What is Oasis Network (ROSE)?
ROSE is the native utility and governance token for the layer 1 privacy-enabled blockchain known as the Oasis Network. Oasis is known as one of the biggest venture capitals in the world. It offers scalable and decentralized solutions for Web3 development. It’s particularly focused on providing secure DeFi solutions via smart contracts.
The Oasis Network is known for its unique architecture that consists of two key components, the Consensus Layer and the ParaTime layer. It offers scalability and versatility without sacrificing network security. It’s EVM-compatible, allowing developers to run Ethereum-based smart contracts on Oasis. The most up-to-date statistics on the ROSE price can be viewed in the chart above.
Who Founded Oasis Network?
The Oasis Labs were founded in 2018 by Dawn Song, Professor of Computer Science at UC Berkeley. She’s considered to be an expert in computer security and deep learning. Song has conducted research on blockchain, crypto economics, and decentralized finance (DeFi). She’s the CEO of Oasis Labs.
Over the years, the Oasis ecosystem has received endorsements and financial backing from world-renowned companies and venture capitalists, including Binance Labs and Polychain. Additionally, the members of the Oasis Network team have prior technical and academic experience in institutions such as Harvard, Stanford, and the FAANG companies.
The ROSE coin was officially launched in November 2020. At the time, the Oasis Network price per token was around $0.03-$0.04. While the value remained low for the first three months, the token was showing increasing volatility.
The goal of the Oasis project is to carve a niche for scalable DeFi solutions in the crypto space. Many blockchains, such as Ethereum, encounter scalability issues as more data is logged on-chain. The Oasis Network crypto architecture was designed to alleviate these issues without compromising data security and integrity.
The asset passed its first significant checkpoint in February 2021, when the ROSE price exceeded $0.10 for the first time and peaked above $0.20. It saw a period of decrease during the summer, before climbing back up in the fall. During its first year in the market, the asset saw its best performance in October 2021, nearly reaching $0.30.
Throughout its second year in the market, the Oasis Network showed susceptibility to the overall market trends. In November 2021, following Bitcoin’s significant growth to nearly $70,000, the ROSE price exceeded $0.30. It started 2022 strong, with the value reaching $0.596 in the early days of January. From there onwards, it saw frequent fluctuations.
How Does Oasis Network Work?
The Oasis Network is a deflationary asset that has its maximum token supply capped at 10 billion ROSE. The circulating supply is released gradually, and upon the launch of the Mainnet, only 1.5 billion tokens were made available. As the circulating supply becomes more scarce, the Oasis Network price is expected to rise.
The Network consists of two architectural layers – the Consensus Layer and the ParaTime (short for parallel runtime) Layer. This blockchain architecture ensures scalability and versatility without needing to shard the network. The transactions can be executed faster without encountering security issues.
The Consensus Layer is where the validation of the blockchain occurs. It’s fully decentralized and run by the validator nodes. The Oasis Network token is primarily required on the Consensus Layer. The main uses for the ROSE token are paying transaction fees, staking, and delegating it.
The ParaTime layer is an alternative to using parachains. According to the Oasis team, the ParaTime layer is more scalable and efficient than the sharding technology used by parachains since it allows for more transactions to be processed in parallel. The ParaTime layer consists of three key types of ParaTimes:
- Cipher ParaTime
- Emerald ParaTime
- Parcel ParaTime
The Cipher ParaTime provides smart contracts that emphasize confidentiality. It offers privacy-first solutions that are required by decentralized exchange (DEX) developers. The Cipher ParaTime users are offered faster crypto transfers with lower Oasis Network price for transaction fees.
The Emerald ParaTime is fully compatible with the Ethereum Virtual Machine (EVM). This ParaTime is suitable for Solidity developers and offers solutions for increasing the transaction throughput rate.
The Parcel ParaTime is responsible for data storage and governance processes. It’s used similar to private blockchains by various enterprises to preserve data security. Developers can also use the Parcel ParaTime to mint fungible and non-fungible tokens (NFTs) by tokenizing data.
The Oasis Network has also proposed a unique way of handling non-fungible tokens by backing them with data, such as audiovisual files or banking records. The value of such NFTs would be tied directly to the value of the data stored inside them. According to the Oasis team, such data storage would promote privacy and personal data ownership.
The protocol describes the ParaTimes as completely agnostic, allowing any user to build their own ParaTime. They ensure that the blockchain is decentralized and confidential. The network is also interoperable with the Ethereum Virtual Machine, allowing developers to work on a broader range of smart contracts and crypto assets.
Using its unique infrastructure, the Oasis Network aims to offer faster transactions with lower fees. According to the team, Oasis can handle up to 1000 transactions per second, making it significantly faster than Ethereum.
Overall, the Oasis Network provides support for numerous projects on- and off-chain, including NFTs, DeFi applications, decentralized gaming, metaverse technology, tokens, and even a grant program for students and developers.
Staking plays a major role in the Oasis ecosystem. 2.3 billion ROSE tokens are automatically allocated to be paid out as staking rewards for both network validators and delegators. The Oasis Network itself uses the Proof-of-Stake (PoS) consensus algorithm to enforce blockchain security.
The Oasis protocol outlines specific criteria for stakeholders that want to become validators. There can be 120 validators in the consensus committee that must stake at least 100 ROSE to become eligible. The validators are selected based on what weight their staked amount has on the overall network.
Each validator that has been chosen to participate in the consensus committee cannot have more than one elected node at a time. Delegators can also delegate their staked assets to their chosen validators. When participating in the consensus committee, the voting power is based on the staked amount.
Validators that have signed at least 75% of blocks per epoch are eligible for staking rewards. The Oasis Network price for the rewards varies between 2% and 20% depending on how long the tokens have been staked on the chain. Users that double-sign transaction data are penalized by the network, which slashes 100 ROSE and freezes the node.
