Wigwam is the best Oasis blockchain crypto wallet

Oasis Network blockchain review

Oasis Network is a decentralized layer-1 blockchain that is uniquely designed with separation of consensus and execution into two layers. The consensus layer is a secure, scalable, and high-throughput layer maintained by a set of validator nodes, and the ParaTime layer that enables many parallel runtimes. The Oasis network is a privacy-first, EVM-compatible network that offers scalability, faster transaction speed, and higher throughput than any other blockchains, instant finality, and a 99% lower gas fee compared to Ethereum.

Origins and Vision 

The Oasis Network was created by Oasis Labs, which Dawn Song, a professor of Computer Science at the University of Berkley, founded. Oasis Network aimed to provide a new standard for data privacy in online platforms, empowering the users by giving them the ability to control their data responsibly and having the option to extract monetary value from it. 

Key Milestones

The Oasis Labs launched the public test in November 2019, allowing developers to start building applications on it and users to interact with the network.

The Oasis transitioned from the testnet to a functional network with real transactions in June 2020 with the launch of its Amber Network.

Oasis’s Mainnet production version was launched, marking the official launch of Oasis Network.

The year 2021 was significant for Oasis Network as it launched its Cipher ParaTime and Oasis Emerald on mainnet, offering vital building blocks for DeFi and EVM compatibility for easy integration with EVM dApps, NFT, MetaVerse, crypto gaming, and a cross-chain bridge to enable cross-chain interoperability.

The Oasis Network launched its Sapphire on mainnet, which is a layer of confidential EVM ParaTime that enables Solidity developers to build privacy-enabled dApps in a flash. 

What Consensus Algorithm Does Oasis Use

The Oasis Network utilizes Tendermint, a Byzantine-Fault-Tolerant Proof-of-Stake consensus that achieves network agreement through a time-based process. It sends proposal messages to validators and employs multiple rounds for block propagation. Valid blocks require approval from multiple proposers and validation by corresponding validator private keys. The Tendermint mechanism lets validators communicate with each other through a peer-to-peer gossiping protocol and requires a two-thirds majority for block acceptance. 

How OasisTechnically Solved Problems with Scalability, Decentralization, and Speed

To tackle the issues of scalability and speed, the Oasis Network uses its two-layer architecture: Consensus (Layer 1) and ParaTime (Layer 2). The Consensus Layer maintains network rules, ensuring node adherence and handling block generation. It interacts with ParaTimes, separate networks running specific applications, accepts state updates from ParaTimes, and writes them into the next blockchain block. The Consensus Layer handles various services through an ABCI application multiplexer, ensuring core consensus interacts with service-specific nodes. In simple terms, it maintains network rules, reduces complexity, and manages transactions between layers, enhancing the scalability and efficiency of Oasis blockchain execution.

Meanwhile, the ParaTime Layer executes smart contracts across customizable, parallel environments, like EVM and WASM-compatible ParaTimes. Node operators join open/closed committees for rewards. This modular design fosters scalability and independent evolution of ParaTimes, offering flexibility and security on the Oasis blockchain.

Who are the Main Players in the Oasis

The Oasis Network uses the Tendermint consensus algorithm which is a Byzantine-Fault-Tolerant Proof-of-Stake mechanism. The main players in Tendermint are the Validators and Delegators. 

Validators: At the time of writing this article, staking of at least 100 ROSE is required for the validator’s registration as it’s the staking threshold, a validator is selected from the top 120 validators (by stake amount). The elected validator proposes the next block to be added and if other validators agree with it, then the block is added and the chain is updated, offering instant finality. 

Delegators: ROSE token holders can choose to delegate a validator of their own and share earring rewards. 

DeFi Ecosystem on Oasis

Oasis Network offers low gas fees, high throughput, instant finality, privacy protection, and a strong foundation for web3, leading to its robust DeFi ecosystem, and attracting many developers and users to its ecosystem. It is worth mentioning that the network exceeded 100M in TVL in less than 12 hours after the YuzuSwap DEX was launched, showcasing its potential.

Oasis’s DeFi ecosystem is quite diverse as it has decentralized exchanges like “YuzuSwap”, “LeonicornSwap”, and “RimSwap”. A lending protocol like “WePiggy”, and a Derivate like “SmartSwap”. To join the DeFi ecosystem on Oasis, use the Wigwam DeFi wallet.

NFTs Marketplaces on Oasis

The Oasis Network had a very successful launch of the MetaMirror project with its Gallery and MBuddy in November 2021, which was the first ever Web3.0+ identity service. To further expand its NFT ecosystem, Oasis added an innovative code-free NFT launchpad called MLaunch into its ecosystem. Adding this with Oasis’s low gas fees, and instant finality, it attracts many artists and collectors to its ecosystem to mint, sell, and buy NFTs.

Tokenomics and Gas Usage on Oasis

ROSE, is the native utility token of the Oasis network and is used for staking, delegating, gas fees, and transaction fees in the consensus layer of the Oasis Network.

ROSE holders get to participate in the governance of the Oasis Network through voting on proposals such as network upgrades, and parameter changes.

ROSE tokens can also be used as collateral to borrow, lend, and engage in other financial activities in the various decentralized finance applications. 

Conclusion

The Oasis Network is reshaping the blockchain industry with its unique two-layer architecture and Tendermint (a Byzantine-Fault-Tolerant Proof-of-Stake) consensus. The network has proven that it is ideal for DeFi, NFTs, and Web3-based decentralized applications (dApps) with its lower gas fees, instant finality, and EVM compatibility. The Oasis Network has a thriving community of validators, developers, enterprise partners, and ambassadors engaged in global social channels, promoting and encouraging more crypto enthusiasts to join its ecosystem and be a part of the future.