Oasis Network (ROSE)

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Oasis Network
TypePrivate Smart Contract Protocol
Consensus mechanismPoS Tendermint
Total supply10,000,000,000.00
Websitehttps://oasisprotocol.org/

Basics

"The Oasis Network is a privacy-first, proof-of-stake, decentralized network. A network designed to give users back control and ownership of their data, while supporting new privacy-first applications and use-cases."

History

"Oasis Labs, the core developer of the Oasis Network, was founded in 2018 by University of California at Berkeley professor Dawn Song."

Audits & Exploits

  • Bug bounty program can be found here (15-11-2020) with a maximum of $10.000.

Bugs/Exploits

Governance

"The Oasis Protocol Foundation has proposed to use a representative democracy governance model based on a combination of off-chain and on-chain processes for submitting and approving network changes. The Foundation intends to guide the long-term development of the network and coordinate community initiatives. Community members will be allowed to submit input or improvement proposals that will eventually be voted on by Oasis validators as part of the network's upcoming on-chain governance system. This on-chain system will enable validators and delegators to vote on network changes, with voting power based proportionally on stake weight."

"In short: off-chain. The Oasis network will use meritocratic, consensus-based community decision-making. You can read about Oasis governance process here."

"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."

"The new on-chain governance service provides a simple framework for submitting governance proposals, validators voting on proposals and once an upgrade proposal passes, having a way to perform the upgrade in a controlled manner which minimizes downtime."

  • The proposal went live (29-4-2021).

DAO

Treasury

Token

Launch

Token allocation

"About two billion ROSE tokens will be paid out as inflation rewards to stakers and delegators for contributing resources to the network.

Not all tokens have been released publicly or will be released publicly by mainnet launch. Due to release schedules and locks, only a fraction of the total existing token supply will be in circulation at the time of its mainnet launch.

Founders & Project: 37%

Investors: 29%

AirDrops & Rewards: 34%"

At launch, the network will distribute roughly 8.05 billion ROSE tokens to existing stakeholders, founders, and community reserves. The breakdown of these allocations (as a percentage of the maximum supply) is as follows:

  1. Backers: 23.0%
  2. Community & Ecosystem: 22.5%
  3. Core Contributors: 20.0%
  4. Foundation Endowment: 10.0%
  5. Strategic Partners & Reserve: 5.0%

The Oasis Network will distribute the remaining 19.5% as staking rewards to validators and delegators for securing the chain. Oasis Labs expects that approximately 1.5 billion tokens will be in circulation immediately upon mainnet launch."

Utility

  • From their blog (2-9-2020):

"The primary token for the Oasis Network, ROSE will fuel all transactions, staking, and delegation on the Oasis Network at Mainnet launch."

"We believe the ROSE token, along with the Oasis Network, will help usher in a new category of privacy-preserving applications that empower users to control and manage their data. This includes, for example, supporting a new concept of data rewards, where individuals stake their data with apps that want to analyze it — enabling a new, responsible data economy."

Token Details

Stablecoin

Coin Distribution

Tech

  • Programming language used: Rust

Transaction Details

 How it works

"Oasis Network is a privacy-focused smart contract platform for open finance. The project prioritizes applications and use-cases that promote data privacy and user confidentiality. It aims to achieve this goal by separating its consensus layer from its contract execution layer while providing a built-in interface connecting the two for privacy-preserving computation. The consensus layer acts as a hub that uses a Proof-of-Stake (PoS) mechanism to secure the network and reach a consensus on transaction validity. Oasis differentiated itself by separating its consensus layer from its contract execution layer. These separate layers give Oasis the flexibility to support multiple, customizable runtimes (which it calls ParaTimes). This model is similar to how Avalanches features various subnets or how Polkadot secures and connects independent parachains."

"Separation of consensus and execution allows multiple ParaTimes to process transactions in parallel, meaning complex workloads processed on one ParaTime won’t slow down faster, simpler transactions on another. The ParaTime Layer is decentralized, allowing anyone to develop and build their own ParaTime. Each ParaTime can be developed in isolation to meet the needs of a specific application, such as confidential compute, open or closed committees, and more.

The network’s sophisticated discrepancy detection makes Oasis more efficient than sharding and parachains — requiring a smaller replication factor for the same level of security.

