What is Oasis Network
Oasis Labs, the core developer of the Oasis Network, was founded in 2018 by University of California at Berkeley professor Dawn Song.
Dawn is an distinguished researcher in the areas of software, networking, distributed systems, applied cryptography, blockchains, smart contracts, and machine learning.
Dawn is a respected thought leader in computer security and is credited for the following achievements:
AMiner Award — for being the most cited scholar in computer security;
Amazon Web Services Machine Learning Research Awards — for her work in ‘Protecting the Public Against AI-Generated Fakes’;
Numerous awards, including a Sloan Fellowship, an NSF CAREER Award, the IBM Faculty Award, a Guggenheim fellowship, and a MacArthur Foundation Fellowship;
A serial entrepreneur with senior roles at high growth security firms including Ensighta Security (acquired by FireEye Inc.) and Menlo Security.
The development team raised $45 million from a16z crypto, Polychain Capital, and Binance Labs, among others, to support initial protocol development.
Oasis Network is a privacy-focused smart contract platform for open finance built using the Cosmos SDK. The project prioritizes applications and use-cases that promote data privacy and user confidentiality. Since Oasis uses the Cosmos SDK, it will eventually be able to connect to the broader ecosystem of Cosmos-enabled chains (called zones) once the IBC (Inter Blockchain Communication) Protocol launches.
The Oasis Network is a Layer 1 decentralized blockchain network designed to be uniquely scalable, privacy-first and versatile.
The Network has two main architectural components, the Consensus Layer and the ParaTime Layer.
1. The Consensus Layer is a scalable, high-throughput, secure, proof-of-stake consensus run by a decentralized set of validator nodes.
2. The ParaTime Layer hosts many parallel runtimes (ParaTimes), each representing a replicated compute environment with shared state.
Technology Highlights
• Separates consensus and execution into two layers — the Consensus Layer and The ParaTime Layer — for better scalability and increased versatility.
• Separation of consensus and execution allows multiple ParaTimes to process transactions in parallel, meaning complex workloads processed on one ParaTime won’t slow down faster, simpler transactions on another.
• The ParaTime Layer is entirely decentralized, allowing anyone to develop and build their own ParaTime. Each ParaTime can be developed in isolation to meet the needs of a specific application, such as confidential compute, open or closed committees, and more.
• The network’s sophisticated discrepancy detection makes Oasis more efficient than sharding and parachains — requiring a smaller replication factor for the same level of security.
• The network has broad support for confidential computing technology. The Oasis Eth/WASI Runtime is an open source example of a confidential ParaTime that uses secure enclaves to keep data private while being processed.
What is a Consensus-layer. Responsible for the consensus, i.e. block seal validity, and fork choice rule. The Merge enables PoS consensus driven by the beacon chain hence this layer is represented by modified beacon chain client.
Oasis’ privacy features create a new type of digital asset called ‘Tokenized Data’ that can enable users to take control of the data they generate and earn rewards for staking it with applications — creating an incentivized data economy. By supporting confidential smart contracts, data is kept private while being processed. This provides end-to-end data confidentiality on the blockchain, unlocking potential DeFi use-cases such as under-collateralized lending and prevention of front/back running.
Some conclusions
The Oasis Network (ROSE) combines a programmable blockchain, confidential computing technology, and a custom-built cryptocurrency. The network is unique in many ways. Primarily, the developers put an emphasis on privacy protocols and the introduction of Paratimes.
The Oasis Network enables DeFi developers to build more robust applications because they can better control sensitive information. In this way, the platform seeks to empower developers to create a robust ecosystem of next-gen DeFi and Web 3.0 protocols.
The Oasis Network wants to solve some pressing issues in the market today. For one, the protocol addresses one of the main drawbacks of DeFi, a lack of privacy. The protocol alleviates privacy concerns in a variety of different ways. One of the most effective methods introduced by developers is confidential smart contracts.
Another major concern that continues to plague the DeFi sector is network congestion. Early DeFi networks like Ethereum continue to experience high fees and slow transactions due to their technical structure. The Oasis Network provides more scalability, low latency, and lower fees, by separating execution from consensus.
The network introduces a second layer called ParaTimes to make this process possible. Notably, Paratimes can process transactions in parallel which improves the network’s transaction throughput further. As such, The Oasis Network’s approach is more efficient than other methods in use today such as sharding.
In today’s market, your data is valuable. Platforms such as Facebook siphon off of your personal data and sell it to the highest bidder. In exchange, you receive less privacy with a slightly customized user experience. The Oasis Network puts regular users back in control with Tokenized Data.
This new type of digital asset enables you to control all of the data you generate. You can then choose what to do with this information. For example, you can sell your data on the marketplace to firms seeking out this information. You can also monetize your data via staking protocols and more. In this way, the Oasis Network flips the traditional business model on its head and accomplishes its goal to help regular users gain more from their Web 3.0 experience.
There are many benefits that Oasis Network users gain. For one, the network is ideally suited to handle complex processes and heavy workloads. These capabilities provide the network with an excellent selection of use cases. They also improve its future upgradability.
Efficient design the network’s unique system of discrepancy detection make Oasis more efficient than sharding and parachains — requiring a smaller replication factor for the same level of security.
