Conflux Network and Oasis Foundation to Enable Private Data Ownership for Participants
Conflux Network, the only state-endorsed public blockchain project in China, has announced its plan to integrate with the Oasis Protocol Foundation, a privacy-enabled blockchain platform, to provide more efficient KYC methods for Conflux Network participants.
As a regulatory compliant, layer-1 blockchain protocol dedicated to unifying the DeFi space through incubation and innovation, Conflux is uniquely positioned to facilitate Oasis’s expansion into China-based marketplaces. Together, Conflux and Oasis will create scalable, secure, and extensible global opportunities for both security-based Web3 applications and explore cross-chain developments.
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With its privacy-preserving architecture, and “privacy first” ethos, the Oasis Network enables the separation of public and private data, resulting in a user-controlled web where users oversee permissions for their private data. Most importantly, private data remains private even when shared, allowing applications to access that data in a secure means.
KYC methods are becoming increasingly mandatory for a wide variety of blockchain projects, mostly due to governmental and regulatory protocols. With this in mind, projects, such as Conflux, want to ensure its users’ personal and confidential information is as secure as possible. Through the utilization of Oasis’ privacy-preserving architecture, Conflux Network participants, both existing and new, can have peace of mind that their KYC information is being stored on the architecture of one of the leading privacy-enabled blockchain platforms.
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“Given the transparent nature of public, permissionless blockchain networks, it is vital to ensure trust for all users from the moment they agree to participate in the network. KYC methods have consistently been under ridicule by market participants, who have succumbed to personal data hacks of all natures,” said Eden Dhaliwal, Managing Director Conflux Network. “Conflux’s plan to leverage Oasis’ privacy-preserving technology reassures our users that data safety is a top priority.
Conflux and Oasis’s KYC solutions may take the form of privacy-preserving fraud detection protocols that can be built on DeFi applications and crypto ramps. Conflux’s technology allows for increased privacy solutions without sacrificing functionality, especially when it comes to trading platforms and data marketplaces.
“The process in which websites, and networks, collect and manage their users’ personal information is quite frankly, archaic, and does not represent the innovation that web development has undergone in recent years,” said Luca Cosentino, DeFi Product Lead at Oasis Network. “By joining forces and leveraging each other’s technology and market knowledge, Conflux and Oasis have the potential to not only influence the restructuring of KYC methods on blockchain networks, but also influence the web development community to put user privacy above all else.”
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