Oasis Labs, a privacy-centric cloud computing developer powered by blockchain has entered into the partnership with Binance, a crypto exchange giant. This partnership has been formed to fight against different frauds that are there in the crypto space. On August 27, Binance announced Oasis as its inaugural member and primary infrastructure provider for CryptoSafe.
Oasis Confidential Smart Contracts will be used for decentralized CryptoSafe
The partnership would see smart contracts that will be used to build the decentralized CryptoSafe platform. This platform has been designed to share the data related to threat intelligence with different crypto exchanges. To make this possible, the platform will be powered by the Oasis network blockchain.
The main aim of developing this platform is to enable collaborative fraud detection. Along with this, it will also ensure that data of all the exchanges which are involved will be kept confidential and completely private. The foremost function of this platform will be to facilitate private intelligence sharing. After this, it will also offer a real-time fraud analysis which will help to fight against crypto hacks, laundering, and theft.
CZ Binance urges crypto industry representatives to join the alliance
Changpeng Zhao, the CEO of Binance, also called CZ Binance has urged the representatives of the crypto industry to join the CryptoSafe alliance. Through this, the platform will be able to give better security to the global crypto community. During the launch of the platform, the exchanges will be able to share intelligence related transactions on Bitcoin, Eos blockchain, Tron, and Ethereum. By the end of this year, it will also extend support to additional networks as well. This is going to be a great launch for both the firms and the crypto community as crypto frauds are increasing rapidly from the past few years. CipherTrace, a crypto forensics firm has revealed that in the first five months of 2020, crypto frauds were around $1.36 billion.