Many experts say that data is the new gold. But a vast majority of internet users are giving away their data for free without even knowing its consequences. Nowadays, a huge number of websites ask users to accept certain terms and conditions before they could start using their services.
And most users click the accept button without even reading a word about what they’re agreeing to. After getting permission from the users, the websites store their personal data on their centralized servers to sell them to advertising platforms like Facebook and more. Thus, the websites make money from the users’ data without their knowledge.
The worst thing about this mechanism is that the centralized servers are always at risk of malicious attacks. Thanks to decentralized projects like Oasis Network that are eliminating the risk of hacking attacks while allowing users to store their data with confidence.
What is Oasis Network (ROSE)?
Oasis Network is a layer-1 blockchain network that is designed to provide users with the complete control over the data they generate. The users can now decide whether they want to share a particular kind of information with a service provider or not. The best part is that they can earn rewards for the data they share.
Most importantly, the platform enables users to share data like health information, bank information, social security numbers, and credit records without compromising their privacy. The platform introduces a new kind of tokenized data so that the users can stake those tokens on different apps to earn rewards.
Thus, the Oasis network is contributing to building a responsible data economy. The platform is working on introducing innovative ways to reward users for the data they generate on a regular basis.
Importance of Oasis Network
Oasis Network shares most of its features but it offers better scalability and privacy along with a number of other features.
Privacy-Enabled Blockchain – Oasis network keeps the users’ data confidential by incorporating confidential computing technology. Thus, it provides better opportunities for users who are willing to use the blockchain.
Tokenized Data – Oasis Network is dedicated to building the next generation of privacy-first applications. It transforms the users’ data into different tokens that can be staked on different applications. The users can earn rewards with these tokens without compromising their privacy.
Experienced Team – Oasis Network has the potential to dominate this segment of the blockchain industry as it’s operated by experienced professionals of different institutes including Amazon, UC Berkeley, Harvard, Goldman Sachs, Carnegie Mellon, Apple, Stanford, and more.
Scalability – Oasis Network has significantly sped up Defi transactions with its innovative scalability design. The platform has unlocked a new industry for users who couldn’t take advantage of Defi in its early stages.
Rapidly Growing Community – Oasis Network has a strong community of Dapp developers, node operators, universities, and more. The platform encourages developers to build new Dapps, Defi protocols, and other such applications by incentivizing them.
The platform vows to pay $5k-$50k to the developers based on the scope of the project under the Grants program. The platform has also established the largest university program in multiple university departments across five continents.
How Does Oasis Network Work?
Oasis Network distributes its operations into two layers called ParaTime Layer and Consensus Layer. The purpose of introducing the two-layer protocol is to eliminate the scalability issues the users usually have to face on traditional Layer 1 blockchain networks.
As the name suggests, it’s the part of the blockchain where all transactions are verified with the help of validator nodes. The platform uses a proof-of-stake consensus mechanism to finalize the transactions.
It’s a set of different chains that run in parallel. These chains are connected to the main chain but they can complete most transaction processes on their own. It ultimately increases the platform’s ability to finalize multiple transactions without any congestion.
Confidential ParaTimes are primarily designed for users who are concerned about ensuring the privacy of their information. Companies and institutes can take advantage of this feature to run different operations. In this system, smart contract execution is achieved with the help of a Trusted Execution Environment.
“Cipher” is a leading ParaTime on this network that uses Trusted Execution Environment, a secure computing technology, to ensure the privacy of the smart contracts. This technology decrypts and encrypts the data within the ParaTime without disclosing any data to the app developer or node operator.
Sharding and Parachains also help with improving the network’s scalability. And many popular blockchain networks are using these techniques. But ParaTime offers faster transaction processing as it can complete the transaction with a smaller replication factor.
Oasis Network Use Cases
Many crypto exchanges have used this network to block bad actors. The exchanges can share the details about different malicious attacks without damaging the privacy of individuals and organizations.
Nebula Genesis, a healthcare organization, has decided to provide complete control of genetic data to customers with the help of the Oasis network. The goal is to build a unique and more effective product than the competition.
A Fortune 500 healthcare provider is also using this protocol to share the patients’ data with external parties without affecting their privacy.
Oasis Network Tokenomics
Rose is the native token of the Oasis network that is used to pay transaction fees. The users can stake their Rose tokens to become a node operator within the platform. With a circulating supply of 5.7 billion tokens, Rose has a market cap of $319 million. It has a total supply of 10 billion tokens that will be released through a rewarding process.
Oasis Network is a layer-1 blockchain network designed to provide users with complete control of their data. The users can decide whether they should share their personal information with a particular service provider or not. Unlike traditional Web2 platforms, Oasis Network rewards the users for sharing their data.
If you need more information about how Oasis Network works, feel free to get in touch with us.