have no doubt that things will continue to go very smoothly. The UTU team has been wonderful to work with and we’re eager to develop this partnership further.
Trust is a big component for us. While the Oasis Network is an entirely open project, and anyone can integrate it, here at the foundation we try to prioritize working closely with projects that have a strong reputation and a high quality team.
A7: [Jon] I don’t feel any integration is technically “easy” as it is smooth and seamless. Our integration on the technical side is very sound or we wouldn’t have announced this partnership.
Q8: Which year and quarter are both teams excited about where you begin to foresee a scalable future and growing the ecosystem?
A8: [Jon] I would say that this year 2021 is a very exciting year for us at Oasis. We just launched our Mainnet on Nov 18, 2020 and after three years of building the platform the real building begins with ParaTimes!
Q9: When will the trust infrastructure be ready to use on the Oasis dapps?
A9: [Andrew] We’re still in the planning phases, so hold tight! We hope to announce more on timing soon 🙂
Q10: Without getting too in the weeds, can you explain how ParaTimes work and the benefits they bring?
A10: [Andrew] Great question, so ParaTimes are computation environments that connect to the core consensus layer of the Oasis Network. Since the Oasis Network is open & decentralized anyone can build a ParaTime and customize it to their own unique use case. ParaTime Operators then recruit nodes to operate their ParaTime.
So for example we have a ParaTime launching later this month built by Second State that is entirely backwards compatible with Ethereum.
Here is nice graphic that helps explain:
Q11: Does Oasis have or is working on a bridge to bring BTC and other assets to the platform?
A11: [Jon] I’m very excited about this! I can’t give an official release but we’re working on bridges to expand our token use cases!
Q12: What are the main criterias of a “trust score” and how much freedom does a project have to implement additional parameters?
A12: [Andrew] UTU will just deploy their trust infrastructure on Oasis, so any dev who builds a dapp on Oasis will be able to take UTU’s trust engine and tweak it to their liking to create a customizable trust algorithm for their specific use case.
Q13: How will you try to guarantee the individual aspect of trust when you use this trust oracle within a privacy focused project like ROSE? Will it limit the power from UTU or will it still be possible to make the correct links, so that there is still an individual rating of trust? For example: seeing the history of an address, interactions and connections around it.
A13: [Jon] I think it’s important to note that we’re not a privacy coin. The user himself is not hidden so much as the data inputs and outputs that are being used in computation are encrypted and private.
That’s the end of the AMA. We hope you enjoyed it and stay tuned for news about our next AMA!