What is Oasis Network (ROSE) cryptocurrency and how does it work?

The Oasis Network, driven by its native ROSE token, operates on a proof-of-stake protocol, leading the charge in data privacy innovations. Meticulously crafted, its framework is tailored to cater to the demands of a privacy-centric ecosystem, all the while maintaining scalability and robust security measures. In the forthcoming sections, we'll explore what is Oasis Network, the mechanisms behind it, highlight its unique attributes and scrutinize the roadmap that charts its trajectory of expansion.

Key Takeaways

• Expansive Decentralized Finance (DeFi) Opportunities: with its robust throughput and fortified infrastructure, it expands the horizons for this domain, reshaping the landscape of open finance.
• Layered Infrastructure: leveraging its consensus and ParaTime layers, the project enhances scalability and flexibility, facilitating parallel processing and diverse application scenarios.
• Enhanced Data Security: the project ensures data confidentiality and facilitates secure smart contract execution.
• Dynamic Community Engagement: backed by a robust investor and supporter network, it cultivates a vibrant ecosystem with widespread global participation.

What is Oasis Network (ROSE)?

Powered by its ROSE token, the project emerges as a privacy-oriented and scalable Layer-1 blockchain solution. Combining swift transaction processing, nominal transaction costs, and a resilient architecture, it paves the way for the next phase of Web3 applications. Customized to cater to a wide range of concepts like DeFi, GameFi, NFTs, and the Metaverse, the network offers a versatile platform for decentralized initiatives.

At the core of the Oasis Network ecosystem resides the ROSE token, serving as its primary digital asset. Responsible for facilitating transactions, staking endeavors, and delegation activities, the ROSE token boasts several noteworthy characteristics:

• Limited Supply: maximum supply of 10 billion tokens.
• Staking and Delegation: Empowering token holders to engage in staking and delegation activities.
• Transaction Fees: ROSE serves as the currency for covering transaction fees across the network.

Interested parties can acquire the ROSE token through various exchanges, including reputable platforms like Binance or SimpleSwap.

Oasis Network (ROSE) price, supply and Market cap

How does Oasis Network work?  

Comprising two primary structural elements, namely the consensus and the parallel runtimes (ParaTime) layer, the network's architectural framework is explored further in the subsequent sections. Positioned as a leading blockchain platform prioritizing privacy in open finance and promoting a responsible data economy, this network lays the groundwork for progress. Bolstered by its impressive throughput and fortified architecture, the network emerges as a potent force driving private and scalable DeFi solutions. This revolution in open finance extends its reach beyond the confines of traders and early adopters, embracing a broader mass market audience.

PoS 

It adopts a Proof of Stake consensus model, departing from the traditional Proof of Work (PoW) system. In this arrangement, validators are chosen based on their possession of the internal asset, ROSE. Validators commit their ROSE tokens to stake, essentially locking them up to earn rewards, thereby bolstering the network's security. The amount of ROSE tokens staked by a validator directly impacts their chances of being selected to validate a block. Engaging in staking on the Oasis Network involves immobilizing one's ROSE tokens in return for rewards. This PoS mechanism enables to achieve the goals in an energy-friendly way, sidestepping the resource-intensive nature associated with PoW protocols.

Blockchain Oasis Network (ROSE) operates on

To understand what is ROSE crypto, one first needs to delve into the depths of its operations. The Consensus Layer operates as a scalable and secure algorithm, overseen by a decentralized network of validator nodes. Its primary role entails preserving the network's collective state and historical records.

On the other hand, the PT Layer supports multiple parallel runtimes, each serving as a duplicated computing environment with a shared state. This division of consensus and execution into separate layers augments scalability and flexibility. It allows for concurrent transaction processing across multiple PTs. This ensures that complex operations on one PT do not impede the efficiency of simpler transactions on others.

Furthermore, this layered framework simplifies the development of custom ParaTimes designed for specific applications. Whether it's for confidential computing, open committees, or any other purpose, developers have the freedom to create ParaTimes independently to fulfill specific requirements.

The Oasis Network's advanced discrepancy detection mechanism enhances efficiency, surpassing the performance of conventional sharding and parachain techniques. This streamlined approach necessitates a smaller replication factor for equivalent security levels. Furthermore, the network offers strong backing for confidential computing technologies.

