Oasis Mainnet: Ushering in a New Era of Privacy and Scalability

The Oasis Mainnet launch is the start of a new era of scalable, private blockchain networks that can revolutionize DeFi and tokenize data.

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Summary

Mainnet is Live

The Oasis Network is live! After a successful Mainnet Beta, we’re excited to announce that the community of Node Operators proposed an upgrade from Mainnet Beta to Mainnet. This upgrade, which took place at 4pm UTC on November 18th, enabled transfers of the ROSE token and kicked off the network staking reward schedule (see details here).

With hundreds of applications, partnerships and validators on the network already, here are just a few community highlights:

This moment is the culmination of an incredible effort from the Oasis Community including node operators, cryptoenthusaists, and privacy advocates committed to making the Oasis Network, and its vision for private, scalable DeFi and Data Tokenization, a reality.

A Network for the Next Generation of Blockchain

The Oasis Network is this first Layer 1 network of its kind. Scalable, versatile, and private, the network has a unique architecture that separates consensus operations from compute into two main layers: the Consensus Layer and ParaTime Layer. This design allows the Network to support many different parallel compute environments (aka ParaTimes) that can be customized for a broad set of use cases.

One of the Oasis Network’s core features is its support for confidential compute — a process where data is kept encrypted and private even while being processed by a node on the network. This feature is available today in Oasis Labs’ ParaTime. Applications built with the ParaTime can leverage confidential compute to protect data, while also getting the benefits of immutability and traceability of a blockchain.

To more easily leverage these unique features, Oasis Labs has also built a TypeScript SDK called Parcel that allows developers to automatically implement data ownership and access policies, consume data in a privacy-preserving environment, and unlock data that was previously too regulated or risky to use. If you’re interested in building with Parcel, we invite you to visit our website and apply for access to the SDK.

To learn more about the Oasis Network’s unique design and how it achieves confidentiality, visit our primer here.

Unlocking New DeFi Markets

The privacy technology made available by the Oasis Network, has the power to not only better secure user data, but also revolutionize the DeFi space. DeFi today is limited by high fees, self-motivated traders, and a lack of a reputation system or identity. Using both confidential compute as well as a lightweight, scalable design, the Oasis Network can enable lower fees, prevent front-running, and allow for the creation of identities with user-controlled data.

This powerful combination of private, scalable smart contracts has the potential to unlock new use cases like under-collateralized loans, and private automated market makers. With under-collateralized loans for example, individuals could upload sensitive financial data — allowing them to establish their creditworthiness and providing assurances to a lender that they will pay their debts. This allows lenders to offer under-collateralized loans for the first time on blockchain, unlocking entirely new markets and expanding DeFi to a mainstream audience.

We see use cases like under-collateralized loans as just the beginning. With the Oasis Networks unique ParaTime architecture, a broad range of financial services can be powered by blockchain for the first time. The Oasis Network already has a rapidly growing ecosystem of DeFi projects joining the Network such as Meter, Balancer, Chainlink, and more, who are bringing their projects to Oasis in an effort to fuel the next generation of private, scalable DeFi.

A New Class of Data

Blockchain technology is incredibly promising. It has the potential to shift the power of data from centralized institutions back to the individual. Until now, blockchains have lacked privacy — a prerequisite for truly managing and consuming sensitive data with decentralized technology. With the Oasis Network’s combination of confidential computing and blockchain enable a new paradigm called Tokenized Data. Tokenized Data is the combination of encrypted data capsules who’s access can be controlled and enforced by a blockchain like the Oasis Network. This powerful duo of data capsule + policies means data can be shared and exchanged freely and openly without concern that it could be misused or mishandled.

With Tokenized Data, The Oasis Network can support a new breed of privacy-preserving applications that respect a user’s data preferences by design and ensure each individual is fairly compensated for their data. They can earn rewards by staking their data with apps that want to analyze it or control how their most sensitive information is consumed by the services they use.

Read our white paper to learn more about Tokenized Data and how it can enable a new, responsible data economy.

Oasis-Eth ParaTime: Ethereum but faster

One of the ParaTimes available for use today on the Oasis Network is the Oasis Ethereum ParaTime by SecondState. Built using the same EVM runtime that Ethereum uses, the Oasis Ethereum Paratime is completely backwards compatible with Ethereum but faster and more affordable to use. It has support for the entire Solidity toolchain, allowing it to support DApps currently deployed or being built on Ethereum. Moreover it’s much more performant with throughput orders of magnitude higher and confirmation that are only 6s. Plus with Gas fees that are less than 1% of those on Ethereum, the Oasis Network is able run Ethereum DApps faster and a fraction of the cost.

For example, the Second State team has ported over an instance of Uniswap to the Oasis Network. The instance of the app is up and running on the Oasis Network and can be used in its Beta form today. In the coming months, Second State hopes to expand the functionality of their ParaTime to include confidential Solidity smart contracts, port over additional apps, and more.

If you’d like to get started building your own app or port over an existing app to the Oasis Ethereum ParaTime visit the Second State site today.

Beyond Mainnet

While in many ways Mainnet is the culmination of years of hard work from the Oasis community and its supporters, it is also a beginning. The start of a journey that we hope will reshape DeFi and the blockchain space, while simultaneously changing how we perceive the value of our own data and the manner in which companies use it.

We have quite a bit of work ahead of us. While our community is thriving and our list of partners growing, we need more thinkers, privacy advocates, and decentralized believers to help pioneer this new space of tokenized data and private DeFi. We need a new breed of developers to start building privacy first-applications, and we need the next-generation of blockchain enthusiasts to contribute to and help shape the Oasis Network in the years to come. If you think you fit the ticket, we’d love to have you onboard.

Oasis Foundation

A better internet is only a matter of time.

Oasis Foundation

A better internet is only a matter of time. The Oasis network is trying to fix what’s broken by giving users back control of their data using a combination of secure compute and a proof-of-stake blockchain.

Oasis Foundation

A better internet is only a matter of time. The Oasis network is trying to fix what’s broken by giving users back control of their data using a combination of secure compute and a proof-of-stake blockchain.