The network has broad support for confidential computing technology. The Oasis Eth/WASI Runtime is an open source example of a confidential ParaTime that uses secure enclaves to keep data private while being processed."

Fee Mechanism

Upgrades

  • Their first big upgrade, Cobalt, went live (29-4-2021).

Staking

"Tokens can be self-delegated directly by each node operator or delegated to a node operator by other token holders. While the Oasis Network is designed with a modular architecture that can use any consensus system that satisfies these properties, it currently uses Tendermint as its consensus algorithm.

Validators must stake a minimum of 100 tokens to contribute to the network's security. Each entity can have at most one node elected to the consensus committee at a time. Oasis Labs expects 70-100 validators to participate in the network's consensus committee at launch. The chance of being selected for the committee will be proportional to a validator's stake weight (self-staked amount plus delegated stake).

At launch, the network will target an inflation rate between 2% and 15%, with validator reward amounts dependent on the length of time staked. In order to be eligible for staking rewards per epoch, a node would need to sign at least 75% of blocks in that epoch.

The network will only slash for double-signing at launch. Double-signing penalties will result in the loss of the minimum stake amount (100 tokens) and will also freeze the node. Freezing the node is a precaution in order to prevent the node from being over-penalized. The Network will not slash for liveness or uptime at launch. Oasis will also require a 14-day unbonding period should validators or delegators choose to move their staked funds. During this time, staked tokens are at risk of getting slashed for double-signing and do not accrue rewards during this time."

"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."

  • Has 'over 70 independent validators' (17-11-2020).

Slashing

"A portion of your staked ROSE can be destroyed. If you delegate to a validator that signs the same block twice with the same key, you will lose 100 of your delegated ROSE tokens and the validator you have delegated to will be permanently removed.

There will be no slashing for validator downtime."

  • From their docs (18-11-2020):

"Slashing: At the time of Mainnet launch, the network will only slash for double-signing. The network would slash the minimum stake amount (100 tokens) and freeze the node. Freezing the node is a precaution in order to prevent the node from being over-penalized. The Network will not slash for liveness or uptime at launch."

Liquidity Mining

"A yield farming-esque token distribution mechanism for the Oasis token ROSE was announced and will take place through CoinList. 0.5% of the initial supply will be given out to users locking up USDC or USDC for a month and another 1.5% to those that commit to staking ROSE for 5 months after that."

"The token drop for Oasis Network’s ROSE token has amassed a $10.5 million TVL and is now the second-largest offering on the U.S.-headquartered CoinList platform by number of participants."

Scaling

Different Implementations

Interoperability

 "We’ve partnered with Second State to build a ParaTime backwards compatible with Ethereum."

  • Announced (22-11-2021) the launch of Emerald, an Ethereum Virtual Machine (EVM)-compatible ParaTime smart contract execution environment.
  • From the Oasis blog (22-4-2021):

"Through this collaboration ROSE will gain multi-chain support through BoringDAO’s multi-chain bridge, allowing ROSE to be easily transferred across networks like Ethereum, BSC, Avalanche, Polkadot and more."

Other Details 

Oracle Method

"API3 is happy to announce a partnership with Oasis Foundation, who are building the @OasisProtocol. API3 and the Oasis Foundation will also co-sponsor a grant to develop and audit a Rust version of Airnode."

  • From their blog (12-2021):

"We chose Band Protocol’s scalable and decentralized Oracle solution for Emerald. The Band Standard Dataset infrastructure will give the ecosystem access to the largest data feed collection in the industry."

Privacy Method

"End-to-end confidentiality and true data ownership will be supported by the Oasis Network. Compute techniques like Intel SGX’s secure enclave will be leveraged to ensure that data is not exposed on the network. The protocol can also support other privacy preserving technology such as Homomorphic encryption and Zero-knowledge proofs."

  • From their docs (11-2020):

"The Oasis Network designed the first ever confidential ParaTime with support for confidential smart contracts. In a confidential ParaTime, nodes are required to use a type of secure computing technology called a TEE (Trusted Execution Environment.) TEEs act as a hypothetical black box for smart contract execution in a confidential ParaTime. Encrypted data goes into the black box along with the smart contract, data is decrypted, processed by the smart contract, and then encrypted before it is sent out of the TEE. This process ensures that data remains confidential, and is never leaked to the node operator or application developer.