The added privacy given to users and developers is one of the main benefits of the Oasis Network. The protocol takes a privacy-first design which empowers developers to create financial applications to serve the masses. This strategy opens the door for traditional financial networks to integrate DeFi features into their offerings as well.
There are a couple of different ways to secure passive rewards using Oasis. The network supports both farming and staking as low-risk wealth generation strategies. Both of these options enable users to create rewards without giving up ownership of their assets.
The Oasis Network is able to provide its features to the market due to its secure architecture. The protocol’s use of tokenized data changes the game and provides the average user with more control. It also gives developers the tools they need to create more productive and secure alternatives to the status quo(the current situation).
“Build a better internet for all. Oasis is the go-to blockchain powering the next gen of Web 3 with privacy, speed, scalability, & the lowest fees in DeFi” (Oasis Foundation)
At the core of this digital revolution is ParaTimes. ParaTimes provide separate run time environments for smart contract execution. Notably, anyone can develop and build a ParaTime. Their flexibility makes it easier to build these environments to meet the needs of a specific application
There is a small fee paid in the network’s utility token ROSE for these actions. ParaTimes are a real game-changer. They enable developers to create more secure applications that leverage enterprise-grade cryptography to keep data confidential. Best of all, since multiple ParaTimes can process transactions in parallel they provide the Oasis Network with near-endless scalability.
Oasis users can earn rewards by staking their data. This data gets staked users that want to analyze that information. Your analytics are valuable and the Oasis Network enables you to unlock that value in a secure peer-to-peer manner.
ROSE is the main utility token of the network. It is used to pay transaction fees, staking, and trading. Users can delegate their ROSE tokens and earn rewards. Notably, has a capped supply of 10 billion tokens.
The Oasis Network invites third-party developers to build on the ecosystem and improve the user experience. You can become a part of the network as a user, developer, enterprise partner, ambassador, or even as a supporter helping spread the word on global social channels.
The Oasis Network brings some serious advantages to the market. The platform’s flexibility and privacy-focused approach alleviate some major pain points for DeFi developers and users. As such, you can expect to hear a lot more from this project in the future as more users take advantage of its unique feature set.
Below are a number of community-built tools you can use to monitor the Oasis Testnet, automate your node deployment, and more.
Block Explorers & Validator Leaderboards.
Wallets, GUIs, and Staking Dashboards.
One-touch Node Deployments.
Developer Tools.
Monitoring and Alerts.
More informations about tools you can find https://docs.oasis.dev/general/community-resources/community-made-resources
The Oasis Ecosystem
The Oasis Network has a thriving and rapidly growing ecosystem consisting of industry-leading app developers, blockchain infrastructure teams, node operators, universities, and more. We are proud to highlight some of our key partners and community members in the chart below:
docs.oasis.dev
Kenetic — Committed to expanding the development and adoption of blockchain technology through investments, advisory services, markets and trading.
Bison Trails — allows the user to run secure infrastructure on multiple blockchains.
MetaMind Labs — is a collective of Blockchain-focused acceleration and investment partners, MetaMind Labs look to find, support & fund the next-generation of emerging entrepreneur within the Blockchain & web3 ecosystem.
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the wider blockchain ecosystem.
RockX aims to make digital assets more accessible and rewarding by providing user-friendly services and products for the cryptocurrency sector.
Emerald, The EVM Compatible Paratime is now live on mainnet, and developers are releasing new projects all the time. Here we highlight some of the recent DeFi projects building on the network:
For those of you who don’t know what Emerald is, think of it this way.
Oasis is a layer 1 blockchain that has a separate consensus layer from the execution layer (such as Emerald). Think of Oasis as similar to ethereum , where the consensus layer is layer 1 and the execution layers, such as Emerald, are similar to layer 2. All tokens, nfts, dapps etc will be produced and run on the execution layer, including emerald.
A consensus mechanism is a system that cryptocurrencies like Bitcoin and Ethereum use to validate the authenticity of transactions and maintain the security of the underlying blockchain. This system ensures that all legitimate transactions are recorded on the blockchain and that each copy of the blockchain contains all valid transactions.
Token allocation
“About two billion ROSE tokens will be paid out as inflation rewards to stakers and delegators for contributing resources to the network.
When launching, the network distribuited roughly 8.05 billion ROSE tokens to existing stakeholders, founders, and community reserves. The breakdown of these allocations (as a percentage of the maximum supply) is as follows:
Backers: 23.0%
Community & Ecosystem: 22.5%
Core Contributors: 20.0%
Foundation Endowment: 10.0%
Strategic Partners & Reserve: 5.0%
The Oasis Network will distribute the remaining 19.5% as staking rewards to validators and delegators for securing the chain.
Currently 50% of the supply is in circulation
The project revolves around tokenising data through confidential smart contracts and NFTs.
For example you could tokenise your medical data and delegate it to your health insurer as a confidential NFT and smart contract.
The project has quite a lot of partnerships including a lot of universities, could be a fundamental element of DeFi in the future similar to GRT or LINK.
The supply, it still has quite a lot of coins to enter circulation which is not good for price. Another con is lack of hype, barely anyone knows or understands the significance of Oasis.
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