Oasis Protocol Adds Shyft Network in Bid to Attract Institutions to DeFi

The Oasis Protocol, a public blockchain with an eye on creating a more private and scalable version of decentralized finance (DeFi), has partnered with the compliance-focused Shyft Network.

Announced Thursday, the partnership will deliver anti-money laundering (AML) strictures by leveraging elements of Shyft’s identity system and whitelisting of items/IP addresses, while also protecting users’ commercial and transactional data. There’s also a line to be walked on making DeFi compliant with the General Data Protection Regulation (GDPR), the companies said. 

Oasis Labs, creator of Oasis Protocol, raised some $45 million in a private token pre-sale in 2018, backed by Andreessen Horowitz, Binance, Pantera and others.

The Oasis mainnet, which went live in November, is a layer one blockchain that sets out to do the same sort of things as Ethereum, albeit in a way that is potentially more scalable. It also allows developers to run smart contracts that keep data private while allowing for machine-learning computation to run on that private data, according to Oasis Product Lead Luca Cosentino.

Privacy for Oasis means being able to decide what part of your application stays private and what part of your application stays public, he added.

For now, Oasis is about building bridges to the second-largest blockchain, as well as Ethereum-based DeFi apps including Uniswap, Chainlink, Balancer and Meter.