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Data privacy, information and security concerns are a persistent trend that has been intensifying nearly every year since computers were created. As this problem continues to grow, the economic stakes, social consequences and technology continue to get more serious and complex. According to Pew Research, roughly 6 in every 10 U.S. adults say they do not think it is possible to go through daily life without having data collected about them by companies or the government.
The importance of data privacy in current societies is what makes Oasis Network one of the most promising Ethereum competitors. As stated by Pip Ryan, Senior Lecturer at ANU’s College of Law, Oasis Network “offers a new opportunity for humanity to fix some major problems, specifically around the responsible use of data.” Oasis Network is the first privacy-enabled blockchain for open finance and a responsible data economy. It is designed to expand open finance beyond traders and early adopters to the mass market in a scalable and secure manner.
Oasis Network is a unique Layer 1, proof-of-stake, decentralized blockchain network. The core developer of the Oasis Network, Oasis Labs, was founded in 2018 by University of California at Berkeley professor Dawn Song. The development team raised $45 million from firms, including a16z Crypto, Polychain Capital and Binance Labs to support initial protocol development.
This article describes the Oasis Network, what ROSE tokens are and why Oasis Network could be a phenomenal investment.
What is ROSE?
Launched in November 2020, ROSE is the native token of the Oasis Network. In ancient Greece, the “rose” was recognised as a symbol for secrets and privacy, used by Aphrodite as a gift in exchange for keeping the secrets of Gods. As a result, the name ROSE is perfectly representative of the vision for Oasis Network.
ROSE is used for staking, transaction fees and delegation in the Oasis Network. By staking ROSE, users are collectively protecting the network and contributing to its longevity. At the time of writing, token holders can earn staking rewards up to 20% APY depending on the length of time staked.
Oasis Labs developed two official ROSE wallets that allow users to safely secure and stake their tokens:
- The Oasis Browser extension: a simple chrome extension that enables users to conveniently access their tokens.
- The Oasis Web Wallet: the safest way to store and stake ROSE.
The total supply of ROSE tokens will be capped at 10 billion tokens. During the mainnet launch, approximately 1.5 billion tokens were released into circulation and roughly 8.05 billion ROSE tokens were distributed to existing stakeholders, founders and community reserves. Moreover, Oasis Network set aside 2.3 billion ROSE tokens to be used as staking rewards.
ROSE Price History
Generally, Oasis Network is ranked in or around top 100 cryptocurrencies by market capitalization. As circulation increases, investors should review data for the token and learn how close it has come to its cap. Plus, investors are advised to check the token’s price history as it still fluctuates, even though its position in the global crypto market hasn’t changed all that much.
Oasis Network Competition
As a Layer 1 blockchain, Oasis Network’s biggest competitor is Ethereum. At the time of writing, according to DefiLlama, Ethereum possesses more than 50% of TVL across all chains in the DeFi space, followed by Terra with roughly 12% and the Binance Smart Chain with roughly 5%. However, the Oasis Network outperforms Ethereum in terms of scalability, certain high-value partnerships and privacy.
Scalability: Oasis Network’s notable scalability is achieved through a cutting-edge set of features that provide faster transaction speeds and higher throughput than other networks. The high level of performance is achieved because of the separation of the consensus layer and the ParaTime layer.
Photo by Oasis Foundation
This separation allows multiple ParaTimes to process transactions in parallel. Complex workloads processed on one ParaTime won’t slow down transactions on another. When compared to Ethereum, Oasis Network is able to make significant gains in scalability. However, it is important to note that the ability for Oasis Network to achieve a higher transaction speed per second is partly from a lower number of validators compared to Ethereum.
Photo by Oasis Fondation
Privacy-enabled: Oasis Network boasts a competitive advantage over competitors such as Ethereum, Terra, Avalanche and Solana in terms of data privacy.
Oasis Network presents itself as the first privacy-enabled blockchain and the proof is in its execution. The Oasis Network can achieve confidential computing, among which is a trusted execution environment (TEE), in several ways. A TEE is an impenetrable blackbox where computation is carried out. No developer, miner or validator can see what goes on in the TEE hence there is no data spill.
The privacy feature unlocks a wide range of interesting new use cases such as tokenized data and private DeFi. These use cases are exciting primarily because they cannot be achieved on Ethereum.
- Private DeFi: If your data can be used for computation without being revealed to another party, then DeFi can use this ability to unlock new features such as under-collateralized lending.
- Data Tokenization: thanks to Oasis Network’s privacy-enabling feature, data providers can stake their private data and earn rewards.
High-value partnerships: Oasis Network differentiates itself from other competitors by having one of the largest university networks in the blockchain sector. This comes to no surprise given that the team behind Oasis Labs is of the highest quality, boasting partnerships with Accel, HackerOne, Rosetta, Anthem, Oxford University, Ankr and Binance, among many, many others.
Several university clubs from five different continents actively participate on the Oasis Network including:
- Cornell University Blockchain
- Australian National University (ANU) Blockchain Club
- London School of Economics (LSE) Blockchain Club
University members are a great way to expand the pool of high-quality participants, top-tier thinkers and scholars furthering the growth of the Oasis Network.
How to Buy ROSE
Rose is already listed and trading on many major exchanges such as Coinbase Global Inc. (NASDAQ: COIN), Crypto.com, Binance and Kucoin.
Exchanges like Coinbase and Binance exchange tend to possess the most liquidity, with the liquidity being centered predominantly around the ROSE/USDT trading pair.
Best Hardware Wallet for Oasis Network
Ledger wallet can be used to hold your ROSE. To use your Ledger wallet, install the Oasis app on your Ledger wallet via Ledger Live’s manager. Hardware wallets are a form of offline storage. They are considered to be the most secure method for storing digital assets such as cryptocurrency. A hardware wallet keeps your private keys offline and inaccessible to digital threats.
Cryptocurrency Market Outlook
While ROSE may boast a strong value proposition compared to other cryptocurrency, like most altcoins, ROSE is heavily affected by the general trends and sentiment in the cryptocurrency market. Looking ahead, Bitcoin bulls are taking aim at higher prices; however, some analysts believe that a potential formation of a bearish flag could lead to a further price correction.
Is ROSE a Good Investment?
If you believe in the importance of a responsible data economy and necessity of data privacy within Layer 1 projects, Oasis Network could be a perfect choice as an Ethereum competitor. Not only does the Oasis Network possess a strong competitive advantage in terms of data privacy, but it is highly scalable and possesses a vast range of high-value partnerships that could enable the network to continue to thrive. Oasis Network’s potential is boundless and limited only by the vision of the community. If private DeFi and tokenized data continue to progress in the foreseeable future, Oasis Network may be one of the most profitable investments you could make.
Frequently Asked Questions
Is cryptocurrency a good investment?
Yes, cryptocurrency can be a good investment, but you must research your investments carefully and only spend money you can afford to lose.
Should you diversify your portfolio with ROSE?
You can use lesser-known cryptocurrencies like ROSE to diversify your crypto portfolio, but you should do your research to determine if the token will work for your investment strategy.
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