The Oasis Network focuses on a crucial element that has raised many questions in the digital world – privacy. The Oasis Foundation positions itself as a responsible data economy. The network is essentially a layer-1 decentralised network and a privacy-enabled blockchain for open finance. Oasis also envisions going beyond early adopters and traders to capture the mass market with its ethical features. Keeping user confidentiality at its core, the network prioritises applications and use cases that support data privacy.
How does Oasis keep data private?
The Oasis Network separates the consensus layer from the contract execution layer. It then connects the two layers in such a way that any privacy-tagged information is never shared between the layers. While processing the confidential smart contract, your data is kept private. The consensus layer creates a highly secure network while using the Proof of Stake (PoS) mechanism. The ParaTime layer enables sharing. This method is similar to Polkadot’s Parachains.
Oasis also facilitates the creation of a ‘Tokenized Data’, a new digital asset where users can control their data and stake it to earn rewards, thus creating an incentivised data economy.
Source: https://docs.oasis.dev/oasis-network-primer/
When your smart contracts are privacy-enabled, end-to-end confidentiality is maintained on the blockchain, revolutionising the decentralised finance (DeFi) space. This system gives rise to several use cases like private payments, private automated market makers (AMMs), under collateralized loans, and many more.
Key features of Oasis Network
Scalability
The Oasis Network is equipped with faster transaction speeds and higher throughput of almost 1 million transactions per second. The ParaTimes work parallel to distribute the load for smoother processing. A sophisticated discrepancy detection on the network makes it more efficient, which contributes towards rapid scalability.
Privacy
The ParaTime layer enables the first-ever confidentiality-driven smart contracts with the help of the functionality of black boxes in a secure computing technology called a TEE (Trusted Execution Environment). Offering confidentiality builds trust for users who in turn will store their personal and sensitive information on the network which is integral to building the future of cryptoassets.
Versatile
Since ParaTimes are independent, each application can be developed separately. The network is extremely customisable and agile because of the separate layers. While the ParaTime can be developed to suit the needs of a use case, the consensus layer can remain the same to capture the most essential features.
Rapidly Growing Community and a top-tier Team
The Oasis Network comprises node operators, developers, ambassadors, and many other community members that made a cohesive community pioneering change. The team comes from reputed backgrounds and with stellar academic qualifications.
Oasis Network’s interesting projects
Nebula Genomics
You can store your genomic data using Oasis Network’s privacy-enabled blockchain. The project has been designed in such a way that Nebula can only use relevant information to run analytics, without ever having to disclose your sensitive information. Genomic Data is essential for ancestry and disease risk information for individuals. However, most genomic testing companies have violated customer privacy, compromising information of millions of users. Amid such concerns, Nebula Genomics, powered by the Oasis Network, becomes an extremely useful application of blockchain technology.
Binance CryptoSafe Alliance
One of the main concerns around blockchain technology has always been ransomware attacks and crypto thefts. The Oasis Network and Binance CryptoSafe Alliance came together to create a platform where exchanges protect the confidentiality of each participant and significantly reduce the number of crypto thefts.
The ROSE token
Oasis Network’s token is called ROSE and it has a fixed supply of 10 billion tokens. Currently, there are around 3.49 billion ROSE tokens in circulation. ROSE can be used for transaction fees, staking, and delegation within the network. They are also available as staking rewards for securing the network.
Takeaway
The future of blockchain is often a hot topic among tech experts. While entering the mass market may be the end goal, offering unique services and a seamless experience are the paths to get there. Platforms like the Oasis Network understand this need and have created a platform where multiple use cases can be deployed to pave a good future for crypto.
