OASIS Protocol – Protecting Data Privacy
OASIS is a Layer 1, privacy enabled, proof-of-stake, decentralized network designed to give users back control and ownership of their data, while supporting new applications in open finance and open data.
Oasis Network is a next generation blockchain and the first privacy-enabled platform built to scale for open finance, a responsible data economy, and Web3. Combined with its high throughput and secure architecture, the Oasis Network aims to power private, scalable DeFi, and expand it beyond traders and early adopters to the mass market. Its unique privacy features have the potential to not only redefine DeFi and Web 3 but also create a new type of digital asset called ‘Tokenized Data’. This will enable users to take control of the data they generate and earn rewards for staking it with applications, creating the first-ever responsible data economy.
$ROSE is the native token of the Oasis ecosystem and it is used for transaction fees, staking, and delegation at the consensus layer. Holders can earn rewards on their $ROSE holdings by delegating their tokens to a validator node.
The Oasis Network Tech
Oasis prioritises applications and use-cases that promote data privacy and user confidentiality. It aims to achieve this by separating its consensus layer from its contract execution layer while providing a built-in interface connecting the two for privacy-preserving computation. The consensus layer acts as a hub that uses a proof-of-stake mechanism to secure the network and reach a consensus on transaction validity. The execution layer consists of multiple parallel runtimes (known as ParaTimes) for specialised computation needs that each plug into the consensus layer.
There are 3 ParaTimes built by the Oasis core team already on the network.
- Emerald ParaTime, the EVM Compatible ParaTime, was built to solve the problems faced by Solidity developers, namely high fees and low throughput. Emerald solves both of these problems by increasing the throughput of transactions to 1,000 per second and reducing fees by 99%+ compared to Ethereum. This means more users will be able to use and build on the network.
- Cipher ParaTime, the confidential smart contract ParaTime, will hold the features that Oasis is known for – privacy-preserving smart contracts. As with Emerald, it boasts high throughput, instant finality, and low fees with added privacy-preserving features. Cipher enables DEX’s to stop front-running transactions, NFT users to protect their assets privately, and can potentially unlock trillions in credit and lending markets from traditional finance.
- Parcel ParaTime, the confidential data storage, governance, and compute ParaTime, Parcel already has enterprise partners like Nebula Genomics, Genetica, and BMW, using it to store private data like human genomic data. Parcel enables governance, confidential computation, and private analysis of data. Applications developers can use the Parcel SDK to integrate privacy-preserving data storage, governance, and computation into their applications. Parcel is also the data tokenisation engine that can turn any data file into an NFT. It is envisaged this functionality to enable people to take back control of the data they create, turning it into assets they can stake and earn rewards, thus creating a new responsible data…
