Everything You Need To Know About Oasis Network and Smart Contracts
The Oasis network is a decentralized L1 platform for open finance and the ‘data economy,’ built on top of the Cosmos SDK – a framework for building app-specific smart contracts. Oasis is one of the projects that are part of the ‘Cosmos Ecosystem.’
Functioning at the application level, it allows for any number of independent blockchains to remain autonomous while simultaneously sharing a single liquidity pool. Oasis Network uses delegated proof-of-stake (DPoS) consensus.
Oasis Network has tokenized the world–what does this mean to you?”
According to the Oasis team, “the project allows third-party developers to design dApps, which are hosted by side chains connected to the main chain. These dApps are incentivized with tokens, which are issued using/by delegated proof-of-stake (DPoS) consensus.”
Note that unlike first-generation blockchains like Bitcoin or Ethereum that use Proof of Work (PoW), Oasis uses delegated proof-of-stake consensus algorithm called ‘BOScoin Delegated Proof of Stake’. A list of the ‘delegates’ is available on the Oasis whitepaper which you can read here.
Binance Lab has also committed to join the Oasis Ecosystem Fund and contribute to the projects that will be created on the Oasis Network.
The OASIS tokens themselves provide nodes of infrastructure to power scalability and decentralization, how does this work?
- Token holders ‘vote’ to elect BOS Platform ‘delegates’. The delegates will then receive a percentage of the platform fees (in OASIS tokens).
- Delegates that provide services such as storing data and verifying transactions, for which they are also remunerated in Oasis tokens.
Oasis Smart Contract
Oasis smart contract is the first high-level programming language for decentralized finance (DeFi) to be built on Tendermint by leveraging Cosmos SDK. It enables executable distributed code contracts (EDCCs), which are analogous to smart contracts that can be easily authored and executed in a deterministic fashion.
What is the real potential of the Oasis smart contract?
How does Oasis Network differentiate itself from other smart contracts?
Oasis Protocol’s high scalability, security, and multilingualism are all enabled by ParaTimes, which allow it to scale well and support a wide range of programming languages.
Future Growth of Oasis Network
The project aims to create its own App Store compromised of various apps. The Oasis team plans to work on scalability, privacy and usability issues in the future.
Oasis Network is the next generation of smart contracts. It’s a powerful, decentralized network that will power scalability and decentralization for any application. The OASIS tokens themselves provide nodes of infrastructure to power this system in an innovative way through their patented Proof-of-Reliability consensus mechanism.
With these innovations come many benefits including faster transactions times, lower transaction fees, improved data privacy protection, and increased security with no single point failures because there are multiple redundant copies of each node available at all times due to replication technology built into the blockchain protocol itself.