What is Oasis Network (ROSE)?

Oasis Network is a blockchain that supports smart contracts, and can thus be used for the development of decentralized applications (dApps). The blockchain could become an important part of the DeFi revolution. Below you can read what Oasis Network is, how it works and where you can buy the ROSE cryptocurrency.

What does Oasis Network (ROSE)?

Oasis Network is a blockchain that aims to be used for various applications within DeFi (Decentralized Finance). In fact, the blockchain provides support for smart contracts, and can therefore be seen as a competitor to Ethereum.

Despite the fact that there is a great similarity between Oasis Network and Ethereum, Oasis Network differs from Ethereum on several features:

• Scalability - Oasis Network's blockchain is a lot more scalable than Ethereum. The more nodes present in the network, the faster the blockchain can process transactions.
• Security - Oasis Network uses a number of techniques that ensure the security of its users.
• Transaction fees - The users of Oasis Network pay lower transaction fees than on Ethereum's network, where one sometimes pays up to hundreds of dollars in fees.
• Decentralization - Oasis Network's network works better when a larger number of nodes join the network.
• Privacy - The blockchain ensures the privacy of its users by not storing personal data on the blockchain.

These features should make the blockchain an attractive ecosystem for developers who want to develop a decentralized application. In particular, the privacy feature of Oasis Network is a unique feature, as many blockchains do not pay much attention to this.

Who developed Oasis Network?

The team behind Oasis Network consists of more than 20 employees, who have gained experience at companies such as Apple, Google, Amazon, Harvard and Stanford. The project was conceived by Dawn Song, who also currently leads Oasis Network.

How does Oasis Network work?

Oasis Network uses a number of advanced techniques that allow it to guarantee the operation of its blockchain. Oasis Network's consensus mechanism is based on the Byzantine Fault Tolerance protocol and Tendermint. This means that Oasis Network's network consists of validators that take care of the validation of transactions.

Two different layers are used. The first layer is used for the consensus mechanism, which is called the Consensus Layer. The other layer is called The ParaTime Layer and is used for the execution of transactions. This allows the blockchain to work a lot faster. You can compare this to the fact that two lanes can handle more traffic than just one lane.

The way Oasis Network does this works a lot more efficiently than other popular solutions for scalability, such as parachains and shardings. These are solutions that many blockchains and Layer 2 Solutions use, for example, to improve the scalability of Ethereum.

Developers can develop an application on The ParaTime Layer. The developer can then customize this layer in isolation, allowing them to create a lot more complex applications. Because the applications are run on a separate layer, the applications can process data quickly.

What is the function of the ROSE cryptocurrency?

ROSE is the cryptocurrency of Oasis Network, and has an important function within the network. There are a total of 10 billion ROSE coins, but not all of them are in circulation yet. The remaining coins will be released by the team behind Oasis Network. Some people have criticized Oasis Network because of this, stating that the project would be too centralized.

Users of applications pay for their use with ROSE tokens. ROSE is thus used for gas fees on Oasis Network. Users and validators can also use ROSE to stake, contributing to the security of the network. As a reward, they receive interest on the tokens they are staking.

Where can you buy Oasis Network (ROSE)?

Do you want to buy Oasis Network (ROSE)? If you have researched Oasis Network and would like to invest in it by buying the ROSE token, you can do so on Coinmerce's crypto exchange. Here you can buy Oasis Network (ROSE) with iDeal, SEPA, Mybank and Giropay. You pay no deposit fees at Coinmerce.

Before you can buy Oasis Network, you need an account at Coinmerce. You can easily create one by clicking here. After we have verified your account, you can immediately start buying Oasis Network (ROSE).

Saving ROSE

Have you purchased ROSE at Coinmerce? Then the tokens are automatically stored in the crypto wallet on Coinmerce's platform. You don't have to do anything for this yourself. Coinmerce keeps most of its tokens on cold storage, in order to ensure the best security.

You also have the option of sending your ROSE tokens to your own wallet. To do this, you enter the wallet address of your external wallet, after which you can perform the transaction. Sending cryptocurrencies involves costs. These depend on the blockchain, and Coinmerce unfortunately has no influence on this.

Conclusion

Oasis Network is a blockchain that is often compared to Ethereum, as it offers support for smart contracts. Developers can develop their own decentralized application on Oasis Network and this allows the blockchain to play a big role for DeFi.

The major advantage of Oasis Network is its scalability. The more nodes active in the network, the faster transactions can be processed. In doing so, users pay low transaction fees to use the applications on the blockchain. They settle the transaction fees they pay with ROSE tokens. This is the cryptocurrency of Oasis Network.

You can buy Oasis Network (ROSE) at Coinmerce. You do this by first creating an account, after which your account will be verified. Once that has been successfully carried out, you can immediately buy ROSE tokens using iDeal, SEPA, Giropay and Mybank.