Oasis Network is a new Proof of Stake (PoS) blockchain dedicated to data control. The platform will provide access to numerous services aimed at sharing, analyzing and protecting personal data. In this article we will tell you more about this project. For example, we focus on the technical aspect of Oasis Network, as well as on the companies that use the blockchain.
What is Oasis Network?
The blockchain of the Oasis platform works on a Proof of Stake model. This consensus mechanism is now widely used in decentralized networks, due to its low energy costs and good compromise between decentralization, security and scalability.
By design, Oasis Network allows for maximum decentralization while remaining scalable. After all, the network must be able to process a large amount of data while at the same time being fast and offering the possibility to perform complex calculations on it. It was therefore decided to separate the consensus protocol from the calculation instances.
This makes it possible to overcome the congestion problems that can arise on other networks. The consensus protocol is scalable: it is possible to adapt the mechanism to technological progress. The Oasis blockchain allows smart contracts to run concurrently: these instances are called ParaTimes.
The design offers several advantages. It is possible to use different methods to verify the results of a smart contract , and it also improves scalability. In addition, it reduces the costs required to achieve a certain level of security, thanks to the separation between the execution of smart contracts and consensus.
To execute the smart contract, Oasis uses TEEs, which stands for Trusted Execution Environments. They are isolated and secure enclaves that should ensure that the running of the applications runs smoothly.
The Objectives of Oasis Network
Oasis will guarantee the confidentiality and security of its smart contracts from start to finish. This opens up numerous possibilities in the field of data management and decentralized financing (DeFi).
The network guarantees the following properties, and it is their objectives to achieve them:
- Flexibility : the architecture of the network must allow easy modification of the various parameters of the executing nodes.
- Scalability : Users should be able to easily add new calculation methods. In addition, the network must be scalable. Better yet, throughput increases with the number of nodes that join the network.
- Safety : this speaks for itself. The network must enable its users to process their data with optimum security.
- Fault Isolation : There should be no point of failure. If one part of the system fails, it shouldn’t endanger the rest of the network.
How does Oasis Network work?
Now that you know what Oasis Network is and what goals they have in mind, it’s time to look at how they do it. We explain how Oasis Network works and which techniques they use to achieve their goals.
Architecture of the architecture
The Oasis blockchain is modular and has one remarkable feature. As mentioned earlier, the nodes that execute the smart contracts (ParaTimes) are isolated from the nodes that manage the consensus. The network is therefore divided into two layers.
The consensus mechanism
The consensus layer is simple, for an optimal level of security. Oasis uses a BFT (Byzantine Fault Tolerant) algorithm based on Tendermint. The validator nodes only handle the classic operations:
- Native Token Transfer, Strike, Delegation
- Selecting the validators
- Selecting the ParaTimes
- Verification of ParaTimes data
- Injection of data from ParaTimes into the blockchain.
The proprietary token of the Oasis blockchain (the ROSE) is used to pay transaction fees. The balance of the different addresses are public. To verify the calculations of the ParaTimes, the consensus layer interface uses a method called discrepancy detection.
This consists of randomly selecting different nodes for the calculation. Then the algorithm compares their results. They must all be strictly identical. If no anomaly is detected, the data is added to the blockchain. But in case of an error, a protocol (called discrepancy resolution) takes over. It will have to determine the correct results, which will be slower, and the offending nodes will be punished.
It should be noted that this mechanism is much less expensive than a classic BFT algorithm to ensure the verifiability of the calculations.
The ParaTimes are independent, which corresponds to the objective of flexibility. It is therefore possible to configure them as you see fit. This independence provides a major advantage: a complex task running on one ParaTime will not slow down a very simple task on another. In addition, this total decentralization allows any developer to create the right ParaTime for their application.
For example, a user may want to run smart contracts in a confidential manner, for example with zk-SNARKs. Or a company wants to perform its calculations on defined nodes for legal reasons.
ParaTimes thus makes it possible to execute smart contracts in a completely confidential manner. To this end, calculations are performed in TEEs (Trusted Execution Environments).
ParaTimes can run simultaneously. It is also possible to execute ERC-20 smart contracts within a ParaTime. Thus, the corresponding token is independent of the native Oasis token (ROSE). In addition, it is possible to make these contracts confidential: this allows the address balance, the amount of the transactions, etc . to hide.
Each ParaTime pays a fee to the nodes involved in validating blocks and helping the network: this protects the blockchain from spam. If one of the ParaTimes fails, it simply will not send its last state to the consensus layer. The failure of a ParaTime therefore has no influence on the operation of the network.
