The Oasis Network is an upcoming privacy-first decentralized computing network. Figment will be supporting the Oasis Foundation and its stakeholders at launch. Until then, learn more about what makes the Oasis Network unique by reading below.
The Oasis Network is a new, layer one, Proof of Stake platform that enables the tokenization of data, which will give ownership of data back to individuals. The Oasis Network is built with three key principles in mind:
The Oasis Network has the potential to bring new industries such as healthcare, traditional finance, and human resources into the public blockchain space.
Many current blockchains like Ethereum, store all data and state of the chain publicly. This allows any user to access the data which limits the ability for sensitive data to be stored on or transferred through these blockchains.
The Oasis Network plans to solve this problem with a top-to-bottom solution by providing data confidentiality at the platform level, and privacy primitives at the application level. This will solve compliance and regulatory issues for developers while allowing users to regain control of their data.
Oasis Labs is already building products, tools, and integrations on top of the Oasis Network for companies and organizations looking for privacy solutions.
In addition to Oasis Labs, there are a number of other projects building applications on top of the Oasis Network today. Here are just a few:
The Oasis Network uses Tendermint as its consensus algorithm. Similar to Cosmos, the validator set size is capped at 100, and participation is based on the amount of tokens staked. Validators on the Oasis Network will be able to sign blocks, earn transaction fees, receive staking rewards, stake, and receive delegations.
As mentioned before, the Oasis Network separates consensus and compute, thus improving network throughput and scalability. This will also allow developers to add their own customized runtime called ParaTimes on the Oasis Network. Runtime developers will have to deposit tokens on the network to reserve a spot and pay for transaction fees. Runtime developers will be able to specify conditions for nodes wanting to compute their runtime like requiring a trusted execution environment.
Validators on the Oasis Network can self-stake network tokens and accept delegations from other token holders to their validator.
The Oasis Network will target a ~15% annual reward rate for validators at launch. This rate will gradually decrease to 10% by the end of the year. Rewards will be fixed and proportional to amount staked. Validators only receive rewards in each epoch if they sign at least 75% of blocks within that epoch.
At launch, the Oasis Network will only slash validators for double signing. Validators who double sign will be slashed 100 tokens and the validator will be frozen, which means they will stop earning rewards until the validator is unfrozen. The Oasis Network will not slash validators for downtime at launch.
The Oasis Network will have a ~14 day unbonding period. During this time, staked tokens will not earn rewards, but they will still be at risk of being slashed.
The Oasis Network token, which is yet to be named, will be used:
Anyone interested in the Oasis Network can join the community, contribute to the project design, and participate in the decision making process.
All non-sensitive project management discussion will take place in the Oasis Network GitHub.
A policy of lazy consensus will be in effect in order to streamline future developments. This will ensure that the Oasis Network is not bogged down by endless discussion and continual voting.
Essentially, as long as no one is vocally against a proposal or patch, the proposal or patch will be recognized as having support from the community.
Community members have a 72 hour window to object to a proposal. If this happens, votes will be cast using comments in the pull request. The proposal will either be accepted or rejected by a simple majority vote.
Future features will be determined by the community more broadly but features that the Oasis Foundation is likely to propose include:
The Oasis Network is currently testing its Amber Network, a release candidate for mainnet.
Mainnet launch of the Oasis Network is expected to happen this year. More information on the Oasis Network can be found at the Oasis Foundation’s website.