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Oasis Network $ROSE Surges After New Announcements

Since the last week, when Oasis network smart chain $ROSE hit a low of $0.30, $ROSE has been on an upward trend. Within four days, the price rose to a new all-time high of $0.538, representing an increase of 77%.

Oasis network had  several announcements in the last week, including some discoveries like:

 

  • Oasis will enable Wormhole to include the seventh supported network on its platform, which is a welcome addition.

  • The YuzuSwap DEX generated over $100 million in aggregate worth within a day of its debut.

 

  • Binance Labs also announced its involvement in the Oasis Ecosystem Fund, which will contribute to projects developed on the Oasis Network.

 

You may ask a question “What does this mean for me?” 

According to the Oasis team,

 

“the project allows third-party developers to design dApps, which are hosted by side chains connected to the main chain. These dApps are incentivized with tokens, which are issued using/by delegated proof-of-stake (DPoS) consensus.”

 

Note that unlike first-generation blockchains like Bitcoin or Ethereum that use Proof of Work (PoW), Oasis uses delegated proof-of-stake consensus algorithm called ‘BOScoin Delegated Proof of Stake‘. A list of the ‘delegates’ is available on the Oasis whitepaper which you can read here.

Team and VC background

The network is run by a group of professionals from Apple, Google, and Harvard degrees. The investors include Silicon Valley’s a16z, PanteraCapital, Accel, and polychainCap venture capital firms. In November 2020 the project launched its mainnet, which received $160 million in Oasis ecosystem money over the next two years. They’ve announced their collaboration on an intriguing AI application of secure computing technologies with Meta (Facebook).

Oasis Smart Contract

Oasis smart contract is the first high-level programming language for decentralized finance (DeFi) to be built on Tendermint by leveraging Cosmos SDK. It enables executable distributed code contracts ( EDCCs ), which are analogous to smart contracts that can be easily authored and executed in a deterministic fashion.

 

Functioning at the application level, it allows for any number of independent blockchains to remain autonomous while simultaneously sharing a single liquidity pool. Oasis Network uses ‘delegated proof-of-stake (DPoS) consensus.

How does OASIS network work?

  • Token holders ‘vote’ to elect BOS Platform ‘delegates’. The delegates will then receive a percentage of the platform fees (in OASIS tokens).
  • Delegates that provide services such as storing data and verifying transactions, for which they are also remunerated in Oasis tokens.

Future Growth of Oasis Network

The project is to create its own App Store with all sorts of apps that developers will deliver. The Oasis team plans to work on scalability, privacy and usability issues in the future. It seems that their technology is much more beneficial than other blockchain projects. If this platform gains popularity, we may see $2.00 in the next two years.

 

Oasis Network is the next generation of smart contracts. It’s a powerful, decentralized network that will power scalability and decentralization for any application. The OASIS tokens themselves provide nodes of infrastructure to power this system in an innovative way through their patented Proof-of-Reliability consensus mechanism.

 

With these innovations come many benefits including faster transactions times, lower transaction fees, improved data privacy protection, and increased security with no single point failures because there are multiple redundant copies of each node available at all time due to replication technology built into the blockchain protocol itself.

 

If you want more information about this revolutionary product or need help understanding what it means for you, check their website.

 

For more news related to the crypto world, please check here.

Image by: https://oasisprotocol.org/

Kshitij Chitransh

Kshitij Chitransh

Kshitij is a Chartered Accountant, CFA L1 and a commerce graduate from the University of Delhi. Kshitij is a fintech consultant with 3+ years of working experience covering blockchain and crypto markets.

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