The Oasis Eth/WASI Runtime is an open source example of a confidential ParaTime that uses Intel SGX. Other secure compute technology, such as ZKP, HE, or other secure enclaves, can also be used. In the future we hope to support additional computation techniques such as secure multi-party compute, federated learning and more.

Confidentiality unlocks a range of new use cases on blockchain by allowing personal or sensitive data, such as their social security number, bank statements, health information to be used by apps on the Oasis Network — something incredibly risky on other Layer 1 networks."

Compliance

"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."

“The flexibility to keep data public or confidential, which allows DeFi Dapps to comply with regulations while ensuring protection of commercial interests and participation of financial institutions in the system”

This seems to indicate that it is optional privacy.

Their Other Projects

  • "Oasis Labs is another exciting privacy project building out Ekiden, a new smart contract platform that separates smart contract execution from the underlying consensus mechanism. The smart contracts run inside an isolated piece of hardware (such as Intel SGX) called a secure enclave. The enclave acts like a black box, keeping the computation private from other applications. It also generates a cryptographic proof that the program was executed correctly, and the proof is then stored on the blockchain. By decoupling smart contract execution from consensus, Ekiden is compatible with different underlying blockchains including Ethereum."

Roadmap

  • Can be found [Insert link here].

"The release of Mainnet Production marks the official launch of the Oasis Network mainnet. The final transition from Beta to Production will require Oasis validators to propose and pass a network upgrade, one that would enable token transfers. The Oasis Foundation notes that accounts on the Oasis Network will remain the same across beta and production phases. It also suggests that the vote to begin the transition to production could occur within a few weeks of the Mainnet Beta launch (which arrived on Oct. 1, 2020)."

"In the near-term the following are a set of features the Foundation proposes to deploy as a Mainnet upgrade in Q1 2021. Each of those links to technical details in the form of an ADR. Many of the proposed changes have already been implemented in Oasis Core and some are undergoing audits.

On-chain Governance for Easier Upgrade Coordination

So far all of the network upgrades had to be manually coordinated off-chain, validators needed to take dumps at specific heights, patch the dump etc. Every upgrade also required any previous state (and history) to be wiped. The new on-chain governance service as specified by ADR 0006 provides a simple framework for submitting governance proposals, validators voting on proposals and once an upgrade proposal passes, having a way to perform the upgrade in a controlled manner which minimizes downtime.

ROSE Transfers Between the Consensus Layer and ParaTimes

In the current Mainnet there is no way for ParaTimes to interact with other accounts in the consensus layer. ADR 0003 proposes a mechanism where ParaTimes can emit messages as part of processing any ParaTime block. These messages can trigger operations in the consensus layer on the ParaTime's behalf. This also means that ParaTimes get their own accounts in the consensus layer which can hold and transfer tokens.

A Path Towards Self-governing ParaTimes

Currently all ParaTimes can only be governed by a single entity -- the ParaTime owner. In this regard governance means being able to update certain fields in the ParaTime descriptor stored by the consensus layer registry service. On one hand the ParaTime descriptor contains security-critical parameters and on the other there needs to be a mechanism through which the ParaTimes can be upgraded (especially so for TEE-based runtimes where a specific runtime binary is enforced via remote attestation mechanisms). ADR 0004 extends ParaTime governance options and enables a path towards ParaTimes that can define their own governance mechanisms.

Beyond the consensus layer updates there are also other areas that the Foundation is thinking about based on feedback from the community which are in early phases:

  1. Improving the ParaTime developer experience by introducing a high-level ParaTime SDK that provides common functionalities.
  2. Improving the frontend developer experience by introducing a JavaScript SDK that supports both the consensus layer and arbitrary ParaTimes based on the ParaTime SDK.
  3. Building a bridge between ParaTimes and other networks like Ethereum."

Usage

  • From their 2020 year end blog (30-12-2020):

"The community has grown tremendously this year with programs like the Oasis ROSE Garden which added 6.7k new wallet holders to the network and the Community Cup which rewarded over 146k tokens to winners."

Projects that use or built on it

  • Amy.Finance; a community-driven DeFi asset lending protocol for yields (12-2021).
  • Balancer said it will build on Oasis (30-10-2020) but this seems not to have happened (12-2021).
  • BMW; From this Cosmos blog (16-12-2020):

"The Oasis team announced that they’ve launched an early-stage project with BMW Group to build the next generation of data privacy technology in the automotive industry."

