Nimiq’s Open Asset Swap Interaction Scheme (OASIS) is the blueprint that describes how to make off-chain assets such as USD, EUR, stock certificates, web domains and many more behave as if they were tokens on a blockchain.
Nimiq OASIS is an open technology. Everyone can use it and implement it. DEX’s looking to provide an easy way for users to buy and sell crypto for fiat. Developers creating OTC services and applications. DeFi projects interested in creating Crypto-Fiat On/Off Ramps.
The German bank, specialized in the emerging blockchain space, is the first party to integrate OASIS into their regulated banking infrastructure and currently provides an API to their Euro-HTLC implementation
Hashed Time-Lock Contracts are special smart contracts. They are executed if a certain condition is met or reverted if a certain time period elapses.
Atomic Swaps connect two HTLCs by making their execution dependent on each other.
With OASIS, Fiat HTLCs become possible. They enable direct Atomic Swaps between on-chain assets like BTC, ETH and NIM with fiats like EUR and USD. This way, crypto can be bought for fiat – decentralized, without KYC and almost instantanious. This is especially interesting for DEXs, and DeFi projects that want to provide these features for their users with low fees.
OASIS allows merchants to accept crypto, like NIM or BTC while receiving fiat like Euro directly to their bank account.
If a customer wishes to pay in crypto, the merchant requests a payment provider (like Nimiq FAST – coming soon) to set up the Nimiq OASIS Atomic Swap. The customer funds the crypto HTLC, releasing the crypto to the payment provider. The merchant is then able to claim the Euro and sends out the goods.
Nimiq OASIS is an almost universal concept able to exchange virtually any digital asset. Besides exchanging crypto for fiat, it can leverage and apply the advantages of blockchain technology to fiat/fiat exchanges. Imagine atomic swapping Euro for Dollar, Dollar for Yuan, Yuan for Rupee.
A remittances provider can request fiat HTLCs from two banks that have implemented Nimiq OASIS. Alice funds the HTLC provided by her bank and releases currency to the remittances provider. By doing so, Bob can claim the equivalent value in his currency, using the HTLC provided by his bank and funded by the remittances provider.
Nimiq OASIS solves a fundamental problem by providing an easy, low-fee way to buy and sell crypto using fiat money, (EUR/USD) without the need to setup accounts on crypto exchanges.
With Nimiq Oasis, a simple bank transfer results in a guaranteed corresponding crypto-delivery, directly into your wallet.
The more OASIS is used, the more NIM is used: Every time someone transacts via OASIS a 1% fee applies for the use of the OASIS API. For at least the first 24 months from its official launch, the collected fees are used to buy NIM off the market, which then are held by the Nimiq Foundation to increase scarcity and for the future benefit of the project.
The team put together useful resources and links to guide any implementation and integration. Reach out to us for assistance and other inquiries.
Get to know the OASIS API and learn how to integrate it.
Create you own service with the Fastspot API, a buying and selling solution powered by OASIS.
Play around with the OASIS API or test your integration in a safe sandbox environment.
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