Tidal Insurance Set To Go Live On The Oasis Network

Monday 12 April 2021, 3:00 PM AEST - 1 month ago

In a recent post, The Oasis Foundation – which sprung from the roots of Oasis Labs, the team behind the Oasis Network – stated that DeFi insurance provider Tidal Finance will be bringing their services to the Oasis Network.

As a company known for providing a selection of pools with risk assessments, Tidal Finance allows investors to hedge their bets depending on how much risk they are willing to take.

More Security For Investors?

The aim of implementing insurance policies on a DeFi network is to protect investors who, although interested in DeFi, may dither due to the relative immaturity of the decentralized business sector. Although DeFi is attracting more and more investors – with over $100 billion worth of assets locked into DeFi ventures – certain issues in the not-so-distant past may still give prudent investors reasons to look elsewhere.

According to the blog post, Tidal Finance will be providing cross-chain insurance for Oasis customers. In return, Tidal Finance will be able to expand the scope of their activity, taking advantage of the confidential smart contracts that are one of the major selling points of the Oasis network.

This integration will go beyond just providing insurance capabilities. The Oasis Network’s unique ability to keep smart contracts and their data confidential, will also allow Tidal to explore expanding their claims process to include anonymous, democratized voting on claims processing with their community. In short, their community could vote on whether a particular claim should be approved in a privacy-preserving manner.

Oasis Protocol Foundation

Confidential smart contracts also have uses outside of the financial sector. For example, a hypothetical medical establishment allowing payment in cryptocurrencies could receive payments this way, ensuring the relationship between the doctor and the patient remains confidential – a cornerstone of medicine ever since the Hippocratic Oath was put to paper.

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