@OasisProtocol ($ROSE) is a Layer 1 Proof-of-Stake (PoS) blockchain founded in 2018 and launched...
Their mission is to create a more scalable and privacy-focused blockchain than @Ethereum, making $ROSE an $ETH killer.
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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.
OasisNetwork has come up with the perfect privacy solution. Let me explain.
How Does it work?
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:
Consensus Layer
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.
ParaTime Layer
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 #OasisNetwork.
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, @OasisProtocol 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!
Ecosystem
We could go through the hundreds of dApps within the Oasis Network’s ecosystem, but here is a handful that I’ve picked out:
@Yuzu_Swap - Native Oasis AMM DEX with extremely low fees and passive income opportunities
@MultichainOrg - Leading multi-chain protocol that connects most blockchains in existence, all through a cross-chain router - https://multichain.org/
@Auth3MetaMirror - Providing real-world utility by bridging data from Web2 to Web3! - https://metamirror.space/
There are many more utilising the ultimate privacy-focused blockchain and its native token $ROSE.
Roadmap
The 2024 @OasisProtocol Roadmap will be a game-changer for the protocol. Why?
Further Integrations with the @Ethereum Ecosystem
Enhanced User & Developer Experience
Improve Overall Network Security
Upgrade Runtime and Storage Performance
MORE!
So much more en-route, check it out for yourself - https://oasisprotocol.org/blog/oasis-engineering-2024-roadmap
$ROSE Token
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 #OasisNetwork 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 67.14% 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!
Conclusion
At the time of writing, $ROSE is sitting at a price of $0.015, ranked #116 on CoinMarketCap and has a market cap of $1022M! The $ROSE token once peaked at an all-time high of $0.59 and reached a market cap of over $1.98B!
The @OasisProtocol is definitely a worthy Ethereum 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.
