What is Oasis Network? All You Need to Know About ROSE

As we navigate the digital landscape, the demand for scalable and versatile Layer 1 networks becomes essential. They offer a backbone for decentralized applications, providing speed, efficiency, and a myriad of use cases. Security is equally important, forming the bedrock of trust for countless transactions. However, most networks lack a critical element: privacy. In an era where data is the new gold, privacy-focused solutions become the holy grail, as they empower individuals with control over their own information. These attributes form a nexus point, heralding the birth of a revolutionary platform.

Offering scalability, versatility, unmatched security, and an enhanced privacy focus, we arrive at a game-changer in the blockchain space. This is the Oasis Network, the Layer 1 network designed with the future in mind, securing privacy as a fundamental human right, all while delivering superior performance and utility.

What is Oasis Network (ROSE)?

The Oasis Network was designed to revolutionize blockchain technology. Its genesis can be traced back to Oasis Labs, a data privacy company founded in 2018 by a group of top-notch researchers and professionals, including Dr. Dawn Song, a professor of computer science at the University of California, Berkeley.

The Oasis Network’s mainnet beta launched in November 2020, ushering in a new era of scalability, versatility, and privacy-focused blockchain. The network’s unique two-layer structure, the Consensus and ParaTime layers, were the fruit of years of meticulous research and development. This structure allowed the network to offer greater transaction speeds, increased scalability, and most importantly, unprecedented user data privacy.

In 2021, the Oasis Network extended its utility by introducing the Parcel SDK, a development kit designed to provide developers with easy-to-use tools for building privacy-first applications.

Since then, the Oasis Network has seen a rapid expansion of its ecosystem, with a growing community of developers, users, and projects. Its vision for a responsible data economy and its robust privacy features have placed it as a forerunner in the evolving blockchain landscape.

How does Oasis Network Work? Consensus Layer and ParaTime Layer

The Oasis Network’s architecture is built around a groundbreaking two-layer design, one of those layers being the Consensus Layer. This layer plays a crucial role in ensuring the integrity and security of the network.

The Consensus Layer, based on the Tendermint BFT consensus protocol, operates using a proof-of-stake consensus mechanism, which aids in promoting decentralization and providing security against different types of attacks. Validators in this layer are incentivized to act honestly, as they are required to stake their own tokens (ROSE) which can be slashed in case of malicious actions.

What makes the Consensus Layer truly unique is its design to be agnostic to the details of the ParaTime Layer, the other key layer in the Oasis Network. This separation allows the Consensus Layer to focus on securing the network’s blockchain and maintaining a decentralized and up-to-date record of all verified transactions, while the ParaTime Layer manages the computation and execution of the smart contracts.

The Consensus Layer also plays a pivotal role in maintaining the privacy of the Oasis Network. By separating consensus and computation, it ensures that the validators on the Consensus Layer do not have direct access to the data in the transactions they are validating, thus further enhancing the privacy protections the Oasis Network offers.

In essence, the Consensus Layer is the backbone of the Oasis Network’s operations, providing robust security, scalability, and essential privacy functionalities.

As already mentioned, the ParaTime Layer is the second key layer in the innovative dual-layer architecture of the Oasis Network, playing an essential role in the network’s operation.

The ParaTime Layer is where the magic happens, so to speak. This is where all the computation and execution of smart contracts takes place. What sets the Oasis Network apart from others is that this layer can host multiple ParaTimes, or parallel runtimes, simultaneously. Each ParaTime can be designed with different features and characteristics, allowing for a range of services from confidential and privacy-preserving computation to powerful, high-performance computing.

This design delivers extreme versatility. Different applications can run in different ParaTimes, each tailored to the application’s needs. Some ParaTimes, for example, can be designed for specific applications that require high levels of data privacy, while others can be built for applications needing high throughput or general-purpose computation.

Moreover, each ParaTime is responsible for its own governance and can set its rules and fees. This empowers a robust ecosystem of decentralized applications (dApps), each having the flexibility to function optimally within its own environment.

The ParaTime Layer’s capacity to host multiple runtimes, coupled with its versatility and scalability, makes it a powerful tool for developers. These characteristics enable the Oasis Network to serve as a platform for a new generation of privacy-first, high-performance applications in open finance and the broader data economy.

Source: Oasis Network

Oasis Network Use Cases

Oasis Network’s secure, scalable design caters to diverse use cases. It enables privacy-protective data sharing in healthcare and business, underpins confidential DeFi transactions, facilitates verifiable digital identities for governments, and supports privacy-preserving machine learning. Its efficiency also makes it suitable for gaming platforms.

Some of the most promising use cases include:

• Data privacy and security: Oasis Network can be used to create a new class of applications that utilize data in a privacy-preserving manner. Its architecture provides confidentiality and integrity, enabling applications to use private data without exposing it.
• Scalable finance applications: The Oasis Network is designed to support high-performance, scalable decentralized finance applications. It combines privacy and scalability, allowing for new types of DeFi applications that integrate personal data and keep it confidential.
• Resilient networks for decentralized systems: Oasis Network is built to support resilience and prevent interference among transactions, making it a solid foundation for building a variety of decentralized applications and systems. It ensures transactions are processed correctly and securely.

What is the ROSE Coin?

ROSE is the primary token for the Oasis Network’s blockchain. Its maximum supply is capped at 10 billion units, of which 5.7 (57%) are already in circulation (June 2023). The ROSE token, as for many other PoS blockchains, is essential for securing the network, supporting the Oasis Network consensus protocol, and enabling token holders to participate in governance decisions. The design aims to balance long-term stability with the agility needed to adapt and evolve with the blockchain ecosystem.

