Oasis Network is a decentralized layer 1 blockchain system that enables the use of private and Ethereum-compatible smart contracts. Layer 1 blockchain solutions improve the underlying primary blockchain architecture or basic protocol to make the whole system more scalable.
Using its platform, Oasis enables fast, verifiable, and confidential smart contract execution. Moreover, Oasis is a scalable, adaptable, privacy-first system with a minimal gas charge. Furthermore, the platform provides users easy development, significant staking incentives, and data monetization alternatives.
Many blockchain initiatives have emerged over time that has been termed "Ethereum killers," or projects that have the potential to take the place of the Ethereum network. Although it's unlikely that the people behind these initiatives are working intending to destroy Ethereum, the phrase continues, and Ethereum continues to rule. The newest blockchain project to be dubbed an "Ethereum killer" is Oasis Network. It is comparable to Ethereum but differs in two important ways: built-in privacy and scalability.
Users can join the Oasis blockchain network to create DApps or DeFi platforms. One of the platform's distinguishing characteristics is separating consensus and execution into two layers, allowing several ParaTimes to operate concurrently on the web for increased scalability and versatility.
Oasis Network is the creation of Oasis Labs. Dawn Song, a professor in the School of Electrical Engineering and Computer Science at the University of California, Berkeley, launched the organization in 2018. The Oasis team comprises top talent from across the world, with backgrounds ranging from Google, Carnegie Mellon, Apple, Amazon, Harvard, Stanford, and others; all of them are dedicated to building and increasing the effect of the Oasis Network.
Oasis Network has a Proof-of-Stake consensus mechanism, which employs random validator nodes that stake native tokens ROSE to gain the right to validate new blocks and collect rewards. Oasis Network achieves scalability by dividing its consensus and computational activities into what it refers to as the consensus layer and the ParaTime layer. Let's dissect that.
The consensus layer hosts a highly secure consensus mechanism operated by validator nodes. Blocks are validated and added to the blockchain there.
ParaTimes are shared runtime environments that reflect computation. Everyone may create and construct their own ParaTime. Each ParaTime can be designed independently to satisfy the requirements of a particular application.
The Oasis Network separates consensus and execution using two levels, allowing the network to handle many transactions concurrently. As a result, resource-intensive computations performed in one ParaTime will not stymie simpler, quicker operations performed in another.
Oasis Network is a potential proof-of-stake blockchain project with three distinguishing characteristics: privacy, scalability, and versatility. It's similar to Polkadot and Ethereum but with built-in privacy protections that might open up creative new use cases for DeFi apps and tokenized data. With its concentration on a responsible data economy, secret computing technologies, and confidential smart contracts, the Oasis network's limitless potential is a project worth supporting.