In a confidential ParaTime setting, nodes are required to employ trusted execution environments (TEEs) as secure computing enclaves. TEEs serve as virtual secure compartments for executing smart contracts within confidential ParaTimes. Encrypted data and smart contracts are processed within the TEE, undergoing decryption, processing, and encryption before exiting. This thorough procedure guarantees optimal data confidentiality, safeguarding against any potential leaks to node operators or application developers.

What Makes Oasis Network Unique?

The project stands out due to its array of unique characteristics:

• Confidential Computing: built on a distinctive architecture, the network enables for security of sensitive information, mostly through confidential computing.
• Scalability: designed for high scalability, the network supports multiple parallel chains concurrently, enabling decentralized applications to handle significant transaction volumes.
• Tokenized Data: with the ability to tokenize data, it unlocks innovative use cases for blockchain.
• Privacy-First Blockchain: Being a prominent, scalable blockchain with privacy features, the Oasis Network enables users to share data securely while preserving complete confidentiality, all thanks to its privacy-centric ParaTimes.
• Private DeFi: it extends DeFi to a broader audience beyond early adopters, introducing unique privacy features and paving the way for a novel digital asset category known as Tokenized Data.
• Growing Community: With a flourishing community comprising active members across global social channels, ROSE continues to experience rapid growth and adoption.

History of Oasis Network

The inception marks a significant stride in blockchain evolution, originating from Oasis Labs, a pioneering data privacy entity established in 2018. The network's journey commenced with the debut of its Mainnet Beta on October 1, 2020, followed by the Final Mainnet launch on November 18, 2020.

Who created Oasis Network?

The project was created by Oasis Labs, which was in turn founded by Dawn Song, a professor of Computer Science at the University of Berkley. Comprising researchers, cybersecurity specialists, and privacy proponents, the Oasis team collaborates to develop a platform fostering a conscientious data ecosystem. The team boasts a global talent pool, drawing expertise from renowned institutions and esteemed organizations such as Apple, Google, Amazon, Goldman Sachs, UC Berkeley, Carnegie Mellon, Stanford, Harvard, and others.

Beginnings

Conceived by Dawn Song, a renowned figure in software research, applied cryptography, and advanced technical knowledge, the project took shape with the establishment of Oasis Labs in 2018. The inception of the Oasis Network was set to change the online landscape by introducing a novel paradigm, one that ensured genuine data privacy in a secure online environment. It sought to empower individuals to responsibly manage their data while offering the opportunity to derive monetary value from it.

Expansion

The private testnet for Oasis was initiated in 2018, followed by the public mainnet's inaugural launch on October 1, 2020. This milestone was achieved after undergoing rigorous audits, bug bounties, and various network enhancements. Subsequently, the Final Mainnet was activated on November 18, 2020.

Later Stages

Since its inception, the Oasis Network has seen substantial expansion in partnerships, community involvement, and ecosystem development. Supported by esteemed venture capital firms and investors like Andreessen Horowitz, Accel, and Binance, among others, the network has garnered significant backing. Notably, it hosts the most extensive University Program among Layer-1 blockchains, collaborating with over 25 leading university departments and communities.

As the Oasis Network progresses, it remains dedicated to advancing its technology and ecosystem through continuous development and updates. Firmly committed to its vision of fostering a responsible data society, the network endeavors to uphold its core principles while adapting to the evolving landscape of decentralized technologies.

The Major Stakeholders of Oasis Network

The Oasis Network is backed by respected VC firms and investors including Andreessen Horowitz, Accel, Binance, and many others.

How Is Oasis Network (ROSE) Different

To Oasis Network differs from other popular cryptocurrencies in several ways:

Oasis Network vs Ethereum (ETH)

Ethereum stands as a blockchain platform renowned for its support of smart contracts and its primary focus on decentralized application (dApp) development. In contrast, Oasis Network distinguishes itself by prioritizing confidential smart contracts, ensuring data privacy during processing. It introduces an Ethereum-compatible ParaTime, incorporating support for the Ethereum Virtual Machine (EVM), albeit with superior performance and reduced gas fees compared to Ethereum.

