Since the advent of the internet age, the amount of information individuals share online has grown exponentially. Social networks like Facebook already record our personal histories, payment platforms like Venmo are linked to our bank accounts and daily expenses, and health apps like Apple Health know where we are ailed and have health problems. With the explosion of data, individuals are increasingly wary of how businesses use that data, often for profit. Just two years ago news broke of the famous Facebook data leak to political consulting firm Cambridge Analytica.

Due to the existence of a centralized database, a single central party has complete access to all data of all users of the system, which largely restricts the protection of data privacy. The development of the Bitcoin blockchain has challenged this centralized model; data records are distributed across thousands of computers, each of which cryptographically verifies the accuracy of the data history. This has led to the development of dozens of privacy-preserving financial products, such as Bitcoin and Zcash, that can mask the identity of users. However, most of these projects are still highly specific, and we have not seen a general example of how to achieve user data privacy in different use cases.

Solution

Solution

The Oasis Network, launched by the Oasis Foundation, is a privacy-enabled blockchain for open, decentralized finance, and a permissioned data economy. The network’s mainnet beta launch on October 1st aims to provide a strong foundation and a variety of features capable of supporting a new ecosystem of privacy-preserving DApps and applications — bringing blockchain and DeFi from early adopters to and traders expanded to mainstream users.

Here are some core technical highlights that make the Oasis network stand out:

• Separation of consensus and execution into two layers (consensus layer and The ParaTime layer) to achieve better scalability and improve versatility.

• The separation of consensus and execution allows multiple ParaTimes to process transactions in parallel, meaning that the load of processing complex work on one ParaTime does not slow down faster, simpler transactions on another ParaTime.

• The ParaTime layer is fully decentralized, allowing anyone to develop and build their own ParaTime. Each ParaTime can be developed individually to meet the needs of specific applications.

• Advanced discrepancy detection capabilities make Oasis more efficient than shards and parallel chains - requiring a smaller revalidation factor at the same level of security.

• Broader support for private computing techniques. The Oasis Eth/WASI Runtime is an open source example of ParaTime that uses a Secure Enclave to keep data private while processing it.

Combined, these capabilities allow developers to access the privacy-preserving and security-enhancing features of the blockchain in a practical and seamless manner. Privacy can enable some new applications in DeFi, such as private dark pools, private stablecoins, underlying mortgages, etc. For example, by providing end-to-end privacy, DeFi lending apps can utilize reputation-based data such as credit scores or bank statements to determine an individual's creditworthiness without ever exposing their personal data -- a level of first-tier lending today. It is basically impossible on the chain. Through such DeFi DApps, Oasis can expand DeFi to a larger market and help it solve more meaningful and relevant problems for today's users.

Oasis not only supports the end-to-end privacy of data, but also provides up to 1000 transactions per second, while the transaction volume of Ethereum is 13 times per second, and the transaction fee is also greatly reduced, which makes it a good choice for the differentiated development of DeFi in the future. stronger candidates.

working principle

working principle

The Oasis network consists of two parts: the consensus layer and the ParaTime layer.

The consensus layer runs the consensus algorithm and stores the immutable history of the Oasis blockchain. This layer is run by a set of validator nodes that operate on Proof of Stake (PoS).

The ParaTime layer is what Oasis network users interact with directly. ParaTimes are essentially different computing environments connected to the consensus layer. Anyone can build a ParaTime, and they can be designed to implement more types of use cases. For example, ParaTimes committees can be implemented as open or closed, private or non-private - enabling faster, more secure or private execution depending on the requirements of the specific use case. Additionally, ParaTimes can run concurrently, allowing the network to process many transactions in parallel.

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Safe Enclave in ParaTime Layer

progress

progress

The Oasis Network is actively nurturing the ParaTimes ecosystem to help support new use cases and applications for the web.

Oasis and Second State recently announced the EVM-compatible ParaTime, which is fully backwards compatible with Ethereum and more performant than Ethereum. This means that the network can support all Ethereum-based Dapps due to its diverse use cases. ParaTime also provides an order of magnitude higher throughput than Ethereum at a fee cost of less than 1% - meaning Ethereum-based DApps can run faster and more efficiently on the Oasis network. ParaTime supports the entire Solidity toolset, and the team plans to add support for private EVM smart contracts in the coming months.

The Oasis Labs team is also actively developing enterprise use cases to use their own private ParaTime. They recently announced several high-profile projects for various privacy-preserving use cases. Designed to give users complete control over their genomic data, Nebula Genomics uses the Oasis network to encapsulate their privacy-preserving genomic analysis. Binance also partnered with the Oasis Network to establish the CryptoSafe Alliance, where sensitive information about crypto vulnerabilities, attacks, and perpetrators can be shared.

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epilogue

epilogue

The explosive growth of data has made privacy one of the most pressing issues for future technological development. The Oasis blockchain architecture has the ability to implement a variety of privacy protection functions, but it is difficult to implement it universally and scalable across multiple different use cases. The Oasis network provides a promising example of a privacy-preserving blockchain that modularizes its architecture to enable various use cases. By combining blockchain and secure computing, the Oasis Network enables dozens of new privacy-preserving features that can be natively embedded in applications.

The potential of data tokenization and DeFi has already been tapped, such as the Nebula Genome Project and the CryptoSafe Alliance. As we get closer to the final launch of mainnet, we expect to see more use cases leveraging Oasis' powerful abstraction to enable better user-facing privacy for everything we do on the blockchain.