>The Oasis network focuses on privacy, a key element that has raised many questions within the digital world. Oasis Foundation is a responsible data economy. It is a layer-1, decentralised network as well as a privacy-enabled Blockchain for Open Finance. Oasis envisions Oasis reaching beyond traders and early adopters to capture the mass market through its ethical features. The network prioritizes applications and use cases that protect data privacy, while keeping user confidentiality at its core.
What does Oasis do to keep their data private?
The Oasis network separates the contract execution layer and the consensus layer. The Oasis Network then connects both layers so that no privacy-tagged information is ever shared between them. Your data is kept secret while processing the confidential smart contracts. The Proof of Stake (PoS), which is used to create the consensus layer, makes it a highly secure network. ParaTime allows sharing. This is similar to Polkadot’s Parachains.
Oasis facilitates the creation a “Tokenized Data” which allows users to control their data and stake them for rewards. This creates an incentivised digital economy.
Source: https://docs.oasis.dev/oasis-network-primer/
Your smart contracts can be privacy-enabled to ensure that all transactions are kept private on the blockchain. This is revolutionizing the space of decentralised finance (DeFi). This system allows for a variety of uses, including private payments, private automated markets makers (AMMs), collateralized loans, and many other.
Oasis Network Key Features
Scalability
Oasis Network has faster transaction speeds and a higher throughput, with almost 1,000,000 transactions per second. ParaTimes are parallel and work together to spread the load, resulting in smoother processing. The network’s sophisticated discrepancy detection makes it more efficient and contributes to rapid scaling.
Privacy
The ParaTime layer enables the first-ever confidentiality-driven smart contracts with the help of the functionality of black boxes in a secure computing technology called a TEE (Trusted Execution Environment). Users will build trust by offering confidentiality. They will then store their sensitive and personal information on the network, which is essential to the future of cryptoassets.
Multifunctional
Each ParaTimes application can be created separately because they are separate. Because of the different layers, the network can be made very flexible and adaptable. ParaTime can be tailored to meet specific needs, but the consensus layer can stay the same in order to capture the most important features.
Rapidly Growing Community with a Top-Tier Team
Oasis Network is made up of node operators, developers and ambassadors. It also includes many community members who have worked together to make a community that pioneers change. They are all highly educated and come from well-respected backgrounds.
Oasis Network’s most interesting projects
Nebula Genomics
Oasis Network’s privacy enabled blockchain can store your genomic data. Nebula is able to only access the relevant information needed to perform analytics. You don’t have to reveal any sensitive information. Genomic data is vital for individual ancestry information and disease risk information. Many genomic testing companies have breached customer privacy and accessed millions of people’s information. Despite these concerns, Nebula Genomics powered by Oasis Network is an extremely useful application for blockchain technology.
Binance CryptoSafe Alliance
Ransomware attacks and thefts have been a major concern with blockchain technology. Binance CryptoSafe Alliance and Oasis Network teamed up to create an exchange platform that protects the privacy of all participants and reduces the risk of theft.
The ROSE token
Oasis Network’s token, ROSE, is known as and has a fixed supply limit of 10 billion tokens. There are currently 3.49 billion ROSE tokens. ROSE tokens can be used to pay transaction fees, stake, and delegate within the network. You can also use them as staking rewards to secure the network.
Takeaway
Experts are often discussing the future of blockchain. Although the ultimate goal is to reach the mass market, unique services and seamless experiences are better options. Oasis Network, a platform that allows multiple uses of crypto, understands this need and has created it.
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Did you miss our previous article…
https://www.goldcoastmoneyonline.com/ethereum-technical-analysis-2/