Oasis Network vs Litecoin (LTC)

Litecoin functions primarily as a digital currency, devoid of smart contract capabilities or privacy features. Conversely, Oasis Network prioritizes confidential smart contracts, striving to advance privacy standards within Web3. It boasts remarkable scalability and minimal gas fees, setting it apart from Litecoin's singular focus on digital currency transactions.

Oasis Network vs Ripple (XRP)

Ripple serves as a digital payment protocol facilitating swift, cost-effective international money transfers, predominantly catering to financial institutions as an alternative to SWIFT. In contrast, Oasis Network places emphasis on confidential smart contracts, aiming to elevate Web3 privacy standards to unprecedented levels. It offers resilient and customizable infrastructure for all Ethereum Virtual Machine (EVM) networks, tackling practical challenges within the crypto landscape. Oasis Network emerges as a pioneering force in dApp privacy, poised to redefine the crypto industry.

Advantages of Oasis Network

The Oasis Network presents several benefits:

• Enhanced Scalability: The network achieves remarkable scalability through the distinction between its Consensus Layer and Execution Layer, comprised of ParaTimes, allowing for efficient processing of transactions.
• Robust Privacy and Security: Despite user data monetization, the network maintains a strong emphasis on privacy and security measures.
• Confidential Smart Contracts: By implementing confidential smart contracts, the network ensures that only involved parties have access to the data collected within them, enhancing privacy.
• Swift Transaction Speeds: With its current capability of handling 1,000 transactions per second, the network offers rapid transaction processing.
• Diverse Dapp Capabilities: Each ParaTime is tailored to meet the specific requirements of different applications, enhancing the versatility of decentralized applications (Dapps).
• Cost-Effective Transactions: Compared to Ethereum, the network boasts significantly lower gas fees, making transactions more economical for users.

Disadvantages of Oasis Network

While the Oasis Network offers numerous benefits, it also faces certain drawbacks:

• Limited Marketing Exposure: The project lacks the extensive advertising efforts seen in its direct rivals, resulting in comparatively lower visibility.
• Limited Community Size: In contrast to competing networks, the Oasis Network community is relatively small, which may impact network engagement and collaboration.
• Intense Competition: The increasing number of blockchain platforms entering the market poses a potential threat to the long-term viability of blockchain technology, including the Oasis Network.

How Is The Oasis Network coin Secured? 

The Oasis Network's coin security hinges on a Proof-of-Stake (PoS) consensus mechanism, involving a decentralized network of validator nodes run by independent entities. To ensure the segregation of execution and consensus, the network utilizes fraud proofs.

Furthermore, it incorporates Trusted Execution Environment (TEE) technology, which serves as a virtual black box for executing smart contracts. Encrypted data, along with the smart contract, enters the TEE for decryption, processing, and subsequent encryption before exiting. This stringent process ensures data confidentiality and prevents any leakage to node operators or application developers.

The integration of PoS consensus, TEEs, and token staking collectively enhances the security and integrity of the Oasis Network. It's important to note that the effectiveness of these security measures hinges on the active engagement and ethical conduct of network participants.

Buying Oasis Network (ROSE)

After exploring the subject of what is ROSE coin, one might want to become an owner of the cryptocurrency. To do so, head to SimpleSwap and follow these instructions:

• For example, you want to swap BTC for ROSE. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
• Select ROSE in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
• Click the Exchange button.
• Enter the Recipient's Address. ROSE will be sent. Be careful and make sure you use the correct address.
• Create the exchange.
• You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ROSE exchange.

How to Stake Oasis Network (ROSE)

Staking Oasis Network’s ROSE token can be done with a simple algorithm of actions. Here’s a general overview:

• Create/Sign in to your Account: You need to have an account on a platform that supports ROSE staking. 
• Fund your Wallet: After creating your wallet, you need to fund it with ROSE tokens - simply send tokens to a wallet address of choice.
• Stake your ROSE Tokens: Once your wallet is funded, you can stake your ROSE tokens. This is usually done through a ‘Staking’ section of the wallet. You will need to enter the amount of ROSE you wish to delegate.
• Sign the Transaction: After entering the amount, you will need to sign the transaction. This finalizes the staking process.
• Staking your ROSE tokens contributes to the security and success of the Oasis Network. In return for staking your tokens, you can earn rewards. The ROSE token provides up to a 20% annualized staking reward.

