Many first-layer networks have come into existence only with the purpose of improving scalability and offering more transactions per second (in comparison with older generation blockchains). Oasis Network is one of these networks that supports smart contracts and claims to be able to host thousands of decentralized applications and thousands of transactions per second. Improved user privacy is another important feature Oasis Network claims to have. In this article, we will go through Oasis Network and explain how this layer 1 network has reached this level of scalability. Stay with us.
What is Oasis Network?
Oasis Network is a first-layer blockchain network with the purpose of preserving users’ privacy and the security of their personal data. This network was developed using the software development kit (SDK) of Cosmos. For this reason, Oasis Network is interoperable with Cosmos. Oasis network is trying to become the first and number 1 foundation for privacy-based Defi in the world of blockchains.
Oasis Network has increased its throughput by separating its different layers. This way, several transactions can be processed simultaneously and independently. Oasis Network is somehow similar to blockchains like Avalanche and Polkadot in that it lets different blockchains connect to each other in a single ecosystem.
Another interesting feature of Oasis Network is offering new types of tokenized data. Tokenized data are new forms of digital assets that let users control their self-developed data, and get earned in return for sharing them in different applications. So, as it is obvious, Oasis Network wishes to become the number 1 network regarding “data”.
How does Oasis Network work?
Before diving into more technical issues, we should first say that Oasis Network uses a proof-of-stake consensus algorithm. This network divides consensus and execution into two different layers called “the consensus layer” and “the ParaTime layer”. This innovation has had a crucial role in improving scalability and increasing throughput. As we previously mentioned, it lets transactions get processed in parallel with each other. In other words, processing a complex transaction in one ParaTime doesn’t reduce the speed of a simpler transaction in another ParaTime.
The ParaTime layer is completely decentralized and allows all users to create their own ParaTimes. Each ParaTime can be developed for an independent application. The consensus layer in Oasis Network consists of validator nodes. The ParaTime layer periodically connects to the consensus layer and reports its transactions to that layer. A ParaTime itself also consists of nodes and offers an appropriate environment for running smart contracts. The layered design of Oasis Network has significantly affected its efficiency, and it can be claimed that it’s even more efficient than solutions like sharding and parachains. This network now consists of thousands of nodes, developers, enterprise partners, ambassadors, and users.
The ROSE token; market cap and price history
At the time of writing, each unit of ROSE is being traded at $0.06. ROSE is the 102th largest cryptocurrency by market cap. It has a total supply and max supply of 10 billion units. 5.03 billion units of these tokens have been issued and are in circulation. The all-time high of ROSE goes back to January 2022 when its price went above $0.5.
Oasis Network (ROSE) wallets
Unlike many other cryptocurrencies, Oasis Network has its own official wallet, called Oasis Wallet. Oasis Wallet is a non-custodial browser extension that can be used in combination with the popular hardware wallet called Ledger. This network also has another official wallet in the form of a web wallet called Oasis Wallet – Web. The Oasis Wallet – Web can be found at wallet.oasisprotocol.org and the Oasis Wallet – Browser Extension can be found at Chrome Web Store.
Preserving and guaranteeing the security of personal information is of crucial importance in the ever-growing world of blockchains and cryptocurrencies. Oasis Network is a well-known blockchain project that has aimed at this crucial aspect. Besides, Oasis Network has another interesting feature, and that is high scalability. In this article, we explained what Oasis Network is, what solutions it has offered for improving scalability, what other unique functions it has, what its native token is, and how it is stored. Have you ever used Oasis Network? Do you think it will succeed to establish its position as the number 1 foundation for privacy-based Defi? Share your opinions with us.