Oasis Network – ROSE
Privacy is one of the primary issues for most blockchains, but not for the Oasis Network.
Let’s take a deep dive!
This is a Project Review on ROSE.
AltCryptoGems
🧵👇
Oasis Network is a Layer 1 Proof-of-Stake (PoS) blockchain founded in 2018 and launched its mainnet in 2020. Their mission is to create a more scalable and privacy-focused blockchain than Ethereum, making $ROSE an $ETH killer.
We can all agree that most #blockchains are absent of privacy. This is a big problem that most seem to ignore. Anyone can check out your wallet, transactional history and network interactions. Oasis Network has come up with the perfect privacy solution. Let me explain.
The Oasis Network is able to provide superior scalability and privacy by separating its PoS consensus layer and the unique ParaTime layer. This is how it works:
This is the layer that uses the Proof-of-Stake algorithm. Like every PoS blockchain, Oasis requires Validator Nodes to lock-up $ROSE tokens in order to validate blocks on the network. All Validators are rewarded with $ROSE tokens for running a node.
Put simply, ParaTimes are ‘runtime environments (RTE)’ that act as operating systems that provide all the essentials for a programme to run. The ParaTime layer is the execution layer of the Oasis Network.
The consensus and execution layers are separated in order to process multiple transactions side-by-side. This creates a more scalable and versatile network. In terms of privacy, Oasis Network designed what’s called a Confidential ParaTime. Let me explain.
Confidential ParaTimes are designed to support confidential smart contracts. These ParaTimes require nodes to use what’s called a TEE (Trusted Execution Environment). Imagine a TEE is a black box for the execution of a smart contract in this ParaTIme.
First, the smart contract and any encrypted data will go into the black box. The data is then decrypted, processed by the smart contract and then once again encrypted before it is sent out of the black box (TEE). This process guarantees user data is never leaked, it’s genius!
We could go through the hundreds of dApps within the Oasis Network’s ecosystem, but here is a handful that I’ve picked out:
There are many more utilising the ultimate privacy-focused blockchain and its native token $ROSE.
The 2023 Oasis Roadmap will be a game-changer for the protocol. Why?
So much more en-route, check it out for yourself – https://oasisprotocol.org/blog/the-oasis-2023-roadmap
Native to the Oasis Network is the $ROSE token which powers the entire ecosystem. It has a variety of utilities and is a deflationary token.
Firstly, the primary utility of the token is transaction fees, which most people know as gas fees. Any transaction made on the network will require $ROSE, whether that is sending, swapping or interacting with a decentralised application (dApp).
Secondly, as we have mentioned above, the Oasis Network is a PoS blockchain which requires Validators to delegate $ROSE tokens on the consensus layer (PoS). Validator nodes are responsible for validating all the transactions (blocks) on the network.
Thirdly, the average user is able to help secure the network by staking their $ROSE tokens to Validator Nodes. When the Oasis Network launched, the team set aside a total of 2.3B (23% of the Total Supply)$ROSE tokens as Staking rewards!
As I mentioned, $ROSE is a deflationary token and has a Maximum/Total supply of 10B tokens. Currently, over 57% of the tokens are in circulation and this is because many tokens are locked up and are scheduled for a gradual release. It will take years for the total supply to enter circulation, but at least the network is proven scalable!
The $ROSE token is available on Ethereum, Avalanche, BNB Chain and the Solana network. $ROSE can also be found on 99% of major centralised exchanges.
There are two main ways to buy $ROSE, but you will always go through a centralised exchange (CEX). Here are the options:
We recommend using one of these centralised exchanges when buying or trading the $ROSE token. Here is a list of CEXs with a few delicious promotions:
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
If you are buying $ROSE through your DeFi wallet, we recommend using Avalanche or the BNB Chain as Ethereum gas fees are very expensive. Alternatively, you can use the Solana network which is cheap in gas fees too ($SOL). If you haven’t set up the Ethereum, Avalanche, BNB Chain or Solana network, you can follow our Youtube tutorials down below. Here are the essential links:
At the time of writing, $ROSE is sitting at a price of $0.059, ranked #111 on CoinMarketCap and has a market cap of $343.3M! The $ROSE token once peaked at an all-time high of $0.59 and reached a market cap of over $1.98B!
The Oasis Network is definitely a worthy Eth Killer. Privacy will soon become a staple for blockchains that wish to become adopted worldwide. If not, they will suffer and be left behind. Privacy-enabled blockchains will be the narrative of the future.
Twitter – @OasisProtocol
Website – https://www.oasisprotocol.org/
That’s it! Thanks for reading! Have a look at our Guides section for more!
If you’re interested in learning more about Web3 and getting free crypto alpha, be sure to follow me on Twitter – @AltCryptoGems.