Oasis Network

What is the Oasis Network (ROSE)?

ROSE is the native utility and governance token for privacy-enabled layer 1 blockchain known as Oasis network. Oasis is known as one of the largest venture capital firms in the world. It offers scalable and decentralized solutions for Web3 development. The focus is on providing secure DeFi solutions through smart contracts.

The Oasis network is known for its unique architecture, consisting of two key components: consensus level and ParaTime level. It offers scalability and versatility without compromising network security. His EVM compatible, allowing developers to run Ethereum-based smart contracts on Oasis. The most current statistics on the ROSE price can be seen in the chart above.

Who founded the Oasis network?

Oasis Labs was founded in 2018 Song of Dawn, Professor of Computer Science at the University of California, Berkeley. She is considered an expert in computer security and deep learning. Song has conducted research in the areas of blockchain, cryptoeconomics, and decentralized finance (DeFi). She is the CEO of Oasis Labs.

Over the years, the Oasis ecosystem has received endorsements and financial support from world-renowned companies and venture capitalists, including Binance Labs and Polychain. In addition, Oasis Network team members have previous technical and academic experience at institutions such as Harvard, Stanford, and FAANG companies.

The ROSE coin was officially released in November 2020.. At that time, the price per Oasis network token was around $0.03–$0.04. Although the value remained low during the first three months, the token experienced increasing volatility.

The goal of the Oasis project is carve out a niche for scalable DeFi solutions in the crypto space. Many blockchains, such as Ethereum, face scalability issues as more data is logged on the chain. The Oasis Network crypto architecture was designed to address these issues without compromising data security or integrity.

The asset passed its first significant breakpoint in February 2021, when the ROSE price exceeded $0.10 for the first time and peaked above $0.20. It went through a period of decline in the summer and then rose again in the fall. During its first year on the market, the asset saw its best performance in October 2021, almost reaching $0.30.

During its second year in the market, Oasis Network demonstrated sensitivity to general market trends. In November 2021, following Bitcoin’s significant rise to nearly $70,000, the price of ROSE topped $0.30. 2022 started strong, reaching $0.596 in the first days of January. From this point on there were frequent fluctuations.

How does the Oasis network work?

Oasis Network deflationary asset the maximum number of tokens of which is limited to 10 billion ROSE. The back supply is released gradually and only 1.5 billion tokens were available after the mainnet launch. As circulating supply becomes increasingly tight, Oasis Network’s price is expected to rise.

The network consists of two architectural layers – the consensus layer and the ParaTime layer (short for parallel execution time). This blockchain architecture provides scalability and versatility without the need splinter net. Transactions can be completed faster without facing security issues.

Consensus level This is where the blockchain is verified. It is completely decentralized and controlled by validator nodes. The Oasis Network token is primarily needed at the consensus level. Main uses of the ROSE token: payment of commissions for transactions, placement of bets and their delegation.

Layer ParaTime is an alternative to using parachains. According to the Oasis team, the ParaTime layer is more scalable and efficient than the sharding technology used by parachains because it allows more transactions to be processed in parallel. The ParaTime layer consists of three key types of ParaTimes:

• ParaTime code
• Emerald ParaTime
• Parcel ParaTime

ParaTime code provides smart contracts that emphasize privacy. It offers privacy-focused solutions that decentralized exchange (DEX) developers need. Cipher ParaTime users are offered faster, lower-cost cryptocurrency transfers on the Oasis network for a transaction fee.

Emerald ParaTime fully compatible with Ethereum Virtual Machine (EVM). This ParaTime is suitable for Solidity developers and offers solutions to increase transaction throughput.

Parcel ParaTime Responsible for data storage and management processes. It is used, like private blockchains, by various enterprises to ensure data security. Developers can also use Parcel ParaTime to create fungible and non-fungible tokens (NFTs) by tokenizing data.

The Oasis network also offered a unique way processing non-fungible tokens by backing them with data, such as audiovisual files or bank records. The value of such NFTs will be directly related to the value of the data stored within them. According to the Oasis team, storing data in this way will promote privacy and ownership of personal data.

The protocol describes ParaTimes as completely agnostic, allowing any user to create their own ParaTime. They ensure that the blockchain is decentralized and private. The network is also compatible with the Ethereum Virtual Machine, allowing developers to work on a wider range of smart contracts and crypto assets.

Using its unique infrastructure, the Oasis network aims to offer faster transactions with lower fees. According to the team, Oasis can process up to 1000 transactions per second.making it significantly faster than Ethereum.

Overall, the Oasis network supports numerous on- and off-chain projects, including NFTs, DeFi applications, decentralized games, metaverse technology, tokens, and even a grant program for students and developers.

Staking plays an important role in the Oasis ecosystem. 2.3 billion ROSE tokens are automatically distributed to be paid out as staking rewards to both network validators and delegators. The Oasis network itself uses Proof of Stake (PoS) consensus algorithm to ensure blockchain security.

The Oasis protocol defines specific criteria for interested parties who want to become validators. The consensus committee can have 120 validators who you must place a bet of at least 100 ROSE to become eligible to participate. Validators are selected based on how much weight their staking has in the network as a whole.

Each validator selected to participate in the consensus committee cannot have more than one favorite node at a time. Delegators can also delegate their staked assets to their chosen validators. When participating in a consensus committee, voting rights depend on the amount of the bet.

Validators who signed at least 75% of blocks for era are entitled to receive rewards for bets. The reward price on the Oasis network varies from 2% to 20% depending on how long the tokens have been staked on the chain. Users who double sign transaction data are penalized by the network, which cuts 100 ROSE and freezes the node.