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HomeCrypto BasicsWhat Is Oasis Network (ROSE)?

What Is Oasis Network (ROSE)?

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Oasis is the top layer-1 blockchain network with privacy support and scalability. It provides a next-generation foundation for Web3 and will power DeFi, GameFi, NFTs, Metaverse, Data tokenization, and Data DAOs by combining high throughput, low gas fees, and secure architecture.

Oasis propels web3 forward, scaling and evolving it from infancy to maturity. Oasis recently announced the $235 million Ecosystem Fund, supported by top industry backers, to support projects expanding the network. Oasis Labs, a technical contributor to the ecosystem, has collaborated with Meta, BMW Group Genetica, and others to develop platforms and products that promote individual privacy protection, data governance, and responsible data use.

Oasis Network Features and Updates

Users can use Oasis Network to create DApps or DeFi platforms. One of the platform’s distinguishing features is the separation of consensus and execution into two layers, allowing multiple ParaTimes to run concurrently on the web for increased scalability and versatility. These are the two main architectural components:

  • The Consensus layer, managed by decentralized validator nodes, enables scalable, high-throughput, and secure proof-of-stake consensus. This layer has been kept simple and only handles the committee management operations of validators.
  • Many parallel runtimes, or ParaTimes, are hosted by the ParaTime layer. These independent ParaTimes allow for the incorporation of different runtimes for different needs.

This means that complex workloads performed on one ParaTime will not slow down the simpler and faster transactions performed on the other ParaTime. Furthermore, the ParaTime layer is completely decentralized, allowing anyone to develop their ParaTime in isolation. The network supports confidential smart contracts, which provide end-to-end confidentiality while processing data.

The Oasis network employs a novel system of discrepancy detection that outperforms sharding. By splitting the database into separate shards, sharding reduces network slowness and increases scalability. Furthermore, the platform’s data tokenization feature provides users with data monetization options.

The Oasis platform supports two first-party non-custodial wallets, one of which is an Oasis Wallet Web web wallet. The other type of wallet is a browser extension wallet called Oasis Wallet- Browser extension. These wallets seamlessly connect to the platform and enable users to hold, send, and receive ROSE tokens.

Furthermore, these wallets are completely open source, having been created by Oasis’ community developers. The wallets offer users a variety of features, such as viewing transaction history, managing multiple accounts, and generating new transactions. The wallets can switch between light and dark modes and receive staking rewards.

The indigenous token ROSE is a fixed-supply utility token on the Oasis platform. On the Oasis consensus layer, ROSE can be used to pay transaction fees, stake, and delegate. Stakers and delegators on the platform will be rewarded in ROSE tokens for their efforts in securing the network over time.

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Who Are the Founders of the Oasis Network?

The Oasis Team comprises world-class talent from Apple, Google, Amazon, Goldman Sachs, UC Berkeley, Carnegie Mellon, Stanford, Harvard, and other institutions. Most of the core engineering team has a Ph.D. and is dedicated to growing and expanding the Oasis Network’s impact. Dawn Song, a professor at the University of California, Berkeley, and one of the world’s foremost experts in computer security and trustworthy artificial intelligence, is the Founder of Oasis Labs, an active member of the Oasis Ecosystem, and one of the early contributors to the Oasis technology.

Furthermore, top VC firms and investors such as Andreessen Horowitz, Accel, Binance Labs, Polychain, Pantera, and many others have backed the project.

What Makes Oasis Network Unique?

Scalability

Because the Oasis Network is multi-layered, it is highly adaptable, scalable, and future-proof. The modular architecture divides consensus and smart contract execution into distinct layers, enabling developers to create low-cost privacy-focused dApps.

All smart contract execution occurs in the ParaTime Layer, which allows for creating dynamic compute environments, resulting in incredible network scalability. As security, scalability, and privacy technologies advance in the future, ParaTimes can evolve independently while maintaining consensus.

Privacy-Enabled

The Oasis Network is the world’s leading scalable, privacy-enabled blockchain, with its ParaTime layer providing developers with customizable confidentiality. The Oasis Network then uses its privacy-preserving technology to give users complete control over the confidentiality of their information.

With the Cipher ParaTime, developers can experience a true Web3 environment that prioritizes privacy and confidentiality. Cipher enables the creation of complex, confidential smart contracts, allowing users to control their data. Sapphire is the first EVM-compatible privacy-enabled ParaTime. Solidity developers can now transition to Web3 in a familiar environment using well-known tools and create Web3 dApps that are unique.

A Foundation for Web3

Oasis is working hard to establish itself as the Web3 world’s foundation. Privacy as a core value proposition gives way to other tenants required in the next iteration of the internet. Through its range of privacy-preserving technologies and robust blockchain platform, Oasis supports critical pillars such as a decentralized identity, a decentralized society, a responsible data economy, and data sovereignty.

How Many Oasis Network (ROSE) Tokens Are in Circulation?

Oasis Network ROSE has a current supply of 1.5 billion tokens, with a total supply of 10 billion ROSE.

Staking rewards of 2.3 billion tokens will be automatically distributed to stakers and delegators for securing the network over ten years. 

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How Is Oasis Network Secured?

The consensus layer consists of a proof-of-stake (Pos)-secured blockchain with a decentralized set of validator nodes run by independent nodes. Fraud proofs are used to secure the separation of execution and consensus.

Nodes on the Oasis Network’s Cipher ParaTime are required to use a type of secure computing technology known as a TEE (Trusted Execution Environment), which serves as a hypothetical black box for smart contract execution in a secure ParaTime.

Encrypted data enters the black box with the smart contract, which is decrypted, processed by the smart contract, and then encrypted before leaving the TEE. This procedure ensures that data is kept private and is never disclosed to the node operator or application developer.

How Can Crypto Investors Use Oasis Network (ROSE)?

ROSE is used at the Consensus Layer for transaction fees, staking, and delegation. Users can secure the Oasis blockchain and earn up to 20% APY by staking ROSE.

Where Can You Buy Oasis Network (ROSE)?

ROSE can be purchased on Binance, KuCoin, Gate.io, Coinlist, Bitfinex, and other exchanges.

FAQ 

Is Oasis Network a good investment? 

Many experts believe ROSE will rise in value in the future. However, it is important to remember that the crypto market is extremely volatile and that the prices of all tokens and coins can fall and rise.

Does Oasis Network have a future? 

Oasis Network (ROSE) is currently ranked 129th on CoinGecko.

Oasis Network (ROSE) is currently trading in the $0.0467 range. If the current trend continues, the price of ROSE could reach new highs soon.

Is Oasis Network a good cryptocurrency? 

For starters, it has a lot of room to grow at just under $0.06. Second, while it is still in its early stages, the Oasis Foundation is working on several other features that may draw more attention to the cryptocurrency, thereby increasing its price. Another feature is that, like bitcoin, it is capped, resulting in scarcity.

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