Blockchain technology often relies on immutable and transparent systems. This is by design, creating a perpetual distributed ledger that shows every transaction. While no names are natively attached to addresses, blockchain forensics becomes trivial once investigators identify a wallet’s owner. This reassures everyone participating that nothing untoward occurred in the background – but is complete transparency always necessary? After all, cryptocurrency often serves a purpose as a means of transaction outside the traditional banking system.
Privacy-oriented blockchains play a large role in the overall ecosystem, with Monero remaining the poster child. The dark undertow of the cryptocurrency sector relies on untraceable coins – but they also offer a legitimate layer of security for perfectly above-board businesses. Sensitive information may require a more secure chain, which is where the Oasis Network (ROSE) comes in. The Oasis Network and their native ROSE token focus on creating a safer, more independent DeFi market free from potential interference.
Transparency vs Privacy
One persistent belief among those outside the blockchain industry is that Bitcoin is somehow untraceable. Sprouting from BTC’s early uses and independence from traditional institutions, this demonstrably false belief occasionally harms actual efforts to expand Bitcoin’s influence. Verifiable, decentralized transparency ensures proper behavior among potentially competing entities.
In contrast, obfuscated blockchains may not offer the same level of cooperation – but they do protect user information, one way or another. Especially for those wary of government intrusion on the cryptocurrency industry. We are seeing the need for this privacy in real-time, as cryptocurrency plays an important role in the Russian invasion of Ukraine.
Oasis Network Build a Brand
As a relative newcomer to the market, the Oasis Network offers a privacy-focused approach to decentralized finance. For those wary of data harvesting, Oasis could represent a dynamic shift in investing – allowing users to invest without concerns of Coinbase reporting their income or Robinhood restricting trading at random times. As always, decentralization is key to expansion.
While still smaller than many of their competitors, Oasis’ unique approach could lead to greater success down the line. They’ve partnered with DappRadar to accelerate dApp creation within the Oasis ecosystem, as well as Binance Labs. These relatively high-profile partnerships suggest that the growing Oasis Network platform could perform well in the future – providing a more secure, safer method of investing in the DeFi market.