OASIS NETWORK: TOKENIZING YOUR DATA WITHOUT KICKBACKS
Data is the new gold’ has become just another cliché to most users of the internet. And it’s not hard to understand their plight: they’ve nothing to show for the incredulous amount of data they possess. The real winners in the current arrangement are the big data companies that collect user data through nefarious channels and sell same at exorbitant fees to other companies that use such — the actual users remain irrelevant in the scheme of things.
This practice of skimming the data of users has created an untameable monster: users have grown paranoid about the intentions of truly sincere businesses that have no plans to short-change them.
It’s a real mess for whatever side of the divide you belong — no winners in sight. There’s the need for users to begin to reap the benefits of their digital footprints. How can this be achieved? Let’s find out!
How Oasis Network plans to help
The immutability of the blockchain has been established — every man and his dog is aware of its tamper-proof nature. But this technology can do better than its current privacy offering. To right the wrongs that are inherent in the blockchain, the Oasis Network is focused on putting users in the driving seat of their data.
With this blockchain API, users can trade-off their data for financial gain without losing sight of how it’s being used. The old era of being offered peanuts for your data is gone. The internet has impressed on us the value of our data, making it easier to take this bold step of demanding what’s rightfully ours.
Considering the immense transparency of everything on the blockchain, Oasis Network is dedicated to getting users some much-deserved privacy for their data. This way, it’s not available to every Dick and Harry with hideous intentions. The gains of such a move are tremendous. DeFi and a long list of sectors involved in safeguarding sensitive data about users can take the bold step towards embracing blockchain, making mass adoption a reality.
Considering the impact that this could have on the data economy, it’s stunning we had to wait till now.
The big question on the mind of many is: how is Oasis Network going to achieve this?
Reading their plans, you have to agree it’s a no-brainer. The blockchain network’s strategy entails deploying two layers — consensus and execution — in a division of labor sort of arrangements. And this works out perfectly as runtimes can be quite specific. With each runtime devoted to certain operations, congestions, that have become a norm on the Ethereum platform, are avoided. This makes the network appealing to more enterprises.
The Oasis Network drives the privacy of transactions and individual data through the use of Trusted Execution Environments (TEEs). The notable attribute of this approach is that everything remains encrypted, regardless of the state or position of the data. It’s an upgrade from the Hormorphic Encryption (HE) that only masks data in transit, and nothing else.
Final Thoughts
The future is bright for the data economy. Users get to dream of a time when they can trade their data without worrying about it getting into the wrong hands. If the Oasis Network plan goes as intended, we might have something to look forward to.
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