What Is Oasis Network (ROSE)?

Oasis Network is a decentralized layer 1 blockchain solution designed to support confidential and Ethereum-compatible smart contracts. Layer 1 blockchain solution is the one that improves the underlying main blockchain architecture or the base protocol to make the overall system scalable.  

Oasis allows for efficient, verifiable, and confidential smart contract execution on its platform. In addition, Oasis is a scalable, versatile, privacy-first solution with a low gas fee. Also, the platform offers ease of development, high rewards on staking, and data monetization options to its users.  

Users can come on board to build DApps or DeFi platforms on the Oasis blockchain network. One of the platform's unique features is that Oasis separates consensus and execution in two layers, allowing multiple ParaTimes to run parallelly on the web for better scalability and versatility. These two main architectural components are: 

• The Consensus layer is run by decentralized validator nodes and allows for a scalable, high-throughput, and secure proof-of-stake consensus. This layer has been kept simple and only handles validators' committee management operations. 

• The ParaTime layer hosts many parallel runtimes or ParaTimes. These independent ParaTimes offer flexibility to incorporate different runtimes for different needs.   

This means that the complex workloads performed on one ParaTime would not slow down the more straightforward and faster transactions on the other ParaTime. Besides, the ParaTime layer is wholly decentralized and allows anyone to develop their ParaTime in isolation. The network supports confidential smart contracts, which allows end-to-end confidentiality, keeping data private while processing. 

The Oasis network has a unique system of discrepancy detection that makes it more effective than sharding. Sharding is used to reduce the network's slowness and make it more scalable by splitting the database into separate shards. Moreover, the data tokenization feature on the platform allows for data monetization options for the users. 

The Oasis platform supports two first-party non-custodial wallets; one is a web wallet named Oasis Wallet Web. The other is a browser extension wallet called Oasis Wallet- Browser extension. These wallets connect to the platform smoothly and allow users to hold, send, and receive ROSE tokens.  

In addition, these wallets are fully open source, developed by Oasis's community developers. The wallets provide users with multiple features like viewing transaction history, managing various accounts, and generating new transactions. The wallets also toggle between the light mode and dark mode and receive staking rewards.  

The native token ROSE is a utility token on the Oasis platform and has a fixed supply. ROSE can be used to pay transaction fees, staking, and delegating on the Oasis consensus layer. Stakers and delegators on the platform will receive staking rewards in ROSE tokens for securing the network over time.  

Anyone with ROSE tokens can delegate their tokens to a validator node and earn the validator's staking rewards. Rewards depend on the number of tokens staked. Moreover, ROSE can be used for smart contract operations where fees need to be paid in ParaTime. 

Though ROSE is a fixed-supply token, not all tokens have been released publicly by the Mainnet launch. Only a fraction of the total supply is in circulation. 

History of Oasis Network (ROSE) 

Oasis Network claims to be the first privacy-enabled, proof-of-stake, decentralized network designed for open finance and a responsible data economy.  

Oasis is a not-for-profit organization, mainly created to foster a global community around its ecosystem, and is made up of an international team. The entire Oasis team is composed of members from Europe, Asia, and North America. Jernej Kos is the director of Oasis Foundation. The project was launched in 2020.   

The community members run a unique Oasis Ambassador Program, where passionate volunteers can run the meetups, answer developer questions, write and translate content, and manage online communities.