ROSE (Oasis Network): Innovative Data Privacy Protection
Rose is synonymous with romance. In ancient Greece, roses were regarded as a symbol of secrets or privacy. Aphrodite, the goddess of love and beauty in Greek mythology, also exchanged roses for secrets between gods.
Oasis Network is a blockchain project focusing on privacy, and its native token comes with an appropriately romantic abbreviation: ROSE.
Founded in 2018, the Oasis Network strives to foster open finance and a responsible data economy and enable secure, private data sharing and control. Its mainnet, officially launched on November 19, 2020, is the world’s first decentralized, privacy-preserving, and scalable blockchain network.
In today’s Web 2.0 era, personal data abuses and privacy violations are among the most urgent concerns. While searching for content, users are likely to leak their data, including name, address, and ID number, which could be exploited by criminals. At the moment, most user data is processed by product providers through centralized storage. In other words, these product providers are responsible for the security of our private information on the Internet.
Web3.0, on the other hand, achieves functions including data storage, privacy protection, and identity authentication directly through the protocol layer. Further, privacy-preserving protocols that combine Web3.0 with blockchain technology could play a vital role in fostering data property rights. In this regard, Oasis Network has become an outstanding real-life case where blockchain technology is leveraged to fully ensure the security of users’ private data and tokenize data to unlock its real value.
The Oasis Network mainly features the following innovations:
1. High performance and scalability enabled by the layered structure
The Oasis Network separates consensus and computation into two layers: the consensus layer and the ParaTime layer. The former is a scalable, high-throughput, secure, proof-of-stake consensus run by a decentralized set of validator nodes; the latter hosts many parallel runtimes (ParaTimes), which process transactions in parallel, enabling faster, simpler transactions, as well as improved scalability and versatility.
Meanwhile, the Oasis Network is versatile, agile, and customizable. Each ParaTime can be developed in isolation to meet the needs of a specific application, which facilitates faster and safer execution. The versatility of the ParaTime layer allows the Oasis Network to expand and grow to address a broad set of use cases, while maintaining the core ledger and consensus layer.
Figure 1. Layers of the Oasis Network
(Source: Oasis Network)
2. Putting privacy first, the Oasis Network uses TEEs to keep user data private
TEEs (Trusted Execution Environments) act as a black box for smart contract execution in ParaTime. Encrypted data goes into the black box along with the smart contract; the data is decrypted, processed by the smart contract, and then encrypted before it is sent out of the TEE, thereby ensuring the privacy and security of user data.
Figure 2. The TEE Privacy-preserving Mechanism
(Source: Oasis Network)
3.The data tokenization mechanism
The Oasis Network taps into blockchain’s distributed ledger and execution model, which offers auditability and high integrity, and combines them with the privacy function of confidential computing to build a new paradigm of “data tokenization”. It has created specific guidelines for a new type of consumable digital assets and value exchange.
With tokenized data, Oasis empowers the development of a responsible data economy. Users may choose who can have access to their private data and how their data should be used. Moreover, they can also get rewards by staking data in apps with data analysis demands, which allows them to protect personal data while earning profits.
Figure 3. Model for Trading Tokenized Data on Oasis
(Source: Oasis Network)
The Oasis Network not only provides strong guarantees for data privacy but also features a high-performing structure. We are confident that Oasis will bring more changes to build a world with open finance and a responsible data economy.
You can now go to CoinEx Wallet to manage ROSE. Click here to download the app and try out ROSE.
For more information about Oasis Network (ROSE), please go to:
Oasis Network’s official website:https://oasisprotocol.org/
Market cap ranking: https://coinmarketcap.com/currencies/oasis-network/
Tokenomics: https://docs.oasis.dev/oasis-network-primer/token-metrics-and-distribution
Buy ROSE: https://www.coinex.com/exchange/rose-usdt
Manage ROSE: https://wallet.coinex.com/download