TEEs and cleanrooms
TEEs and cleanrooms are the components that ensure the secure processing of the data. Trusted execution environments provide three essential features.
- Firstly, the confidentiality of the data processed and the calculations performed. No third party can know the contents of the enclave and the state of the calculations.
- Second , the integrity of the data and its processing is maintained. Since these enclaves are inaccessible, calculations and data are not affected even if the host machine is corrupted.
- Finally , it is possible to prove to a third party that the calculations were indeed performed in the enclave, without physical access to the machine.
All of this is, of course, essential when it comes to sensitive data. Think medical data, financial data, advertising data, logistics data: many industries rely on new technologies to improve. Current blockchains have privacy flaws and make it difficult to process this sensitive data. Confidentiality issues also limit the possibilities of decentralized financing.
These TEEs require a key manager. Thus, a secure and highly available entity stores the cryptographic keys to provide them to the TEEs when needed. Developers can use Oasis Labs’ reference implementation (which is close to Google’s system), but it is also possible to use a proprietary system.
On the other hand, ParaTime instances using an encryption system do not need a key manager. In fact, only the entities that have applied encryption to the input data can decrypt the output results.
The Oasis Gateway
The Oasis Gateway allows for interaction with decentralized applications. Oasis Labs wanted to make its data cloud computing platform as accessible as possible. This is the sine qua non for end users to take the step towards decentralization.
For end users, a dApp should not be more complicated to use than a traditional application. And that’s not the case at the moment:
- dApps are generally slower
- You need to know how to use a wallet and how to deal with transaction costs
- Numerous notifications/requests for transaction approval disturb the user
The Oasis development kit is called Parcel. Developers of dApps have access to a dashboard. The latter is similar to what we find with the cloud giants such as AWS. So it is the dApp developers who will manage their customers’ wallets – although there will always be the option to grant them access. This also allows the creator of a dApp to base its business model on fees, just like traditional apps.
This wallet-less model is a new experiment in decentralized application platforms. The Oasis Labs team is betting this will increase their adoption.
Two APIs allow interaction with the network: ExecuteService and DeployService. ExecuteService is the most important, as it allows interaction with a smart contract that has already been deployed. DeployService makes it possible to initiate the implementation of a contract on the network.
How can I buy ROSE?
A total of 10 billion ROSE coins could eventually come into circulation. In the present, April 2021, there are 1.5 billion ROSE coins in circulation. That is only 15% of the total stock that will eventually be available for sale. It is not clear when the team behind Oasis Network decides to launch these coins for the crypto market.
With a capitalization of several hundred thousand dollars, the ROSE coin is available on a large number of platforms, including: Binance , Coinmerce and Bitvavo . We recommend that you use a major crypto exchange , because the liquidity is a lot higher. You can therefore buy and sell the coins for the best price on these platforms. It is also a lot safer to use, for example, Binance or Bitvavo.
If you know a little more about crypto trading , you can also choose to buy ROSE on a decentralized exchange like Sushiswap , Pancakeswap or Uniswap . However, you have to go through more steps here, which also makes it more difficult to get the coins. The chance that something will go wrong is many times greater on a DEX than on a large crypto exchange.
How can I store ROSE tokens?
There are plenty of options to store ROSE coins. You can store them in almost any wallet, such as MetaMask or Ledger. When you decide to keep your coins in a hot wallet, it is important to use 2FA. This way you ensure that your wallet is well protected against hackers, who should not have access to your wallet. There is also another way to keep your coins safe. That is namely the hardware wallet , which is also called a cold wallet .
A hardware wallet (also called a cold wallet) is a lot more secure than a hot wallet (software wallet), for a number of different reasons. This is partly because a hardware wallet is not continuously connected to the internet. Hackers can therefore not get to your ROSE coins if the wallet is not connected to the internet. Of course you have to keep the hardware wallet well, so that you do not lose it, and so that no one else can access the hardware wallet.
Oasis Network (ROSE) Chart
The Oasis Network project is ambitious, as is the team behind this project. But to achieve this, the Oasis Labs team has innovated and shown creativity. This is necessary, because there are more and more new blockchain projects, which means that you are quickly overrun by competition.
In the first place, the separation between the consensus and the computational layers of the network offers new technical perspectives. Secondly, the technology used to execute smart contracts ensures great flexibility and scalability. Finally, the ability to provide interfaces to end users without any crypto wallet is a huge change in the world of decentralized applications.
We are therefore very curious about what this project will bring in the future. Many analysts expect this to be a major project. However, the future will hold the only answer. Until then, you can do a lot of research on this project yourself to find out if it’s a wise investment. You can do this through a fundamental or technical analysis .
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com