What is Oasis Network?
Oasis Network (token: ROSE) is a Proof-of-Stake (PoS) blockchain network that is designed to function as a privacy-preserving platform for open finance and to use data responsibly. Oasis is a base layer blockchain, like Ethereum or Bitcoin, but it's built from the ground up, with data confidentiality and performance gains of up to 1,000 transactions per second. Transactions per second (TPS) is the number of transactions a network blockchain can process every second or the number of… (TPS).
The lack of privacy in blockchain is possibly one of the biggest obstacles to the adoption of the technology. Oasis Network wants to bridge that gap as a privacy-focused blockchain protocol that supports a decentralized data economy and open finance.
It combines its unique privacy features with high performance and a secure architecture, making it ideal for powering private, scalable decentralized finance (DeFI) applications and expanding open finance beyond crypto traders and early adopters.
Confidentiality and scalability
The Oasis Network can be used to create private smart contracts, which can maintain data privacy during processing by providing end-to-end data confidentiality. The network is also highly scalable, easily overcoming the slow transaction times and high transaction fees that persist on many other networks.
The Oasis Network's ability to create scalable private decentralized applications (DApps) is expected to promote data privacy and new use cases in private DeFi Decentralized Finance (DeFi) takes the decentralized concept of blockchain and applies it to the world of finance. Build…which could help expand DeFi and its products to the mainstream market.
Oasis Labs is the main developer of the Oasis Network. The organization was founded in 2018 by Dawn Song, a professor in the Department of Electrical Engineering and Computer Science at the University of California, Berkeley. The Oasis team is made up of top talent from around the world with experience at Google, Apple, Amazon, Carnegie Mellon, Harvard, Stanford and more, all committed to growing and expanding the impact of the Oasis Network.
How does it work
The Oasis Network uses a PoS consensus algorithm, which uses random validator nodes that stake native tokens, in this case ROSE, to gain the privilege to validate new blocks and earn rewards.
The Oasis Network's scalability is achieved by separating its consensus and computational operations into what it calls the consensus layer and the ParaTime layer. Let's analyze that.
Consensus Layer – Hosts a highly scalable and secure consensus mechanism executed by validating nodes. It is where the blocks are validated and added to the blockchain.
ParaTime layer: ParaTime are execution environments that represent computation in a shared state. Anyone can develop and build their own ParaTime. Each ParaTime can be developed in isolation to meet the needs of a specific application.
Consensus and execution on the Oasis network are separated using the two layers, allowing the network to process multiple transactions in parallel. That way, resource-intensive calculations processed in one ParaTime won't bog down simpler, faster transactions processed in another.
The community drives the Oasis ecosystem
Oasis Network is cultivating an ecosystem consisting of node operators, DApp developers, universities, and more. Launched a grant program to incentivize developers to create new DApps, DeFi protocols, products, and integrations that prioritize privacy on top of the network to encourage growth. Applicants are eligible to receive between $5K and $50K in ROSE tokens, depending on the scope of each project.
Oasis Network also has the largest university program of any Layer 1 blockchain, with 25 major university departments spread across five continents. Program members build applications, run nodes, and more. Participating college student organizations include Tsinghua University Digital Finance Student Association, Blockchain at Berkeley, and more.
In conclusion
In short, Oasis Network is a promising proof of stake blockchain project with three key features: privacy, scalability, and versatility. It's like a mix of Polkadot and Ethereum, but with built-in privacy features that could unlock imaginative new use cases for DeFi applications as well as tokenized data.
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