31 March 2022 / All about networks
The Oasis (Emerald) network quickly became an entire ecosystem

Oasis (Emerald) refers to Tier 1 cryptocurrency networks. Among its main advantages are transaction privacy, blockchain smart contracts privacy and network scalability. The Oasis network has the support of leading cryptocurrency market players and a $200 million fund to support developers. Numerous DeFi and web3 applications are created on this network. ROSE coins are circulating in the Oasis network. They can be used both for payments between network members and for coin staking. There can be a total of 10 billion ROSE coins. There are approximately 2.3 billion ROSE in circulation today. Of these, 1.5 billion ROSE appeared in circulation simultaneously at the launch of this cryptocurrency network. 

Transactions in the Oasis network are confirmed by special nodes called validators. Such a node must have a certain amount of ROSE coins in a special account. Validators receive remuneration for this, which is distributed by the Oasis network algorithm. A regular user can delegate their ROSE coins to one of the validators, receiving a proportional portion of the validator node’s income in return. The minimum number of coins that can be delegated is 100 ROSE. A total of 110 validator nodes are sufficient to keep the network secure. Top-110 nodes by the number of ROSE coins and become validators. Stacking rewards decrease smoothly over time, which is also set by the network algorithm. The hardware requirements of a node are not high – a 2.0 Mhz CPU and 4 Gb RAM are enough. 

Oasis provides all the features for smart contracts execution. It uses a variant of the Proof of stake (PoS) algorithm to validate transactions. The high speed and scalability of the network is achieved by executing transactions in parallel on the blockchain. This technology is called ParaTime. Transaction privacy is ensured through the use of Zero-knowledge proofs (ZKP) technology. The flexible, adaptable and private cryptocurrency network has pleased both users and developers of decentralized applications. Currently, NFT, Metaverses, DAO, DeFi and web 3 projects are actively building on this network.   

The execution of smart contracts and confirmation of transactions takes place at different levels of this cryptocurrency network. There is a powerful API that allows to execute smart contracts written in both Solidity and Rust programming languages. Like the Ethereum network, gas is used to calculate the network’s computing power spent on decentralized computing. However, the cost of gas in the Oasis network is 100 times or more lower than in the Ethereum network. 

The speed of the network exceeds 1000 transactions per second. At the same time, a transaction on the network takes no more than 6 seconds. Compatibility with EVM (Ethereum Virtual Machine) provides all possibilities for easy migration of decentralized applications from Ethereum network to Oasis network. Emerald is the name of the Virtual Machine, which is designed to execute smart contracts on that network. DeFi and web3 application developers that run on the Oasis network receive grants and other support. ROSE coins can be stored either in a web wallet or via a browser extension. A mobile wallet for storing ROSE coins is expected to be released soon. In order to take full advantage of all the opportunities offered by the rapidly growing Oasis cryptocurrency network, it is necessary to be able to quickly and inexpensively exchange ROSE coins for any other tokens. The EvoDeFi blockchain bridge provides that.

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