Oasis network had several announcements in the last week, including some discoveries like:
.@OasisProtocol comes to Wormhole!🥳
We're excited to add our 7th supported chain: Oasis!
Wormhole is the first cross-chain bridge connected to Oasis Emerald Paratime, enabling transfers to & from all other supported chains🤝
🔄Swap on @Yuzu_Swap!
— Wormhole🌪 (@wormholecrypto) January 11, 2022
Looking forward to building Oasis Ecosystem together! 🙌https://t.co/yr9YKDADBl
— Binance Labs Fund (@BinanceLabs) January 11, 2022
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.
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 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.
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.
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Image by: https://oasisprotocol.org/
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