What is Oasis Network?

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Coinmonks

3 min readApr 25, 2022

Blockchain technology has seen so many applications. With so many new technology and projects trying to help make the space better than the traditional financial system.

From token transfer to smart contracts. The next generational blockchain would focus more on Private computation.

Blockchain technologies are exploring different solutions that the pioneers of blockchain technology have fallen short of, such as scalability, privacy, and security.

We would be focusing on how the oasis network addresses the issue of scalability, privacy, and versatility through it’s design architecture.

Oasis network — a new era of scalability & privacy

What is Oasis Network?

Oasis network ($ROSE) it’s the native token, it is a layer 1 proof of stake (POS) blockchain technology that uses smart contracts to provide;

Scalability
Versatility
Privacy

Oasis network has been designed to function as a privacy-preserving platform for open finance.

The lack of privacy on the blockchain is a setback for blockchain technology. Oasis network wants to bridge that gap as a privacy-centric technology on the blockchain that supports a decentralized data economy and open finance.

Through it’s architectural design, it is secure and has a high throughput of more than 1000 TPS (transaction per second). It is able to power private, scalable DeFi and revolutionize open finance, expanding it beyond traders and early adopters.

Oasis network creates a responsible data economy

The main feature of the Oasis network is to provide and enable efficient and confidential smart contract execution.

How does the Oasis network work?

Oasis network is able to ensure privacy and scalability by separating it’s consensus and computational operations into the consensus layer and ParaTime layer. Let’s focus on those.

(1) Consensus Layer: proof-of-stake (POS) consensus is run by a decentralized set of validator nodes. The design of the platform allows the consensus layer to easily change to different consensus mechanisms to benefit from the change at a particular time in the blockchain space. It accepts multiple smart contracts runtimes simultaneously. These smart contracts are being verified by the ParaTimes and added to the blockchain.

(2) ParaTime layer: consists of parallel runtimes that represent computation in a shared state. These ParaTimes help to verify and execute smart contracts that are added to the blockchain.

Oasis network is a community-driven project with so many other projects being built on their network. With the use case attached to it, this is a project that will contribute immensely to the growth of the DeFi space.

I hope you love this article, I am open to freelance roles and you can drop me a message, say hello, or follow me on Twitter as I help people learn more about DeFi.

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What is Oasis Network?

What is Oasis Network?

How does the Oasis network work?

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Written by Defi_Jeamz