The Oasis Network was launched at the end of 2020 with the promise of introducing the crypto community to the next generation of blockchain technology that focuses heavily on security and privacy.
The project has already partnered with some global corporations such as BMW Group and Binance and received funding from top investment firms. Thanks to its thriving community, strong developer team, and an array of unique features, Oasis has a lot of potential in the long term.
This article will dive into the Oasis Network to reveal the details behind this up-and-coming project that’s looking to take on the leading layer-1 blockchains.
The Oasis Network proof-of-stake (PoS) layer-1 blockchain is optimized for high-security transactions using unique features such as tokenized data, scalable DeFi, and parallel Smart Contract layers.
The network’s features and transaction speeds (TPS) in excess of 1,000 per second make Oasis a potentially revolutionary blockchain that could compete with the big layer-1 players such as Ethereum (ETH) and Cardano (ADA).
The high level of confidentiality is one of the cornerstones of the Oasis Network, and it’s achieved through its private smart contract building platform. The private smart contracts are built using end-to-end data that can’t be accessed by anyone outside of the parties involved.
Essentially the platform makes it possible to build private dApps, potentially creating a market of private DeFi applications that, if successful, would revolutionize the field and drive a tremendous amount of traffic towards the Oasis blockchain.
By combining blockchain tech with the confidentially driven approach of Oasis, the developers have tokenized user data on the network. As a result, users can profit from providing their data for on and off-chain analysis by tokenizing data.
Ownership of data through tokenization is a massive theme in web 3.0 projects. The web3.0 community believes that large corporations such as Meta and Google are stealing from internet users by not rewarding them for their data.
In the true spirit of crypto and decentralization, the Oasis project is being built by a flourishing community that ranges from dApp developers to universities. The community runs nodes, develops new use cases, and creates privacy protocols within the ecosystem. Furthermore, the Oasis Network has a grants system that distributes funds in the form of ROSE tokens to promising projects.
As you can see, the Oasis Network is a seriously ambitious project; some of its features are simply improvements on already existing layer-1 capabilities, such as higher TPS; but it also has several unique features, including:
ParaTime: this feature allows network users to build custom-made private protocols for their dApps while preventing the congestion of the primary blockchain layer.
Scalable DeFi: the project’s developers claim that by creating the first privacy-focused DeFi platform Oasis has opened the door to a more secure DeFi market that can be scaled quickly by users.
Upgraded NFTs: the next generation of NFTs will secure their value directly from the data contained in the NFT; this will make NFTs more dynamic by allowing them to store more complex data such as financial records and medical data. If Oasis gets a head start on the next generation of NFTs, expect big things from this project.
According to CoinGecko, the total supply of ROSE coins is 408,665,849, and the Oasis developers have stated that the maximum supply is capped at 10 billion.
According to Oasis.dev, the ROSE tokens are distributed as follows: 23.5% staking rewards, 23% backers, 20% core contributors, 18.5% community & ecosystem, 10% foundation endowment and 5% strategic partners and reserve.
The Oasis Network’s team is made up of people from big tech companies such as Amazon and Apple, along with graduates from Ivy league universities such as Stanford and Harvard. Oasis Labs was founded by Dawn Song, a computer security expert from the University of California, Berkeley, with support from dozens of engineers with PhDs.
Much of the funding for the project has come from top VC firms and investors, including Binance Labs, Polychain, and Andreessen Horowitz.
The Oasis Network has taken a unique approach to keeping the blockchain secure by incorporating two layers.
The Consensus Layer is a highly scalable network that uses a proof-of-stake (PoS) consensus system managed by decentralized nodes that process transactions for ROSE rewards.
The ParaTime Layer is made up of parallel chains known as ParaTimes, which can be built to fit the specific requirements of dApps and reduce pressure on the consensus layer and therefore preventing a slow down in TPS.
To secure the network, nodes are required to stake ROSE; if they verify transactions correctly, they’re rewarded with ROSE tokens; however, if they are caught trying to cheat the system, their staked ROSE will be slashed.
Swapping any other crypto for ROSE through Swapzone is extremely easy and ensures that you pay minimal transaction fees by comparing 15+ exchange providers. Follow these simple steps to swap ROSE:
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There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
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