What is Oasis Network? How does it work?

The Oasis Network (ROSE) has recently emerged as a promising but relatively new Layer-1 project.

So, what does the Oasis Network offer? Let’s find out through this article with AZCoin!

What is Oasis Network?

Oasis Network is a decentralized blockchain platform that addresses scalability, transaction speed, and transaction fees. It shares similarities with Ethereum but offers more privacy and flexibility.

Users of Oasis Network can utilize smart contracts to build and develop decentralized financial applications such as DeFi, NFTs, Metaverse, and more.

Outstanding features of Oasis Network

The Oasis Network stands out for its scalability, flexibility, dedicated DeFi expansion, robust data security, and high throughput. Here’s a breakdown:

• Scalability and Flexibility: Oasis Network separates consensus and execution into two layers – Consensys Layer and Paratime Layer – enabling efficient scaling and high flexibility.
• Dedicated DeFi Expansion: Oasis Network is designed to run smart contracts privately, ensuring data confidentiality during processing.
• Enhanced Security and Throughput: Built from the ground up, Oasis Network prioritizes data security and achieves a throughput of up to 1,000 transactions per second, independent of other platforms.
• Lower Transaction Fees: Compared to Bitcoin and Ethereum, Oasis Network boasts significantly lower transaction fees.
• Data Encryption and Privacy: Oasis Network enables data encryption and enhances user privacy.
• Customizable ParaTimes: Users can create their own ParaTimes with modifications tailored to their specific needs and operating methods.

Key features of Oasis Network

The Oasis Network boasts several key features that set it apart:

Privacy-Preserving Blockchain

Oasis is a pioneer in privacy-focused blockchain technology. Its unique Paratime Layer leverages confidential computing, enabling secure data handling through encryption. This ensures user data remains protected when accessing or utilizing new applications on the network.

Scalable Decentralized Finance

Oasis’s scalable design enhances the speed and throughput of DeFi transactions. This, combined with its emphasis on user privacy, creates a new, mainstream market for decentralized finance.

Encrypted Data

Oasis’s data encryption mechanism unlocks a new world of possibilities for blockchain applications and projects. This empowers the next generation of privacy-focused platforms.

Active Development Community

Oasis boasts a large and global development community. This vibrant community comprises thousands of miners, developers, strategic partners, ambassadors, and over ten thousand members.

Operational structure of Oasis Network

The Oasis Network operates on a two-tiered structure:

Consensus Layer: This layer is responsible for achieving consensus among the network’s participants. It is designed to be scalable, high-throughput, secure, and uses a proof-of-stake mechanism. A decentralized set of validator nodes ensures the integrity of the network.

ParaTime Layer: This layer hosts multiple parallel runtimes, known as ParaTimes. Each ParaTime represents a replicated computing environment with a shared state. This allows for the execution of diverse applications and functionalities within the Oasis Network.

Overview of the ROSE Token

What is ROSE?

ROSE is the original token of Oasis Network. It serves as the energy source to operate the platform and has various functions like transaction fees, delegation in Consensus Layer, and staking rewards. The total supply of ROSE tokens is currently 10 billion, with approximately 3.5 billion in circulation.

By the way, you can trade ROSE on reputable exchanges listed at the best crypto exchanges 2024 page.

ROSE Token Distribution

• Backers: Tokens sold directly to supporters before the mainnet launch.
• Core Contributors: Used to reward stakers and delegators who have contributed to the development of the Oasis Network.
• Foundation Endowment: Funds the Oasis Foundation to promote the development and maintenance of the Oasis Network.
• Community and Ecosystem: Tokens allocated for programs, promotional activities, and community engagement for the Oasis Network. This includes grants for developers and other community incentives from the Oasis Foundation.
• Strategic Partners and Reserve: Funds programs and services provided by key strategic partners within the Oasis Network.
• Staking Rewards: Fixed rewards paid out on-chain to validators and delegators for their contributions to the security of the Oasis Network.

Token Distribution

Oasis Network will not release all 10 billion ROSE tokens at Mainnet launch. Only 1.5 billion tokens will be in circulation at launch.

A portion of the Foundation’s tokens, not included in the circulating supply, will be staked on the platform at launch.

Any fixed rewards earned will be returned to the Network through future validator delegations, network development, and ecosystem funding.

Tokens allocated for fixed rewards will be distributed through an on-chain mining mechanism, calculated based on the number of blocks created, the number of staking nodes participating, and the amount of tokens staked.

Where to Buy ROSE Tokens

ROSE tokens can be purchased on various exchanges like Binance, KuCoin, Gate.io, and Coinlist Pro.

Binance is highly regarded and popular due to its high liquidity.

ROSE Token Storage:

You can store ROSE tokens directly on exchange wallets.

Alternatively, you can use wallets like:

• Bitpie Mobile Wallet: A secure and user-friendly mobile wallet that allows you to create an Oasis wallet address for receiving and sending ROSE tokens.
• Custody Providers: Copper.co, Anchorage, and Finoa offer secure custody services for your ROSE tokens.
• Ledger Wallet: A highly secure hardware wallet. However, you need to purchase a Ledger device to use it.

Should you invest in ROSE token?

There are compelling reasons to consider investing in the Oasis Network and its ROSE token:

• Faster and cheaper: Compared to Bitcoin and Ethereum, Oasis Network boasts a significantly faster transaction speed (up to 1000 TPS) with lower transaction fees.
• Experienced team: Built from the ground up, Oasis Network benefits from a team with extensive experience in information technology.
• Affordable entry point: The relatively low price of ROSE makes it attractive to investors with limited capital.
• Privacy and control: Oasis Network prioritizes user data privacy, ensuring users maintain direct control over their data without censorship.
• Wide accessibility: ROSE is listed on major global exchanges, enabling 24/7 trading from anywhere with internet access.

However, potential investors should also consider these factors:

• Volatility: ROSE token prices exhibit significant fluctuations, influenced by Bitcoin and the broader cryptocurrency market.
• New project: As a relatively new project, ROSE requires further development and time to mature.
• Competition: Oasis Network faces competition from numerous other blockchain platforms like Ethereum, Solana, Polkadot, and Avalanche.

Conclusion

This article has answered the question “What is Oasis Network?” and provided a detailed explanation of its operational structure, key features, and functionalities. Additionally, it offers comprehensive information about the ROSE token, including what it is and whether it is a worthwhile investment.

Hopefully, this article has helped readers gain a clear understanding of Oasis Network and provided them with a new investment option to consider. To find a reputable cryptocurrency exchange, be sure to check out the Evaluation Process.