You are currently viewing What is Oasis Network Crypto? All About Rose Token.

What is Oasis Network Crypto? All About Rose Token.

How many times do you unknowingly click “I agree” on a website? In today’s world, personal information has become a valuable commodity, and surprisingly, we often give our information away for free without even knowing it. Our data is copied, sold, and transferred between companies and platforms without our knowledge. Oasis Network is something that may solve many of the issues.

Certain data points that otherwise remain on your device, when shared, power Facebook’s advertising algorithms or are captured by data brokers. Once sold to other third parties, they are collected and stored on a central computer. This creates a security risk of failure and malicious attacks. Now imagine a world where you have full control over your personal data online and can grant or deny access at will, while still earning income from the data you share with businesses. That is the goal of the Oasis Network (ROSE) Crypto Project.

By the end of the 2nd quarter of 2022, ROSE tokens are trading at over $0.045 per token, with a circulating supply of $5.03 billion and a market cap of over $226.35 million.

Table of Contents

What is Oasis Network Crypto?

Oasis Network

 The Oasis Network is a privacy-enabled layer 1 blockchain platform designed to restore control and ownership of data to users through confidential smart contracts that keep data private while it is being processed.

Confidentiality unlocks many new use cases for blockchain, allowing users to share and monetize data while consuming online services. For example, personal or sensitive data, like identity documents, social security numbers, bank statements, health information, internet usage data, financial and credit records, as well as IoT data such as geolocation and fitness records, can all be used by apps on the Oasis Network, without compromising the user’s privacy.

To be clear, confidential computing is already in use without blockchain technology, such as in credit card and e-commerce transactions. However, blockchain allows for logging and enforcing of data usage policies with high integrity and “suitability,” resulting in a new type of digital asset called Tokenized Data that can be exchanged for a fee or value.

As such, users can take control of the data they create and gain rewards for staking it with apps, building the first-ever responsible data economy. The Oasis Network is actively building a community to accelerate the development of game-changing use cases that reward users for the data they generate.

Confidentiality and Scalability

With Oasis Network, you can create private smart contracts that can maintain privacy during processing by ensuring end-to-end data confidentiality. The network is also highly scalable and can easily overcome the slow transaction times and high transaction fees present in many other networks.

The Oasis Network’s ability to build scalable, private, decentralized apps (DApps) is aimed at facilitating private Defi privacy and new use cases to help expand Defi and its products into the mainstream market.

Oasis Labs is the core developer of the Oasis Network. The organization was founded in 2018 by Dawn Song, a Professor of Electrical Engineering and Computers in the Science Department at the University of California, Berkeley. The Oasis team is made up of talented people from around the world with backgrounds in Google, Apple, Amazon, Carnegie Mellon, Harvard, and Stanford, all dedicated to growing and expanding the influence of the Oasis Network.

How Does Oasis Network Work?

To solve the problem of scalability and high transaction fees that plague other Layer 1 networks, the Oasis Network separates computation and consensus operations into two layers, the consensus layer, and the ParaTime layer.

The consensus layer is a scalable proof-of-stake (PoS) consensus powered by a distributed set of validator nodes. A ParaTime layer is an execution layer that hosts many parallel runtimes (ParaTimes), each representing a replicated computing environment with a common state. This separation allows different ParaTimes to process transactions concurrently, ensuring that a complex workload being processed by one ParaTime does not slow down the faster, simpler transactions of another ParaTime. One of these ParaTimes, the “Cipher” ParaTime, is a virtual black box for executing smart contracts in a secret ParaTime, through a secure computing technology called a Trusted Execution Environment (TEE). Protect your privacy.

The process looks like this:

Encrypted data first enters a black box with a smart contract. The data is then decrypted and processed by smart contracts. Finally, the data is re-encrypted before leaving the TEE. This process keeps your data private and not shared with node operators or app developers.

Advanced mismatch detection in the network also makes Oasis more efficient than sharding and parachaining. This is the verifiable computing technique the network uses to verify its ParaTime execution, requiring only a smaller replication factor for the same level of security.

Is Oasis Protocol a Good Investment?

The Oasis Foundation’s vision is to build a responsible data society. At its core, the concept is to give people more control over their data through the combined use of advanced distributed ledger technology. These technologies combine two basic elements. The public and easily shareable nature of tokenized data (white paper) and a secure computing environment. As a result, new forms of cryptographic data can be created.

With its unique ability to keep data confidential and private, the Oasis network will enable new innovations such as low collateral lending, private dark pools, private auto market makers, private stablecoins, private oracles, private payments, private and others. Unleash your use cases.

Its unique privacy features are not only redefining Defi but also creating a new kind of digital asset called tokenized data, controlling user-generated data and staking it in applications that allows you to earn rewards.

Separating consensus and computation makes the network very fast. This is because many parallel execution environments (we call them ParaTimes) can submit transactions to the consensus layer at the same time. And with two distinct layers, you can easily customize ParaTimes to meet the computational needs of your specific network use case. This means that larger, more complex workloads can be processed in parallel with smaller, faster transactions without slowing down the overall network.

What is ROSE Token?

ROSE is the native token of the Oasis Network, launched in November 2020. Used for payment of transaction fees, consensus level delegation, and staking by validator nodes.

The total supply of ROSE tokens is limited to 10 billion. Around 1.5 billion tokens have been released and added to the circulating supply during the main net launch. As of December 2021, over 3.4 billion ROSE tokens were in circulation. The Oasis Network will reserve 2.3 billion ROSE tokens to be used as staking rewards for the Delegators and Stakers that secure the network. Tokens designated for staking rewards will be paid out according to the network’s mining mechanism.

Is Rose Token Good Investment?

ROSE may be a newcomer to the crypto market, but it has managed to secure a spot among the top 100 cryptocurrencies by market capitalization. Its value has risen from $0.03 when it launched in November 2020 to over $0.20 just one year later.

While we can’t say with absolute certainty what ROSE’s ratings will be next year, the Oasis team is working on many new features for the network in addition to driving growth and adoption. Regular updates, support from institutional investors, and the talent of the core development team bode well for the future of ROSE tokens as an investment.

Summing Up

In summary, Oasis Network is a promising proof-of-stake blockchain project with three main characteristics i.e., Privacy, Scalability, and Versatility. It’s like Polkadot and Ethereum combined, but with built-in privacy features that can unlock imaginative new use cases for Defi apps and tokenized data. With its focus on a responsible data economy, sensitive computer technology, and sensitive smart contracts, the possibilities for the Oasis network are endless, and definitely a worthy project.

Further Reading

Click on the below link to read relevant articles.