The Oasis Network provides a privacy layer for Web3. This privacy layer is a cross-chain EVM-compatible privacy solution that opens new boundaries for confidential smart contracts in Web3 applications on the most popular EVM networks like Ethereum, BNB Chain, and Polygon.
They provide end-to-end confidentiality on the blockchain. It helps to unlock the new and exciting use cases in DeFi.
This network is scalable and ideal for DeFi due to instant finality and lower gas fees. It is designed to support confidential smart contracts that keep the data private while being processed. It combines NFTs and DeFis with a video gameplay reward system. This will allow players to invest their time in playing games along with earning the token rewards.
What Makes Oasis Network Unique?
The Oasis Network is unique because it can keep the data confidential and private. It can also unlock new use cases like private automatic market makers, under-collateralized loans, private dark pools, private stablecoins, private payments, etc.
It creates Tokenized data that can facilitate users to take control of the data they generate and can earn rewards for staking it with applications. Oasis Network is the preferred solution for the next generation of Dapps as it provides data ownership, immutability, and confidentiality that the current web just cannot provide.
Security Measures in Oasis Network
One of the reasons behind the specialized security is the consensus layer. It confirms the security and integrity of the network. Separating consensus and computations confirms that the validators on the Consensus Layer do not have direct access to the data in the transactions they are validating.
One of the security measures, a technology used in Oasis Network is Trusted Execution Environment (TEEs). They are highly impactful in creating web3 privacy by employing black-box-like secure enclaves to run code and data. By removing external access to node operators and app developers, a bolstered system confirms data privacy and prevents revealing of any sensitive information.
Oasis Network (ROSE) Coin Supply
ROSE is the main token for the Oasis Network’s blockchain. The token holders participate in governance decisions. The Market cap of Oasis Network ROSE is $335,481,447. The volume of 24 hours is $14,773,057. The coin has a circulating supply of 6,542,267,493 ROSE. It has a total supply of 10 Billion coins. Oasis recently announced the $235 Million ecosystem fund to support projects to build on the network.
Where to Buy Oasis Network (ROSE)
There is a total supply of 10 Billion ROSE coins. The users can purchase Oasis Network ROSE tokens through Kraken, Bybit, Bitrue, WEEX, BitMart, etc. Buying Oasis is a very easy process. It requires photo identification and means of payment.
Compare the crypto exchanges that offer the ability to buy Oasis Network (ROSE) cryptocurrency. Choose the most suitable exchange. After selecting the exchange, create an account by verifying email address and identity. Make a deposit either through a Debit card, credit card, or wire transfer. Buy ROSE with the funds.
Technology Advancements
The Oasis Network has designed itself with advanced technology that drives blockchain technology into web3 future. There are two main layers in the Oasis Network- the Consensus Layer and the ParaTime Layer. The Consensus Layer accepts transactions and other executions from the Para time layer and writes them into the next block of the Oasis blockchain. This layer is the enforcer of the rules of the network. It also deals with the generation and verification of the blocks.
ParaTimes on Oasis Network
It is the smart contract execution layer that consists of several parallel ParaTimes, each showing a computing environment with a shared state. These computing environments offer flexibility and customizability.
Emerald Para Time: It is the EVM-compatible ParaTime. Having an EVM environment on Oasis means that the developers who are used to building on Solidity can come quickly and easily to Oasis and use the tools and documentation they are used to building it.
Cipher ParaTime: It is the privacy-enabled para time that allows the execution of privacy technology towards the web3 world. It supports the smart contract, where nodes are permitted to use the TEE technology.
Sapphire ParaTime: It is the confidential EVM Para Time. This enhances the importance of privacy technology in the web3 world.
The Team Behind Oasis
Jernej Kos is the director of Oasis Foundation. He has an extensive background in engineering. Before becoming director he served as an engineer in the Oasis labs. He is also the technical lead for the Oasis core platform. Jernej has been involved with software development and open source for about 20 years now.
The foundation has the motive of supporting and bringing people together to build vibrant and creative communities. It also focuses on expanding communities into global regions. Promotes transparency, governance, and decentralization of the Oasis Network.
Oasis Network as a Foundation for Web3
The aim of the Oasis Network is to be empowered by the technology to achieve the web3 world where the blockchain is functional. Oasis is a privacy-aimed Proof-of-stake Layer-1 smart contract platform. It has a multi-layer design that enables scalability and flexibility. It also provides low-cost and fast transactions, and data ownership. These qualities are a necessity for making the base for the Web3 world.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/12/what-is-oasis-network-understand-the-technology-behind/