Remember, staking involves risk and it’s important to understand the process fully before you stake your tokens. Always do your own research or consult with a financial advisor.

How to Mine Oasis Network (ROSE)

The Oasis Network (ROSE) operates on a Proof-of-Stake (PoS) protocol, distinguishing it from traditional blockchain networks like Bitcoin that rely on mining through hashing algorithms. In the Oasis Network, participants can acquire new coins by either staking their existing holdings on the network or by running a master node.

Oasis Network Roadmap

The Oasis Network has set forth an extensive roadmap for the years ahead, highlighting several key objectives:

• Enhanced Integration with Ethereum Ecosystem: The Oasis Network aims to deepen its integration with the Ethereum ecosystem and Metamask Snap, with a focus on enriching both developer and user experiences. This initiative seeks to streamline the process for Ethereum developers to utilize Oasis, capitalizing on its privacy and scalability capabilities.
• Augmented Runtime and Storage Performance: The network endeavors to fortify its security and resilience while enhancing runtime and storage performance. This involves refining the core blockchain protocol and introducing new features to enhance the efficiency of data storage and processing.
• Community Engagement and Innovation: The roadmap emphasizes the development, launch, and expansion of the Oasis platform, prioritizing community engagement, innovation, and sustainable growth. Initiatives such as grant programs and ecosystem funds are envisaged to empower community members to actively contribute to Oasis's evolution.
• Community Empowerment Initiatives: Various initiatives, including grant programs and ecosystem funds, are designed to empower community members to play an active role in Oasis's development. These endeavors aim to cultivate a dynamic and collaborative community around the Oasis Network, fostering participation and mutual cooperation. It's important to acknowledge that these plans are subject to potential revisions in the future.

Future of Oasis Network

The outlook for the Oasis appears bright, with numerous thrilling advancements on the horizon. The network has set forth an extensive roadmap for the years ahead, encompassing enhanced integration with the Ethereum ecosystem, bolstered runtime and storage capabilities, and a dedicated emphasis on fostering community engagement and innovation.

In terms of price predictions, different sources provide various forecasts. According to CoinCodex, the price of Oasis Network is predicted to reach $0.352012 by 2025 and $1.491542 by 2030. However, these are just predictions and the actual price can vary due to market volatility and other factors.

It’s important to note that investing in cryptocurrencies involves risk, and it’s recommended to do thorough research and consider seeking advice from financial professionals before making investment decisions. Overall, the Oasis Network is poised for significant growth and innovation in the coming years, driven by its unique features and strong community support.

The Bottom Line

In summary, now that we know what is Oasis crypto, anchored by its native ROSE token, stands out as a unique Layer 1 decentralized platform designed for open finance and promoting a responsible data economy. Its key features include a privacy-focused blockchain, impressive throughput, and a robust architecture. Structurally, it comprises the consensus layer and ParaTime layer, enabling scalability and versatility. With support for confidential computing and advanced discrepancy detection, the Oasis Network leads the way in decentralized finance and blockchain technology, offering innovative solutions for the future.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

FAQ

After reading this article, one might find themselves with a few questions. Here are some of most popular ones.

Is Oasis network legit?

Yes, the Oasis Network is a legitimate Layer 1 network. It has been listed on top cryptocurrency exchanges like Binance and SImpleSwap.

What is Oasis network used for?

The Oasis Network is used for open finance and a responsible data economy. It’s the first privacy-enabled blockchain platform that can power private, scalable DeFi. It’s designed to give users more control over their own data.

Is ROSE an AI coin?

The ROSE token is the native token of the Oasis Network. While the Oasis Network has used AI to generate unique NFTs, the ROSE token itself is not specifically an “AI coin.”

What does Oasis Network do?

It’s the first privacy-enabled blockchain platform for open finance and a responsible data economy. It combines high throughput and secure architecture to provide a next-generation foundation for Web3. It’s used to power private, scalable DeFi, revolutionizing Open Finance and expanding it beyond traders and early adopters to a mass market.