The Oasis network is a privacy-enabled Layer-1 blockchain platform for open finance and a responsible data economy. It offers high throughput, a secure ecosystem, and low gas fees and aims to create the whole infrastructure for Web3 that will power DeFi, GameFi, NFTs, metaverse, data tokenization, and Data DAOs. It also seeks to make the new internet mature and highly developed with the help of big companies it is backed by, including Meta, BMW Group Genetica, Binance Lab, Andreessen Horowitz, Panthera, Polychain, and others.
The project was launched in 2020 by the Oasis team, which consists of talents from all around the world. The team is led by Jernej Kos and its members have experience working with global IT and crypto companies, including Apple, Amazon, Google, Stanford, Harvard, and more. Most of the members of the Oasis core engineering team have Ph.D. degrees in the related spheres. The community members run an Oasis Ambassador program, where passionate volunteers can create and hold meet-ups, ask and answer the questions of developers and users, create and translate content and manage the communities.
The Oasis network has a multi-layered modular architecture that allows for better scaling. Separating the consensus and smart contract execution layers allows developers to deploy low-cost and privacy-focused applications. Its ParaTime Layer is used for building dynamic computing environments. It is also the layer for smart contract execution, it can evolve independently. This level hosts many parallel runtimes of Para Times. Additionally, this layer is fully decentralized and lets anyone develop their own Para Time in isolation.
Cipher Para Time is geared towards confidentiality and supports the creation of complex, confidential smart contracts. There is also Sapphire — another privacy-enabled Para Time that is confidential EVM compatible. It allows developers to easily switch to a Web3 environment but still use familiar tools and thus improve the building of dApps.
Oasis utilizes a Proof-of-Stake consensus mechanism, where the sets of decentralized nodes are operated by independent nodes. To secure the network in the environment where consensus is separated from execution, fraud proofs are used. On Cipher Para Time nodes are required to apply a technology called TEE (Trusted Execution Environment) that serves as a hypothetical black fox for smart contract execution in confidential Para Time. Smart contracts and encrypted data go to the black fox, where all of it is decrypted, processed by smart contracts, encrypted again, and send out of the TEE. In this way, the data can not be leaked to developers or node operators.
Moreover, The Oasis network uses a unique system for detecting a discrepancy, which in many ways is more effective than sharding.
The Oasis platform supports both non-custodial and first-party wallets. The first one is a web wallet called Oasis Wallet Web, and the other one is a browser extension called Oasis Browser Extension. Both of them are open-source and created by community developers.
ROSE is a native cryptocurrency of the Oasis network. It is used for governance, as a payment for the gas fees, and also to be staked to validate the transactions on the network. The rewards on the Oasis network are higher than in many other projects with the APY up to 20%.
The ROSE token has a fixed supply of 10 billion coins, with a little more than 5 billion in current circulation. 2.3 billion out of the total supply are allocated for the staking rewards that will be paid over 10 years.
