The Oasis Network: Starting a New Era for Blockchain
Announcing Mainnet Beta, the launch of real-world applications on the Oasis Network, and a new Ethereum compatible ParaTime with support for Uniswap.
- Mainnet Beta for the Oasis Network goes live today — the last milestone before Mainnet.
- The Oasis Network is the first privacy-enabled, scalable blockchain network for open finance and a responsible data economy.
- Mainnet Beta already has an active ecosystem of real-world use cases including Nebula Genomics, the CryptoSafe Alliance (including Binance and others), enterprise partners and more.
- The Oasis Network is fully backwards compatible with Ethereum. The Oasis Ethereum ParaTime allows developers to bring new and existing Dapps to the Oasis Network. Some already in development include Uniswap for the Oasis Network.
The Road to Mainnet
Today, we’re excited to announce the launch of Mainnet Beta — the last major milestone before Mainnet and the launch of the first privacy-enabled blockchain network. Mainnet Beta is the first phase in the Mainnet Network launch. It includes the finalized Mainnet genesis file and a number of the features available at Mainnet launch. Mainnet Beta will start with token transfers disabled. (You can read more about the technical features of Mainnet Beta here).
Real-world Use Cases on the Oasis Network
At the Oasis Foundation we believe in building a new responsible data economy. One where users can control and tokenize their data — tracking its use by applications and companies, and earning fair compensation. To get there we need a new platform with powerful primitives like decentralization, confidential computing, and scalability.
To help us realize that vision, we’ve worked closely with a community of researchers, engineers, and privacy-experts to build the Oasis Network. Designed for the next generation of blockchain, the Oasis Network is the first privacy-enabled blockchain platform for open finance and a responsible data economy.
Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi — expanding it beyond traders and early adopters to a mass market. With its unique ability to keep data confidential and private, the Oasis Network can unlock new use-cases like under-collateralized loans, private dark pools, private automatic market makers, private stablecoins, private oracles, private payments, private and more.
Its unique privacy features can not only redefine DeFi, but also create a new type of digital asset called Tokenized Data that can enable users to take control of the data they generate and earn rewards for staking it with applications.
The Oasis Network’s powerful, privacy-enabled design is already being put to use. Here are just a few example of projects being developed on the network:
Nebula Genomics wants 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 analysis on the data without seeing the customer’s raw information. Read more here.
Binance CryptoSafe Alliance
Crypto theft and attacks are on the rise, and exchanges need a platform to identify and ban bad actors. The CryptoSafe Platform was developed by Oasis Labs and Binance to allow exchanges to share threat intelligence data. Because of the Oasis Network’s support for confidential compute, exchange data is kept confidential even while it’s being compared. Read more here.
Fortune 500 Healthcare Provider
A Fortune 500 healthcare provider wanted to share data with external parties while retaining control of the data and protecting the confidentiality of patient data. Using an Oasis Labs-built API this leading healthcare company is able to track, trace, and control data usage even when shared with 3rd parties.
Supporting an active ecosystem with the ParaTime Architecture
The Oasis Network is able to support these new use cases of blockchain through an innovative architecture called the ParaTime Architecture that separates compute from consensus into the ParaTime and Consensus Layers. The Consensus Layer is a scalable, high-throughput, proof-of-stake consensus run by a decentralized set of validator nodes.
ParaTimes are parallel smart contract layers that can be customized to meet the needs of a specific use case. Anyone can create their own ParaTime, allowing for the Oasis Network to support a rich ecosystem of applications — making the Oasis Network unparalleled in its versatility, adaptability, and scalability. You can learn more about the technology behind the Oasis Network and its use cases in our primer here.
Here are just a few examples of the kind of ParaTimes already under development on the Oasis Network:
Backwards Compatibility with Ethereum
With the all-new Oasis-eth EVM compatible ParaTime by Second State, the Oasis Network supports all Ethereum-based Dapps. The Second State-developed ParaTime provides an easy-to-use development environment for smart contracts written in Solidity, YUL, Vyper, Rust, and other common blockchain programming languages.
With throughput orders of magnitude higher and 6s confirmation times, the Oasis Ethereum ParaTime is not only completely backwards compatible with Ethereum, but much more performant. Plus with gas fees that are less than 1% of those on Ethereum, existing Ethereum smart contracts and DApps, including DeFi and DEX apps, can run on the Oasis Network at a fraction of the cost. Second State is working to support Confidential Smart Contracts on their Oasis Ethereum ParaTime in the near future.
Oasis-Eth Community Cup Starts Soon
Second State and the Oasis Foundation are hosting a competition where you can earn rewards for building DApps and completing tasks on the Oasis Ethereum ParaTime. Developers will be able to test out Second State’s web based development environment, deploy smart contracts, and build user interfaces for those DApps. Rewards will be given for completing various tasks, porting popular Ethereum DApps, and making innovative new DeFi DApps. The competition will launch on Monday, October 12th. If you’re interested in taking part fill out this form. You can also join our Telegram and follow us on Twitter to get the latest updates.
Data Tokenization ParaTime
Oasis Labs is working on ParaTime designed to support privacy-preserving applications and data tokenization. The ParaTime is based on the open sourced Oasis ETH/WASI ParaTime which has support for TEEs (Trusted Execution Environments) that help keep data protected while in use and ensure that raw data can’t be leaked or misused.
A Growing Ecosystem
With Mainnet just around the corner, we’re excited to engage even more with the community to help foster the growth of a privacy-enable blockchain designed for open finance and data tokenization. The Oasis Network has a thriving and rapidly growing ecosystem consisting of industry-leading app developers, blockchain infrastructure teams, node operators, universities, and more. We are proud to highlight some of our key partners and community members in the chart below: