Oasis Network is a smart contract platform for open finance that focuses on privacy and was built with the Cosmos SDK. The project prioritizes apps and use cases that improve data privacy and user confidentiality. It intends to accomplish this by isolating its consensus layer from its contract execution layer while providing a built-in interface that connects the two for privacy-preserving computation. The consensus layer functions as a hub that employs a Proof-of-Stake (PoS) technique to protect the network and obtain consensus on transaction validity. The execution layer consists of various parallel runtimes (called ParaTimes) that connect to the consensus layer for particular processing needs.
Dawn Song, the project's founder, initiated the development of the Oasis Network. Song came up with a new way for data to be kept private and secure online. In such a system, people would have full control over their data and use it responsibly, while also having the option to make money from it.
After this project idea came up, Dawn finally started Oasis Labs in 2018. This is where the main work for developing the Oasis Network project was done. Throughout the development of the project, Dawn emphasized that a crucial aspect of Oasis' aim was to develop technologies that could utilize user data in a manner that protected their privacy.
Lack of Privacy - The Oasis Network wants to solve some important problems in the market today. First, the protocol tackles one of the primary flaws of DeFi, namely its lack of privacy. The protocol addresses privacy problems in a number of ways. Developers have introduced smart contracts as one of the most effective techniques. Congestion - Another key issue that keeps affecting the DeFi sector is network congestion. Early DeFi networks like Ethereum still have high fees and slow transactions due to the way they were built. The Oasis Network provides enhanced scalability, low latency, and lower fees by isolating execution from consensus. Data Control - In today's market, your information is valuable. Platforms such as Facebook acquire your personal data and sell it to the highest bidder. In exchange, you have less privacy and a slightly more personalized experience. The Oasis Network gives regular users back control with Tokenized Data.
The scalability of Oasis Network is made possible by splitting its consensus and computing operations into the Consensus layer and the ParaTime layer. Let's look at how that works.
Consensus Layer: Hosts a safe and highly scalable consensus mechanism that is run by validator nodes. It is the place where blocks are verified and added to the blockchain.
ParaTime Layer: ParaTimes are runtime environments that explain computations in a common state. Anyone can design and create their own ParaTime. Each ParaTime can be created independently to satisfy the requirements of a particular application.
The cryptocurrency ROSE is used to power the Oasis Protocol's layer one blockchain, which seeks to be scalable while also protecting user anonymity. The Oasis Protocol makes it easier to complete transactions quickly and set up private smart contracts. The Oasis Protocol's proof of stake blockchain is certified by staking ROSE tokens, which are used to pay transaction fees.
Oasis Network has set aside 2.3 billion ROSE tokens as staking rewards for stakers and delegators who are responsible for securing the network. These tokens will be given to network participants who help make the Oasis Protocol more secure.
Oasis also makes it possible for private smart contracts to be made in secret ParaTimes.
ROSE tokens can also be traded on various cryptocurrency exchanges. Experienced swing and arbitrage traders with experience can profit from price changes.
DATE NEWS/EVENTS IMPACT 11/01/2022 Oasis Network's ROSE increases after the launch of YuzuSwap +58% Increase 17/11/2021 The Oasis Foundation has launched a $160M development fund +77% Increase
Oasis Network is a promising proof-of-stake blockchain project with three main aspects: privacy, scalability, and versatility. It's like a hybrid of Polkadot and Ethereum, but with built-in privacy characteristics that could open up new possibilities for DeFi apps and tokenized data. With its focus on a responsible data economy, confidential computing technologies, and secret smart contracts, the potential of the Oasis network appears to be boundless, and it is undoubtedly a project worth monitoring.
Oasis Network