Oasis Network (token: ROSE) is the latest blockchain project to be called an “Ethereum killer”. It is similar to Ethereum, but has two key features that elevate it: built-in privacy and scalability.
In this guide, we will see what the Oasis Network is, how it works, what ROSE tokens are, and why ROSE is a good investment.
Over the years, many different blockchain projects have come up that have been dubbed “enemies or killers of Ethereum,” meaning they have the potential to replace the Ethereum network.
It is doubtful that the teams behind these projects are working with the intention of destroying Ethereum, but the term still persists, and Ethereum is still king.
What is the Oasis network?
Oasis Network (token: ROSE) is a Proof-of-Stake (PoS) blockchain network that is designed to function as a privacy-preserving platform for open finance and to use data responsibly.
Oasis is a base layer blockchain, like Ethereum or Bitcoin, but built from the ground up, with data confidentiality and performance gains of up to 1,000 transactions per second (TPS).
Arguably, the lack of privacy in blockchain is one of the biggest obstacles to adoption of the technology.
Oasis Network wants to bridge that gap as a privacy-focused blockchain protocol that supports a decentralized data economy and open finance.
It combines its unique privacy features with high performance and a secure architecture, making it ideal for powering private, scalable decentralized finance (DeFI) applications and expanding open finance beyond crypto traders and early adopters.
Confidentiality and scalability
Oasis Network can be used to create private smart contracts, which can maintain data privacy during processing by providing end-to-end data confidentiality.
The network is also highly scalable, easily overcoming the slow transaction times and high transaction fees that persist on many other networks.
The Oasis Network’s ability to create scalable private decentralized applications (DApps) is expected to promote data privacy and new use cases in private DeFi that could help expand DeFi and its products to the mainstream market.
Oasis Labs is the core developer behind the Oasis Network. The organization was founded in 2018 by Dawn Song, a professor in the Department of Electrical Engineering and Computer Science at the University of California, Berkeley.
The Oasis team is made up of top talent from around the world with experience at Google, Apple, Amazon, Carnegie Mellon, Harvard, Stanford and more, all committed to growing and expanding the impact of the Oasis Network.
How does it work
Oasis Network uses a PoS consensus algorithm, which uses random validator nodes that stake native tokens, in this case ROSE, to gain the privilege to validate new blocks and earn rewards.
The scalability of the Oasis Network is achieved by separating its computational and consensus operations into what it calls the consensus layer and the ParaTime layer. Let’s analyze that.
Consensus Layer – Hosts a highly scalable and secure consensus mechanism run by validating nodes. It is where the blocks are validated and added to the blockchain.
ParaTime Layer: ParaTimes are runtime environments that represent computing in a shared state. Anyone can develop and build their own ParaTime. Each ParaTime can be developed in isolation to meet the needs of a specific application.
Consensus and execution on the Oasis Network are separated by the two layers, allowing the network to process multiple transactions in parallel.
This way, resource-intensive computations processed in one ParaTime won’t bog down simpler, faster transactions processed in another.
Enhanced user privacy and confidentiality
Oasis also supports confidential ParaTimes that can be used to create confidential smart contracts. In a confidential ParaTime, the nodes must use a trusted execution environment (TEE) that acts as a secure enclave for the execution of smart contracts.
The encrypted data goes to the secure enclave (pictured above) along with the smart contract. This data is decrypted, processed through the smart contract, and then encrypted before being sent again.
This ensures that users’ private data remains secure and anonymous and cannot be viewed by the node operator or smart contract developer.
Data privacy at this level unlocks a range of new use cases on the blockchain by allowing personal or sensitive data, such as bank statements, health information, and social security numbers, to be used securely by applications built In the net.
This potential is something that is not certain on current blockchains like Ethereum or Bitcoin.
Privacy-enabled computing combined with the blockchain enables the creation of a digital asset that Oasis Labs calls tokenized data.
The blockchain allows users and developers to record and enforce usage policies with high integrity. Confidential computing ensures that data remains private and cannot be reused without permission.
On-network data providers can earn rewards using their tokenized data by sharing their data with apps, while maintaining full control over how the services they use consume their private information.
Oasis ecosystem powered by its community
Oasis Network is cultivating an ecosystem consisting of node operators, DApp developers, universities, and more. It has launched a grant program to encourage developers to create new ones.
DApps, DeFi protocols, products and integrations that put privacy at the top of the network to foster growth. Applicants are eligible to receive between $5K and $50K in ROSE tokens, depending on the scope of each project.
Oasis Network also has the largest university program of any layer 1 blockchain , with 25 top-tier university departments spread across five continents. Program members build applications, run nodes, and more.
Participating college student organizations include Tsinghua University Digital Finance Student Association, Blockchain at Berkeley, and more.
What are ROSE tokens?
Pie chart showing the token distribution for ROSE. Image Source: Docs, Oasis.dev
ROSE is the native token of the Oasis Network, which was launched in November 2020. It is used to pay transaction fees, consensus layer delegation, and validating node participation.
The total supply of ROSE tokens is capped at 10 billion. Approximately 1.5 billion tokens were launched during the mainnet launch and added to the circulating supply. As of December 2021, just over 3.4 billion ROSE tokens were in circulation.
ROSE stake out
Oasis Network has set aside 2.3 billion ROSE tokens to be used as staking rewards for delegators and participants, who secure the network.
Tokens earmarked for staking rewards will be disbursed according to the network’s mining mechanism.
How to save ROSE tokens
Oasis Network has a web wallet that it touts as the best way to store and stake ROSE tokens. It offers an elegant user interface for fast ROSE token transactions, with strong security protocols and mnemonic-based authentication to protect your wallet balance.
Oasis Web Wallet is the easiest way to stake ROSE. Token holders can choose to contribute to the network by staking their assets, earning up to 20% in staking rewards. The wallet also has a Chrome extension with all the main features of the main web wallet.
Is ROSE a good investment?
ROSE may be a new entry to the crypto market, but it managed to secure a position among the top 100 cryptocurrencies by market cap. Its value went from $0.03 during its launch in November 2020 to more than $0.20 just a year later.
No one can say with absolute certainty what ROSE’s valuation will be a year from now, but the Oasis team is working on creating many new features for the network, as well as driving growth and adoption.
At the time of writing this article, it is worth $0.2382, has a market capitalization of $831,254,724 and a 24-hour trading volume of $73,158,711.
Regular updates, support from institutional investors, and the talent of the core development team all bode well for the future of ROSE tokens as an investment.
In short, Oasis Network is a promising proof-of-stake blockchain project with three key features: privacy, scalability, and versatility.
It’s like a mix of Polkadot and Ethereum, but with built-in privacy features that could unlock imaginative new use cases for DeFi applications as well as tokenized data.
With its emphasis on a responsible data economy, confidential computing technology, and confidential smart contracts, the potential of the Oasis network seems limitless and is definitely a project worth keeping an eye on.
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