There is nothing as cherished as privacy on the blockchain. While many blockchain networks rush to tackle scalability, few have built features to enhance the privacy of those networks. Privacy blockchains like Monero and ZCash have been around for a while, but they do not mesh well with web3.
Oasis Network is providing privacy for Web3 while also tackling the issue of scalability and versatility.
🌐 What is Oasis Network?
Oasis Network is a Proof of Stake (PoS) blockchain that focuses on data security and privacy in the blockchain. This layer 1 network is built using the Cosmos Software Development Kit (SDK), and consequently, it can use the Cosmos Inter-Blockchain Communications (IBC) protocol for communication between ParaTimes.
Oasis is the brainchild of Dawn Song, a professor at UC Berkeley. The project received funding from a16z, Polychain Capital, Binance Labs, and other renowned crypto venture capitals. Founded in 2018, Oasis is secured by a utility coin called ROSE, trading at $0.0642 at the time of writing (November 7, 2023, 4:33 P.M. UTC).
Oasis network is built with a modular design in mind, similar to Celestia Network, that enables it to solve the blockchain trilemma successfully.
Professor Dawn’s vision of creating the first-ever responsible data economy may have come to pass with Oasis Network.
⚙️ How Does Oasis Network Work?
Oasis Network aims to revolutionize open finance and expand to the mass market by separating consensus and execution into two layers: Consensus and Paratime.
💽 Consensus Layer
The Consensus Layer is a scalable, secure proof-of-stake consensus run by validator nodes and is where verifiable computing occurs. There is not much to this component of the network as it is the part that orders and verifies transactions processed by ParaTimes.
Oasis network consensus is upheld by the Tendermint Byzantine Fault Tolerance (BFT) protocol, ensuring the network is secure and decentralized enough.
💻 ParaTime Layer
The ParaTime Layer hosts parallel runtime environments for smart contract execution in a decentralized manner. Because of that, anyone can develop their own ParaTime layer. This layer is decoupled from the consensus algorithm and requires key managers to enhance confidentiality.
The key manager design resembles Google’s cloud key management system but uses some Trusted Execution Environment (TEE) features.
The ParaTime layers can have their smart contract interfaces. While they can differ depending on the developer, all ParaTimes generally include transaction abort/commit and long-term storage access.
There are three types of ParaTime Layers: Emerald, Cipher, and Parcel ParaTimes.
Emerald ParaTime increases transaction throughput and reduces fees, while Cipher ParaTime provides privacy-preserving smart contracts. The Parcel ParaTime offers confidential data storage, governance, and computation.
If you have interacted with the Polkadot network, you may be conversant with Parachains like MoonBeam and Kusama. However, ParaTimes are not like Parachains. The main difference is that ParaTimes do not need to do consensus themselves.
This unique quality makes them easy to develop and integrate into the greater network.
How is Oasis Better than Ethereum?
Since Ethereum has been around for some time and constitutes the greater percentage of on-chain development, Oasis is bringing something different.
The network’s top-of-the-line scalable features contribute significantly toward unlocking DeFi. Ethereum is frequently ridden with network congestions that lead to exorbitant fees that leave investors stranded.
Oasis’ scalability ensures that the network never has congestion and, consequently, high transaction fees. Furthermore, Oasis achieves this while still maintaining the status of a Layer 1 blockchain.
Moreover, beyond the competition for which chain is superior, Oasis developers have ensured that developers can launch Ethereum smart contracts on the network by supporting EVM-compatible ParaTimes.
💹 ROSE Coin Statistics
ROSE token has shown strength and has a capped supply of 10 billion. Released at the height of the 2018 bear market, ROSE was primed to rally hard. The token rose in the 2020-2021 rally and hit a high of $0.597 on January 2022.
ROSE is now down 89% from its all-time high price.
ROSE Coinmetrics (As of November 7, 2023, 4:33 P.M. UTC)
- 24h price change: -10.1%
- 7D price change: +30.07%
- Today’s volume: $34,345,550
- Market Cap: $321,996,334
- Short-term support level: 0.06228
- Short-term resistance level: 0.06977
ROSE is correcting from a nice 44% rally that began on November 1, 2023. The 200-day and 50-day moving averages provide strong support for the asset, and it is doubtful that its price will fall below $0.062. If it does, however, there is another strong support that lies at the $0.053 level.
The next major resistance for ROSE lies at $0.083. However, the asset has to overcome the local top that has recently been formed.
Oasis Network is an ambitious project that has the potential to surpass old blockchain systems like Ethereum. The network’s goal of promoting data privacy and user confidentiality targets private, scalable DeFi beyond traders to a mass market. with persistent research and development, Oasis can position itself as the go-to blockchain to scale.