The ROSE tokens are distributed as follows:

• Backers (23%): Tokens were sold to early supporters before the mainnet launch.
• Core Contributors (20%): These tokens serve as a form of compensation to key contributors who have played a significant role in developing the Oasis Network.
• Foundation Endowment (10%): This fund is provided to the Oasis Foundation to promote ongoing development.
• Community and Ecosystem (18.5%): These funds are allocated to programs and services designed to engage and incentivize the Oasis Network community.
• Strategic Partners and Reserve (5%): These funds are dedicated to programs and services offered by crucial strategic partners within the Oasis Network.
• Staking Rewards (23.5%): These rewards are distributed on-chain to participants who stake and delegate their tokens, thereby contributing to the security and stability of the Oasis Network.

Source: oasisprotocol.org

As mentioned, the consensus layer is a proof-of-stake (Pos)-secured blockchain with a set of validator nodes. There are only 120 validators based on stake weight, with a minimum stake of 100 tokens per entity. Staking rewards range between 2-20%, depending on staking duration, requiring at least 75% block signatures per epoch. Consensus voting power is stake-weighted, with a 14-day unbinding period.

Oasis Network Technology

Oasis Network boasts an innovative design incorporating various technologies: Oasis Privacy Layer, Sapphire, Emerald, and Cipher. Each contributes uniquely to the system’s high performance and robust privacy features.

The Oasis Privacy Layer is the network’s core, offering unparalleled privacy protections. By creating a secure environment, it allows data to be processed confidentially and efficiently, keeping sensitive information under wraps while enabling its utility. This scalable architecture allows for secure and private computations, opening up a multitude of possibilities in the data-driven economy.

Sapphire serves as a vital part of the Oasis Network, acting as a runtime environment specifically designed for building privacy-preserving Decentralized Applications (DApps). It empowers developers with the ability to create applications that are both data confidentiality and privacy-focused. Sapphire achieves this by utilizing secure enclaves, allowing for the execution of intricate computations in a manner that ensures the preservation of data privacy. It provides a critical resource to developers by giving them a secure and privacy-focused platform, thereby encouraging the creation of more privacy-centric applications.

Emerald is another key component of the Oasis Network, designed to facilitate the seamless and efficient management of assets within the network. Providing features such as balances, transfers, and multisig accounts, it allows users to interact with the Oasis Network in a user-friendly manner. This service’s primary purpose is to enable developers to build sophisticated applications that can securely and efficiently manage digital assets, thereby expanding the use cases and enhancing the functionality of the Oasis Network. Emerald has brought Ethereum compatibility to the Oasis Network, expanding its potential for diverse application development.

Cipher provides a confidential and permissionless platform that enables privacy-preserving smart contracts. This unique aspect of Cipher ensures data privacy while executing code on the blockchain. Cipher’s distinctive feature is its support for confidential and privacy-preserving DeFi, opening a new avenue for secure and private transactions and contracts. This technology pushes the boundary of what’s possible in DeFi, adding another dimension to Oasis Network’s offering.

Oasis Network Ecosystem

The Oasis Network has a vibrant ecosystem consisting of numerous projects and strategic partnerships. Some of these are:

1. Oasis Web Wallet: The Oasis Web Wallet provides a secure and user-friendly interface for managing ROSE tokens. This browser-based wallet allows users to make transactions, stake tokens, and monitor account balances, making it a fundamental tool for interacting with the Oasis Network.
2. Collaboration with BMW: Oasis Network has partnered with BMW to explore privacy-centric applications in mobility. Using Oasis’ confidential computing capabilities, BMW aims to generate meaningful insights from data while preserving user privacy. The collaboration seeks to enhance data security and privacy in the automotive industry.
3. Oasis Network and Chainlink: Oasis Network has integrated Chainlink as its go-to oracle solution, providing secure and reliable access to off-chain data resources for its smart contracts. This integration empowers developers building on Oasis Network to leverage Chainlink’s decentralized network of data providers, enhancing the capabilities and reliability of applications built on the Oasis Network.

These examples illustrate the growing ecosystem surrounding Oasis Network, highlighting its potential for robust collaborations, advanced utilities, and a strong commitment to privacy, scalability, and versatility in the blockchain space.

Is Oasis Network a Good Investment?

Oasis Network presents itself as an innovative project in the blockchain industry with its unique focus on privacy-preserving smart contracts and scalable architecture. These features could potentially attract significant adoption from industries like decentralized finance (DeFi) and data analytics that require secure, high-performance computing. Moreover, partnerships with significant players like BMW and Chainlink could boost its credibility and adoption.

One potential area for improvement could be the network’s decentralization. As of now, Oasis Network supports 120 validators, which, while not insignificant, may benefit from further expansion. Increasing the number of nodes would potentially improve network security and resilience, enhancing trust in the network.

It is important to remember that blockchain investments, like all investments, come with risk, and due diligence is key when considering such opportunities. Investors should always conduct thorough research and consider their risk tolerance before making investment decisions.

How to Own ROSE?

To own ROSE, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy ROSE.

News on Oasis Network

As announced in June 2023, Oasis Network’s list of strategic partnerships has expanded to include Celer Network. This collaboration aims to enhance Oasis Sapphire’s interoperability features by utilizing Celer’s advanced layer-2 scaling technology. The partnership will enable the development of a message-passing bridge that is set to enhance cross-chain interactions and improve the user experience in the Oasis ecosystem. With Celer’s proven technology, users can expect faster and more efficient transactions, even during periods of high network congestion. This cooperation between Oasis and Celer emphasizes both networks’ dedication to improving scalability, performance, and interconnectivity in the blockchain space, promising further growth and innovation within their respective ecosystems.

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