The Ultimate Guide to Oasis Network Smart Chain
The Oasis network token, $ROSE, has seen a huge surge in recent weeks, attracting attention from the crypto community. Furthermore, its DeFi ecosystem has crossed the $100 million mark in combined value.
There is no doubt that Oasis Network (OSN) is a project currently in its early stages with a promising future ahead. To be able to better understand $ROSE, we will begin by giving a brief overview of the project itself, along with important milestones they have achieved so far. We will then move towards tackling the elephant in the room: to inspect the smart chain ecosystem and how it works.
You could ask, “What does tokenizing the world imply for me in the case of Oasis Network?”
The Oasis project, according to the team, “enables third-party developers to build dApps that are hosted on side chains linked to the main chain. These dApps are incentivized with tokens, which are generated through/by delegated proof-of-stake (DPoS) consensus.”
Oasis is a blockchain designed for gaming. It’s built on the DPoS consensus algorithm, which does not require miners or computers to solve complex mathematical problems as Proof of Work (PoW) systems like Bitcoin and Ethereum do. This means it uses a different type of consensus mechanism than PoW-based blockchains such as Bitcoin and Ethereum do. A list of the ‘delegates’ is available on the Oasis whitepaper which you can read here.
Binance Labs has also committed to contributing to the projects that will be launched on the Oasis Network through the Oasis Ecosystem Fund.
What are the characteristics of the OASIS network token that allow them to provide nodes of infrastructure for scalability and decentralization?
- BOScoin holders ‘vote’ for BOS Platform ‘delegates,’ who will then get a portion of the platform charges (in OASIS tokens).
- Delegates that offer services such as data storage and verification, which they are paid in Oasis tokens for.
What are the benefits of this Oasis network wallet?
This Oasis network mobile wallet is an open-source, light wallet to secure your cryptocurrency in the mobile world. The DEX mobile app supports multiple chains and cross-chain transactions, providing a user-friendly experience.
1) The mainnet has already been tested for over two months with high-performance capabilities capable of supporting dApps that have 5 TPS or more.
2) It is compatible with Ethereum smart contracts through web3.js, which means that developers can quickly launch their custom tokens on Oasis without worrying about infrastructure requirements such as operating nodes.
Think about it like this: imagine having your decentralized server farm (not maintained by Amazon or Google), and you can charge other people money to store their files on your servers and serve them up when needed. This will help with decentralization as now anyone can run their node — even though those nodes will be controlled by those who elected them into office via staking votes.
Oasis Smart Contract
Unlike other smart chains, 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.
What is the real potential of the Oasis network coin?
Team and VC background
The network is run by a group of professionals that come from prestigious career backgrounds including Apple, Google, and Harvard. The investors include Silicon Valley’s a16z, PanteraCapital, Accel, and polychainCap venture capital firms. They’ve announced their collaboration on an intriguing AI application of secure computing technologies with Meta (Facebook). In November 2020 the project launched its mainnet, which received $160 million in Oasis ecosystem money over the next two years. Wormhole is also the first cross-chain connection between Oasis Emerald Paratime and any other chain, allowing you to move assets from all supported networks.
Future Growth of Oasis Network
The project aims 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.
If you want more information about this revolutionary product or need help understanding what it means for you, check out their website.
To read more about network smart chains, click here.