Oasis Protocol Inks Partnership with Meta to Facilitate AI Computing Applications
Coinspeaker
Oasis Protocol Inks Partnership with Meta to Facilitate AI Computing Applications
Blockchain startup, Oasis Protocol has announced a new alliance with the Artificial Intelligence (AI) unit of Meta Platforms Inc (NASDAQ: FB) with both geared to develop the capabilities and applications of AI computing. While the startup’s announcement showcases a high degree of positivity for the protocol, more details are notably on track to be unveiled sometime in the coming year.
We're extremely excited about @OasisLabs’ work with @Meta AI, leading secure computing in AI! https://t.co/qHsxsgC8Xg
— Oasis Foundation (@OasisProtocol) November 18, 2021
Oasis Protocol brandishes a privacy-enabled blockchain platform for open finance and a responsible data economy. As a Layer-1 blockchain network, Oasis permits anyone to build on its secure protocol, a venture funded through a dedicated grant that is accessible to developers.
With the increasing demand for innovative decentralized finance (DeFi) focused applications, Oasis has positioned itself as one of the goto outfits with adequate scalability that gives it the needed leverage to reach a mass market. Besides the high scalability that the protocol embodies, it enables the emergence of private smart contracts, and the ability to tokenize data. This arguably unlocks new use cases like private lending, undercollateralized loans, and private automated market makers all of which make its network offerings stand out.
Over time, there has been a limited interdependence of blockchain startups by the big tech, however, the ambitions of Meta Platforms Inc are notably changing the narrative. With blockchain platforms known as one of the most resilient pioneers of the metaverse movement, Meta (formerly Facebook) is now targeting partnerships it believes can be beneficial in its drive towards its ultimate end goal.
The Oasis technology is adjudged resilient and the outright focus on the data economy positions it at the forefront for game-changing applications that Meta is now looking to harness. The Oasis protocol is powered by the ROSE cryptocurrency.
Oasis Meta Partnership: Impact on Token
The big-name and identity Meta wields is enough fundamental that can drive an upsurge in the price of a digital asset, especially when the news of such a partnership as Meta inked with the tech giant. However, no remarkable bullish impact was witnessed in the case of the Oasis utility token, ROSE.
Despite the coin changing hands at $0.2821, up 18.59% at the time of writing, Reddit user, u/NorthWesternSamurai faulted the protocol’s tokenomics which prevented the apparently much-anticipated price gains.
According to the user, Oasis made the announcement just at a time when there is a schedule to double its circulating supply by unlocking additional tokens from the 10 billion total supply. This token release increased the market cap of the coin but bore no significant gains for investors, most of whom backed the coin early enough.
“So an announcement that should have sent ROSE to the moon and made lots of people money instead doubled their circulating supply AND their market cap while doing virtually nothing to the price after the unlock. A crap ton of people fomo’d at the top when it peaked at .36 and are left holding the bag (now sitting at .23). Think about this- people calling for 10x in anticipation for this announcement while ROSE was sitting at .18 are now in a project with double market cap and supply with barely any profits or worse at a big loss because of FOMO and a lack of DYOR,” the user said in a lengthy commentary.
While many consider innovative protocols like Oasis as a great investment opportunity, the Reddit user said with a disclaimer that investors who wanted quick gains must analyze the token vesting schedule before taking a position. Safe to say, the Oasis approach to releasing the coin following the announcement has saved the protocol from massive dump off per the potential upsurge that would have been recorded.
Oasis Protocol Inks Partnership with Meta to Facilitate AI Computing Applications