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Not only fast, but also confidential: what is Oasis Network (ROSE)

In addition to the most common blockchain problems, some projects in the crypto industry are trying to solve other issues, such as on-chain data privacy. Such projects include Oasis Network, which this review will discuss.

What is Oasis Network?

Oasis Network is a decentralized Tier 1 blockchain network based on Proof-of-Stake (PoS) consensus with scalability, privacy, and versatility.

In this way, Oasis Network is no longer a typical Layer-1 solution to the problems associated with slow and expensive transactions. Still, it also provides data privacy in dealing with the decentralized finance (DeFi) marketplace.

The Oasis Network blockchain was created by Oasis Labs, a company founded in 2018. The founder of this company, Dog Song, characterized data as "the oil of the new age" and outlined the primary goal of the Oasis Network project — to create a technology that enables the use of data while maintaining its privacy.

How the Oasis Network works

The Oasis Network blockchain architecture is built on two layers:

  • consensus,
  • ParaTime.

The first layer provides scalability, high network throughput, and security and operates based on Proof-of-Stake consensus.

The second layer, ParaTime, hosts parallel runtime environments (ParaTimes). Each of them is a replicated environment for computation. The runtime environments also provide separation between the consensus and ParaTime levels. This approach allows the Oasis Network to process transactions in parallel.

Oasis Network is compatible with the Ethereum Virtual Machine (EVM) and supports the complete Solidity toolkit, allowing developers to create Ethereum-compatible decentralized applications.

The ParaTime layer is fully decentralized so that users can create their runtime environment for an individual application.

Oasis Network's error detection mechanism requires a lower replication factor, making it more efficient compared to the sharding used in Ethereum and the parachains implemented in the Polkadot blockchain.

The developers of the Oasis Network have created the first-ever execution environment that utilizes confidential smart contracts developed using Trusted Executed Environment (TEE) technology. The network itself supports open-source confidential computing technologies. According to the developers, the Oasis Network technology is already being used by major companies around the world, such as:

  • Binance,
  • Google,
  • BMW Group,
  • Ledger,
  • Bankex, and many others.

Ecosystem

Oasis Network has an impressive ecosystem that includes well-known DeFi protocols such as:

  • Balancer,
  • Cainlink,
  • Figment,
  • PlatON,
  • Ankr,
  • Torus,
  • Blockdaemon and others.

The list of partners is no less impressive, including Cambridge University, the Blockchain Society, the Australian National University, and the University of San Francisco.

The project has even launched its most extensive university blockchain program in the world, founded by 25 members, whose participants create decentralized applications (dApps) based on the Oasis Network, run validator nodes, and participate in network management.

Oasis Network cryptocurrency

ROSE is the native cryptocurrency of the Oasis Network, which is used to pay for network fees and staking rewards. ROSE has many uses in DeFi, from trading to liquidity mining to lending.

The maximum possible amount of ROSE is 10 billion, of which 6.7 billion are already traded on the market. The remaining tokens will be mined for at least the next six years. According to the official issue schedule, the current number of ROSE tokens was supposed to be mined only by 2025, but it happened a year earlier for some reason.

The capitalization of ROSE is $805 million, and by this indicator, the cryptocurrency ranks 80th on the list of CoinMarketCap. For two years after the launch of Oasis Network, the capitalization of the project has grown more than 2.5 times, but relative to the peak value of $1.98 billion, the figure has decreased by about 60%.

The ROSE token rate at the time of writing is $0.11, which is 80% lower than the historical peak of $0.59 recorded in January 2022. After reaching ATH, the ROSE rate began to fall rapidly, but since August 2022, the token price has more than doubled. ROSE is listed on major exchanges such as Binance, Coinbase, and ByBit.

What are the prospects for Oasis Network?

Given the support of big players like Binance and BMW and strong partners, Oasis Network definitely has prospects. However, we must also take into account the high competition of L1 blockchains, among which wildly succeeded:

  • Ethereum,
  • BNB Chain,
  • Solana,
  • Cardano,
  • Tron,
  • Polkadot.

Oasis Network stands out among similar blockchains by supporting technologies that ensure data privacy and decentralization, which may give this network an edge in the competitive race.

In addition, unlike many other digital assets, cryptocurrency has not grown much yet, so its growth potential is still relatively high. So far, the project team has not published the Oasis Network roadmap for 2024, so it is not clear in which direction the blockchain development will move. However, the developers are actively working on updates and following the outlined points of previously published roadmaps.

© BestChange.com – , updated 01/12/2024
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