The first privacy-focused Layer-1 blockchain protocol, Oasis Network may increase more blockchain adoption from enterprises. Learn more with our “What Is Oasis Network?” guide.  Covered: What Is Oasis Network? How Does Oasis Network Work? Partners & Team Tokenomics What Is Oasis Network? One of the most significant barriers to blockchain technology adoption is the lack […] The post What Is Oasis Network? appeared first on CryptosRus.

What Is Oasis Network?

The first privacy-focused Layer-1 blockchain protocol, Oasis Network may increase more blockchain adoption from enterprises. Learn more with our “What Is Oasis Network?” guide. 

Covered:

  • What Is Oasis Network?
  • How Does Oasis Network Work?
  • Partners & Team
  • Tokenomics

What Is Oasis Network?

One of the most significant barriers to blockchain technology adoption is the lack of privacy. However, the Oasis Network aims to solve that by being the first privacy-enabled Layer-1 blockchain focused on open finance, a responsible data economy, and Web3. In addition to privacy, the Oasis Network can also provide scalability and versatility with its two architectural component layers design. 

By separating the execution and consensus layers, the Oasis Network fulfills its promises while maintaining fast transaction time. Its architecture is similar to that of Avalanche or Polkadot in that it connects multiple blockchains inside a single ecosystem.

Furthermore, the Oasis Network may be used to create private smart contracts that provide end-to-end data secrecy, ensuring data privacy while processing. Its features, along with privacy-focused, make it suitable for powering scalable decentralized finance (DeFi) applications while possibly extending open finance beyond cryptocurrency. 

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How Does Oasis Network Work?

As mentioned above, the Oasis Network has two architectural components, the Consensus Layer and the ParaTime Layer.

 

The Consensus Layer uses the Proof-of-Stake consensus algorithm run by a decentralized set of validator nodes. The validator nodes stake the native token, ROSE, in exchange for validating new blocks and collecting rewards.

The ParaTime Layer hosts runtime environments (ParaTimes) that express computation in a common state. Each ParaTime can be developed in isolation to meet the application’s specific needs and is entirely decentralized. There are currently three types of ParaTimes built by the Oasis team on the network:

  • Emerald ParaTime: This EVM compatible ParaTime was built to solve the problem of high fees and low throughput.
  • Cipher ParaTime: This confidential smart contract ParaTime allows high throughput, instant finality, low fees and includes privacy-preserving features.
  • Parcel ParaTime: This ParaTime enables “governance, confidential computation, and private analysis of data.”

The two layers are run separately, allowing multiple ParaTimes to process transactions without slowlying down the Consensus Layer. Furthermore, the network has broad support for confidential computing technology allowing data to be kept private while processing. 

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Partners & Team

The Oasis Network has impressive partnerships with established companies such as Meta AI (Formerly Facebook AI), Google Cloud Platform, and BMW Group. Oasis is working with these companies to integrate their confidential computing product into their systems. Chainlink is another partner that is integrating their oracle into the Oasis Network.

The Oasis Labs is the core developer team behind the Oasis Network. 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 comprises top talented individuals with backgrounds from Google, Apple, and Amazon. Jernej Kos is the current Director with an extensive engineering background and had co-founded the Institute for Development of Advanced Applied systems before joining Oasis Labs. Tadej Janez is the lead engineer with extensive computer science and mathematics background. Lastly, Borivoj Kos is the Director of Operations with over 30 years of experience leading public administration and legal framework. 

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Tokenomics

As mentioned, ROSE is the native token of the Oasis Network. It has a capped supply of 10 billion tokens. It is a utility token used for staking and delegating on the Oasis Consensus Layer and transaction fees in the ParaTime Layer. 

The token is distributed as follows:

  • 23.5% Staking Rewards
  • 23% Backers
  • 20% Core Contributors
  • 18.5% Community & Ecosystem
  • 10% Foundation Endowment
  • 5% Strategic Partners & Reserve

Concerns:

Oasis Network is a promising project with great partnerships. The biggest concern is that they are not well-known and widely adopted blockchain protocols. They have also talked about supporting NFTs and Web3. However, most of their current live projects are focused on DeFi. Regardless, their technology is sound, so this might be a project worth keeping an eye on.

Where To Buy ROSE?

You can purchase ROSE through KuCoin exchange, similar to buying another cryptocurrency. You can either place a market buy or a limit buy. With a limit buy, you determine the price you are willing to pay, and your order gets filled once the token price reaches your limit price. If you want to get your hands on the token quickly, you can place a market order, where you agree to pay the current price and have your order filled almost immediately. If you are interested in purchasing ROSE, you can do so by visiting KuCoin, Gate.io, or Binance.US

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