Open source blockchain project Nimiq recently announced the launch of the Nimiq OASIS (Open Asset Swap Interaction Scheme) protocol. Together with German TEN31 bank, OASIS enables the direct exchange from bank to crypto via atomic swaps without custody.
Nimiq developed OASIS to provide Nimiq and BTC users with a secure and decentralized experience that enables them to buy and sell cryptocurrencies up to € 830.00 per month in their self-custody Nimiq wallet.
Who is Nimiq?
Based in Costa Rica in 2017, Nimiq provides an open source blockchain ecosystem for payments. Nimiq says his goal is to make cryptocurrency easy to use without compromising decentralization.
Nimiq does this by running its original blockchain and all applications right in the user’s browser, making Nimiq’s solutions as easy to use and accessible as the internet itself. Nimiq says its mission and goal is to be the most accessible and accessible To create censorship-resistant payment solutions in order to enable a barrier-free exchange of values for everyone.
“We started the Nimiq project to make cryptocurrencies accessible, usable and secure for everyone,” said Philipp von Styp-Rekowsky, Tech Lead and co-founder of Nimiq, in a press release.
“It was clear to us that there would be no mass market without a technology with which the new cryptocurrencies can easily be bought, sold or exchanged. With Nimiq OASIS we have now overcome this barrier. ”
This is how the technology works
An atomic swap is a smart contract technology that enables one blockchain asset to be exchanged for another without the use of centralized intermediaries such as exchanges. Atomic swaps use special hashed time-lock contracts (HTLCs) and usually take place directly between blockchains of different cryptocurrencies.
Nimiq has developed the world’s first HTLC for fiat money (EUR), which enables a completely unsecured exchange between fiat and crypto. According to Nimiq, OASIS users can buy and sell up to € 830.00 per month without registering or providing personal data. Nimiq charges a 1.25% per transaction fee to be the cheapest way to buy and sell crypto as well.
Nimiq OASIS is currently in Nimiq wallet for users in Europe, but the team plans to launch in Central America and other regions as soon as possible. “OASIS is a revolution in cryptocurrency trading,” said Matthias von Hauff, CEO of TEN31 Bank, in a press release. “With this project, we have come a big step closer to our goal of making trading in cryptocurrencies easy and offering all those involved real added value.”
Partners welcome: OASIS is an open technology
With the OASIS protocol, on the one hand, currencies such as euros, dollars or Swiss francs can be used programmatically like tokens on a blockchain. On the other hand, it creates the fastest, safest and most efficient way to buy, exchange and sell cryptocurrencies like Bitcoin.
In the B2B area, both decentralized exchanges and OTC services and applications – actually all decentralized financial services (DeFi) – can use the OASIS protocol to efficiently process transactions between fiat and crypto currencies.
Disclaimer: This is a paid post and should not be treated as news / advice.