"Binance is launching the CryptoSafe Alliance platform in partnership with Oasis Labs, a data privacy company, to prevent and analyze cryptocurrency fraud. The CryptoSafe Alliance will begin by offering post-mortem analyses of any hack or breach of contributing members, allowing members to have a better understanding of how to avoid similar attacks in the future. According to a statement announcing the alliance, addresses will be blacklisted when they are found to be complicit in criminal activity such as money laundering, fraud, extortion or theft. 

“By using a combination of privacy-preserving technologies and a decentralized blockchain, the Oasis Network is able to ensure that the CryptoSafe Platform is trustless,” said Vishwanath Raman, Privacy Architect at Oasis Labs. “Each exchange that is part of the alliance can upload threat intelligence without it ever being shared with other partners.""

  • Meter; announced a partnership.
  • Mortgage Providers; From Figment (4-8-2020): "A mortgage broker uses the Oasis Network to help homeowners automatically reduce monthly mortgage payments when neighborhood home values fall, while protecting their privacy."
  • Nebula Genomics; from this blog post by CoinList (2-11-2020):

"Nebula Genomics wanted to differentiate their product from other competitors by giving their users control of their genetic data. Using Oasis’ framework, customers can retain ownership of their genomic data and Nebula Genomics can run analyses on the data without seeing the customer’s raw information. This product is already available today in Beta to Nebula customers."

  • Nsure Network; privacy enables insurance, also runs on Ethereum (17-12-2020).
  • Pharmaceutical Analytics; From Figment (4-8-2020): "A healthcare software company is leveraging the Oasis Network’s privacy-preserving technology to run predictive analytics on pharmaceutical data."
  • Shyft Network; "With this integration, the Oasis Network will be able to offer a more robust, interoperable and flexible compliant transaction framework." (7-1-2021).
  • ThetaNuts.Finance; a DeFi derivatives protocol, using a hybrid DeFi model that will bring structured products to Emerald in the form of options strategies (12-2021).
  • Uniswap fork; they have launched and run an instance of Uniswap.
  • YFII; a fork of YFI and a yield aggregator which will also run on Oasis (8-12-2020). "YFII will be launching on the Oasis Network in the coming months." (12-2021).
  • WePiggy; a DeFi asset lending market open-source protocol (2021).

Competition

  • Smart contract protocol layers in general, however Oasis has built in privacy, which for instance, Ethereum can only do with added Zk technology. Therefore projects like Secret Network are more close competitors.

Pros and Cons

Pros

Cons

Team, investors, Partners

Team

  • Full team can be found here (11-2020).
  • From CMC (15-11-2020):

“The Oasis Team is made up of talent from around the world with backgrounds from Apple, Google, Amazon, Goldman Sachs, UC Berkeley, Carnegie Mellon, Stanford, Harvard, and more”

Funding

"The development team raised $45 million from a16z cypto, Polychain Capital, and Binance Labs, among others, to support initial protocol development."

Accel, FBG Capital, Electric Capital, Huobi Capital, MetaStable, IOSG Ventures, NGC, Hashed, Kenetic Capital, J Lab, Winklevoss Capital, Dekrypt Capital and Foundation Capital.

AME Cloud Ventures, Dragonfly Capital Partners, Draper Dragon, Electric Capital, FBG, Hashed, Jump Capital, Kenetic Capital, NGC Ventures, Oasis Foundation, Pantera Capital

Partners 

Alethea.ai, BankEx, BMW Group, Binance, Ledger, Chainlink, GEN Bank.io, The Music Fund, Keyless, Kryha, YFII, Liwanag Technologies, Luther Never Forget, MetaMe, Nebula Genomics, Portl, Smith+Crown, Provable, Ruyi Health, Safe Rate, StaFi, BSN, Meter, Totle, Nsure Network, Wyre, Delphus, Balancer and Torus.

"Through this partnership, Tidal will integrate its cross-chain insurance protocol into the Oasis Network bringing in a new class of privacy-enabled financial vehicles to the users.

Additionally, Tidal will expand its claims process to include anonymous, democratized voting on claims processing with their community. This means the community could vote on whether a particular claim should be approved in a privacy-preserving manner."

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