Many blockchains in the market intended to be tough competitors and mainly work to address the issues on Ethereum, intending to replace the network somewhere in the future. Oasis is the new entry in the ‘Ethereum Killer’ club offering 2 main key features which distinguish it from the other ETH alternatives, Built-in privacy, versatility, and Scalability. It is much similar to that of a combination of Polkadot and Ethereum but with built-in privacy features.
The network is empowered by its native token ROSE which is used for various purposes like paying transaction fees, delegation on consensus layer, staking by validator nodes, etc. The platform also offers its own native wallet Oasis Web Wallet which offers additional benefits when it comes to staking with most of all the core features of the main wallets.
What is Oasis Network(ROSE)-In Brief
The Oasis network is designed to be a privacy-preserved platform for open finance, using the data effectively and responsibly. The network is based on the Proof-of-Stake consensus mechanism which is built up aiming the data confidentiality and throughput gains of up to 1000 transactions per second. Despite offering many exciting features, most of the blockchain lags providing privacy. And Oasis network intends to bridge the gap being a privacy-centric blockchain that supports a decentralized data economy.
Developed by Oasis labs, an organization founded by Dawn Song in 2018. Oasis Network is used to build private smart contracts which aim to keep up the end-to-end confidentiality of the contracts. Moreover, the platform is highly scalable and hence addresses the issues like slow transactions with high fees with ease. The platform is also designed mainly to create private decentralized Apps(dApps) that may strengthen the foundation of private Decentralized Finance(DeFi) in the future.
Additional Read: Crypto Taxation Guide Budget 2022
How Does Oasis Network Work?
Similar to Ethereum, Oasis Network uses the Proof-of-Stake(PoS) consensus mechanism which requires a validator to stake the native tokens to validate the blocks and earn rewards. The main feature that may set Oasis Network apart from the other Ethereum competitors is it separates the consensus and computational layers to be more scalable.
- Consensus Layer:- It is the layer where-in the validator validates the blocks and adds them to the blockchain.
- ParaTime Layer:- these are the runtime environments that represent the computation in a shredded state. Anyone can develop the ParaTime and also developed in isolation meeting specific requirements.
As both layers have their pre-defined roles and responsibilities, it enables the platform to execute multiply transactions in parallel. This reduces the complexity and increases the transaction speed.
Data Privacy & Confidentiality
The smart contracts are built using the Trusted Execution Environment(TEE) where-in the data is encrypted into a secure enclave along with the smart contract. This data is decrypted, processed by the smart contracts, and yet again encrypted before its sent out again. This ensures data privacy where the data can be viewed only by the node operator or the smart contract developer.
It is a combination of privacy-enabled data computation and the blockchain which allows the users and developers to enforce usage policies with integrity. On the other hand, confidential computing assures data privacy. Here the data providers stake their tokenized data with apps and earn rewards. The providers can also keep track of the usage of their data, having complete control over the usage.
The Oasis Network is an ecosystem of Node operators, DApp developers, and many more. It also incentivizes the developers with ROSE tokens which vary from $5K to $50K depending on the scope of the project.
Will ROSE Price Hit $5 in 2022?
As mentioned the ROSE price maintained a decent ascending trend for a very long time. The extreme sell-off crashes or trend reversals could not deeply impact the asset which recovered very quickly. The asset after flipping from its lows in July maintained its rally along with a notable uptrend and hence manifesting a greater chance of rebounding towards its ATH very soon.
The recent sell-off has badly impacted almost all the assets in the market and ROSE crypto was also not spared. It also experiences a massive 50% plunge and currently consolidating within the lower levels from the past 10 days. During this period the platform witnessed extreme selling which is eased to some extent at the press time. And therefore, the buyer who was successful to prevent the asset from plunging then is expected to uplift the price now.
Factors Impacting ROSE Price Today
First Privacy-Focused Network
It’s the world’s first privacy enable network intending to be more scalable.
Private DeFi and Smart Contract
The privacy feature is mainly built to develop private dApps or any other decentralized applications.
Tokenized Enabled Data
The platform also maintains the integrity of the data by providing grants to the data providers to keep track and usage of the data privately
The network consists of thousands of node operators, developers, partners, ambassadors, and many more
Where & How to buy Oasis Network(ROSE)
ROSE can be bought, sold, or traded with ease here on CoinDCX. One can just register in minutes and also experience a very lucrative onboarding experience with a quick bank verification. All you need to do is, download the CoinDCX App on your smartphone and enter the required details. Further, add your bank details, and do not forget to complete the KYC. Once the bank verification is done, you can just fund your wallet and start trading. Simple!
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