The Oasis Protocol blockchain is a decentralized, trust-minimized, and privacy-preserving platform built on a new Web3 infrastructure.
With unique features such as privacy by design, self-custody of assets, and execution of smart contracts on an efficient and secure layer two solution, the Oasis Protocol enables developers to use blockchain technology without sacrificing user privacy or security. It lays a blueprint for the development of Decentralized Web 3 applications that enable users to own their data and keep their financial activity safe from prying eyes.
Check out the best dApps that support Oasis Protocol below.
The Oasis Network is a blockchain network designed to be a privacy-preserving platform for open finance.
It uses a proof of stake consensus mechanism, and its throughput can reach up to 1,000 transactions per second. This makes it an ideal solution for a decentralized data and finance economy that doesn’t require users’ private information to be exposed.
With privacy-first architecture, Oasis Network offers developers the opportunity to create applications through an underlying decentralized network that supports secret contracts, allows secure communication between different nodes, and provides confidential data storage on the network layer.
Oasis Network provides numerous features for developers such as simple integration of smart contracts, library-based programming language for application development, and single-sign-on authentication using asymmetric cryptography.
Oasis Network also provides identity-proofing features such as robust identity vetting that is based on privacy-preserving design principles such as zero knowledge proofs.
The Oasis Network offers a secure, highly scalable consensus mechanism powered by validator nodes. Each of these nodes stake their native coins, ROSE, in order to gain the privilege to validate blocks and earn rewards.
This consensus layer is the backbone of the Oasis Network – it's where validators are elected and then validated blocks are updated on the blockchain.
In addition to its consensus layer, Oasis Network employs a ParaTime layer which provides parallelized runtime environments that allow for computations in shared states. This makes transactions faster and more efficient while also creating scalability.
Along with its secure consensus protocol and smart contract capabilities, the ParaTime layer allows for decentralized applications built on the Oasis Network to scale more quickly than ever before possible.
The Oasis Protocol has a token called ROSE.
ROSE tokens are the native token of Oasis Network and help power its decentralized platform.
ROSE tokens allow users to pay transaction fees, delegated on the consensus layer, and stake with validator nodes. The token distribution for ROSE is as depicted in a pie chart - with 10 billion total supply being capped.
The primary purpose of the ROSE token is to encourage network usage and provide economic incentives for node operators on the Oasis Network.
Network operators receive reward tokens when they make successful transactions or produce blocks on the blockchain. This incentivization helps secure a healthy operating environment and increases robustness within the network itself.
Beyond this, ROSE tokens can also be used internally within services built atop Oasis, such as trading cryptocurrencies and accessing censorship-resistant storage solutions.
Want emails with free news, tips, tools, and recommendations to help you scale your Web3 business ideas? Drop your email below.