The Oasis Network is a Layer 1 decentralized blockchain network that focuses on scalability, privacy, and agility.
What is Oasis Network?
The Oasis Network, i.e., ROSE, is a privacy-focused layer 1 blockchain created with the Cosmos SDK for open finance and a responsible data economy. When Oasis’ Inter Blockchain Communication Protocol debuts, it will be able to connect with the Cosmos (ATOM)-enabled blockchain environment. Oasis seeks to power private, scalable DeFi and push it beyond merchants to the mainstream market by prioritizing use cases that improve data privacy and user anonymity.
By separating the contract settlement and consensus layers, Oasis provides fast throughput and secure architecture. Because of this layer separation, the blockchain may support different, customized runtimes (ParaTimes). Its design is similar to that of Avalanche or Polkadot in that it connects several blockchains inside a single ecosystem.
Oasis Network: roots and history
Researchers, security professionals, and privacy activists make up the Oasis team, which is trying to create a platform for a responsible data economy. The team comprises members with experience at Apple, Google, Amazon, Goldman Sachs, UC Berkeley, Carnegie Mellon, Stanford, Harvard, and many more companies.
According to the coinmarketcap website, Dawn Song launched Oasis Network (ROSE). Dawn Song is a professor at the University of California at Berkeley’s Department of Electrical Engineering and Computer Science. She has spent a lot of time researching and developing security and privacy technologies, especially in fields like cryptography, blockchain, and machine learning.
She has held leadership positions with high-growth security startups such as Ensighta Security and Menlo Security and has earned an Amazon Web Services Machine Learning Research Award for her work on “Protecting the Public Against AI-Generated Fakes.” Furthermore, the Network is funded by a number of well-known venture capital companies and investors, including Andreessen Horowitz, Accel, Binance Labs, and others.
How does Oasis Network work?
Its distinctive privacy features have the potential to not only revolutionize DeFi but also to establish a new kind of digital asset called Tokenized Data, which allows users to take ownership of their data and earn rewards for staking it with apps.
Since several parallel execution contexts can submit transactions to the Consensus Layer at the same time, i.e., ParaTimes, separating consensus from computing allows the Network to be incredibly fast. ParaTimes may also be readily modified according to the computing demands of certain network use cases thanks to the two different layers. This means that bigger, more complicated workloads may be performed in parallel with smaller, quicker transactions without causing the Network to slow down.
The Oasis Network (ROSE) is designed for scalability, low gas expenses, and token monetization. It also intends to improve privacy features to make it easier to utilize sensitive data in DeFi. Scalability is achieved by separating consensus and execution, allowing many ParaTimes to execute transactions in parallel while preventing simpler transactions from slowing down more complicated ones.
As a result, Oasis is free of gas battles. Anyone may create and build their own ParaTime, which can be open or closed depending on the developer’s demands because the ParaTime layer (the execution layer) is completely decentralized. This complex technique, according to Oasis, is more efficient than sharding and parachains since it requires a lower replication ratio.
Why choose Oasis Network?
The mission of the Oasis Foundation is to build a responsible data society. The idea behind it is to use a combination of advanced distributed ledger technologies to allow people more control over their own data. The public and freely accessible nature of tokenized data (whitepaper) is combined with safe computing environments in these technologies. The capacity to create a new type of cryptodata is the ultimate outcome.
The Oasis Network can enable new use-cases like under-collateralized loans, private dark pools, private automatic market makers, private stablecoins, private oracles, private payments, and more thanks to its unique ability to keep data discreet and private.
In addition, the Network includes broad support for secure computing technology. The Oasis Eth/WASI Runtime is an open-source example of a safe ParaTime that employs secure enclaves to keep data secret while processing. Several intriguing use cases have already been identified for the Network. Even when being compared, trade data is kept private due to Oasis’ secret computing technology. BMW is putting differential privacy to the test in its internal systems, keeping the accesses on an Oasis-run ledger.