The Oasis Network, with its native token ROSE, represents a groundbreaking step forward in the field of blockchain technology, especially in addressing the ever-increasing concerns over data privacy and security. Launched in 2020, the network is designed as a privacy-focused, Layer 1, proof-of-stake blockchain that aims to revolutionize open finance and the responsible data economy by expanding access beyond early adopters and traders to the mass market in a secure and scalable manner.
At the heart of the Oasis Network is its unique architecture, which consists of a Consensus Layer and a ParaTime Layer. The Consensus Layer operates on a Delegated Proof-of-Stake algorithm, managed by a decentralized group of validators, ensuring scalability and security. The ParaTime Layer, meanwhile, hosts various parallel runtimes, each an independent computation environment with shared state, facilitating high throughput and the parallel processing of transactions.
A distinctive feature of the Oasis Network is its utilization of Trusted Execution Environments (TEEs) to enable functionalities such as query and data control, data collaboration, and user Privacy-as-a-Service, thereby offering solutions for businesses to share sensitive data while maintaining control and privacy.
Oasis Network’s promise lies not only in its technological prowess but also in its broad support from industry leaders and academic institutions, highlighting its potential to foster innovation in Web3 and beyond. Its backers include significant names like Binance, BMW Group, and Meta AI, underscoring the network’s broad industry appeal and commitment to building a future-proof blockchain ecosystem.
The ROSE token, integral to the ecosystem, is used for staking, transaction fees, and network governance. The token’s symbolism, drawn from ancient Greece where a rose represented secrets, aptly reflects the network’s dedication to privacy and data protection. The launch saw an initial circulation of 1.5 billion tokens, with a total supply capped at 10 billion tokens, designed to incentivize participation and secure the network.
The ROSE token, the native cryptocurrency of the Oasis Network, was launched on September 2, 2020, as a fundamental component designed to fuel the network’s operations, including transactions, staking, and delegation. The token’s genesis was closely tied to the network’s emphasis on privacy and security, drawing inspiration from historical associations of roses with secrecy and confidentiality. This symbolism underscores the Oasis Network’s commitment to creating a blockchain environment where data privacy and secure computing are paramount.
ROSE has a fixed total supply cap of 10 billion tokens, with approximately 1.5 billion tokens in circulation at the time of its mainnet launch. This limited supply model is intended to prevent inflation and ensure the token’s value over time. The Oasis Network allocated approximately 2.3 billion ROSE tokens to be automatically distributed as staking rewards, incentivizing users to participate in network security and governance.
The token serves multiple utility functions within the Oasis ecosystem, including paying for transaction fees, staking by validators to participate in the network’s consensus mechanism, and delegation by token holders to validators of their choice. This multifaceted utility underscores ROSE’s integral role in supporting the network’s operations and governance model.
The Oasis Network, backed by notable investors and venture capital firms such as Andreessen Horowitz, Accel, Binance Labs, and Polychain, has raised over $45 million between 2018 and 2020 to support its development. The team behind Oasis Labs, including founder Dawn Song, a computer security professor at UC Berkeley, brings together expertise from leading technology companies and academic institutions, underscoring the project’s solid foundation and innovative approach to blockchain technology.
For those interested in participating in the network, ROSE tokens can be staked directly or delegated to validators to earn rewards, contributing to the network’s security and consensus processes. This staking mechanism is designed to be accessible and rewarding for token holders, offering an annual percentage yield (APY) based on the duration of the staking period.
In summary, the ROSE token represents not just a means of transaction within the Oasis Network but also a symbol of the network’s dedication to privacy, security, and decentralized governance. Its capped supply, multifunctional utility, and the strong backing from the crypto community and investors position ROSE as a significant player in the evolving landscape of blockchain and cryptocurrency.
