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Have you heard about Oasis Network? This project is well known for being the first privacy-enabled blockchain platform for open finance and a sustainable data economy. The goal of creating this project is based on enabling a platform where data is used securely, fairly and responsibly.
It is worth noting that this platform was designed for the next generation blockchain. Oasis Network stands out for combining its high performance and secure architecture thus empowering the private and scalable DeFi world, revolutionizing Open Finance and extending this world beyond merchants and early adopters to a supermarket.
Thanks to the unique privacy features it introduces it redefines the DeFi world, but not only that, it also brings a new digital asset class known as Tokenized Data that gives users full control over the data they create and they can also generate rewards for abstaining from applications by offering responsible data. This project is the first of its kind, hence its importance.
History of Oasis Network
The Oasis Network project was first brought to life by Dawn Song, the founder of the project. Song devised a new paradigm where true data privacy can exist online in a very secure way. In such a paradigm people would have full control of their data in a responsible manner while also having the option to profit from it.
After this project idea appeared, in 2018, Dawn finally founded Oasis Labs, where the fundamental work for the development of the Oasis Network project was carried out. During the development of the project, repeatedly Dawn emphasizes that a fundamental part of Oasis’ mission was particularly important, as it was to develop technologies that could use data in a way that preserves the privacy of users.
For the developer, data should be seen as property and is capable of powering the global economy in a way the world cannot yet imagine; however, this has a downside and that was that, just as powerful, data is potentially dangerous once it is at risk. This is why Oasis Network was created to change the way things are done in the crypto space and on the web.
What does the Oasis network offer?
At first glance it looks like just another project in the crypto world, however, it has many advantages and useful tools that represent a before and after in the history of cryptographic data.
Oasis Network employs blockchain technology to ensure the security of its users by being the first scalable security-enabled blockchain. In addition, ParaTimes (set of nodes in the network) leverages this computing technology to create secure attachments capable of maintaining data confidentiality.
This project is the first privacy design that can be extended beyond merchants or early adopters resulting in the acceptance of this technology in a new traditional market. Its innovative scalability design and DeFi transactions offer great speed and high performance in its operation.
This network offers something that few projects can afford and that is data tokenization. The Oasis network is able to tokenize data, unlock game-changing use cases for the blockchain and an ecosystem of applications and projects on the blockchain. This empowers the next generation of applications to focus on prioritizing privacy.
Another attraction of this network is the rapid growth of its community, with more than 1,000 operators among developer nodes, business partners, ambassadors and almost 10,000 community members participating in global social channels.
A fact that inspires a lot of confidence in this project is its development team. It is made up of recognized talents from all over the world. In it we can find developers with experience in Apple, Google, Amazon, Goldman Sachs, UC Berkeley, Carnegie Mellon, Stanford, Harvard and many more. All of them focused on expanding the network through all their knowledge.
How does the Network work?
The first thing to note is that Oasis is a completely decentralized network that operates through proof of participation. It is a layer 1 privacy-first network. Oasis Network, as we mentioned earlier stands out as a highly scalable blockchain enabled for security and privacy in decentralized finance and for maintaining a responsible data economy where the data is owned by the user.
This network offers a real alternative to current solutions such as confidentiality and decentralization combined in a single project. Oasis is compatible with the Ethereum network, as its ParaTime was designed with support for the Ethereum Virtual Machine. To top it off, it also has support for all robustness tools, with the difference that it offers higher performance and lower gas rates than on the Ethereum network.
The operation of this network is possible thanks to certain components that will be briefly explained below.
- Oasis Network: The network designed for next-generation blockchain was the first in history to enable this privacy-oriented technology. The network integrates with a number of wallets, DeFi world applications, nodes and other components that make it unique.
- Oasis Foundation: This foundation has the main objective of empowering the entire ecosystem surrounding the network. This foundation is responsible for carrying out various fundamental activities such as funding various activities such as grants and hackathons, expanding communities to global regions, supporting and unifying users to build creative communities, among others.
- Oasis University Program: This program has more than 25 founding members and is aimed at fostering a community of node operators who are interested in the program. It is the largest university program in a layer 1 blockchain network.
- Ambassadors and collaborators: This is a group of influencers, technologists and evangelists with the mission of helping to expand the project.
- Oasis Labs: Oasis Labs is one of the first partners of the project. In this foundation he carried out most of the development of the project.
What is ROSE?
ROSE is the platform’s native token. This token is intended to drive transactions, bets and delegation on the system’s blockchain. This token can be obtained as a reward or can be purchased on various exchanges.
This token owes its name and logo to the fact that in ancient times roses symbolized secrets and, being privacy-oriented, it fits perfectly with the project’s mission. This token has a limited issuance of 10 billion.