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Oasis Foundation

Oasis Foundation

The Oasis Foundation is a blockchain company that has created a Layer 1 decentralized blockchain network designed with scalability and privacy in mind.

Overview

The Oasis Foundation has developed the Oasis Network, a blockchain platform for open finance. The Oasis Network is built on high-throughput and security-oriented architecture to enable private and scalable decentralized finance operations on the mass-market level. Its privacy features let users create a new type of digital asset via tokenization so they can take control of the data they generate and earn rewards for staking it with applications.

According to the Oasis Foundation, the organization's main activities include the following:

  • Supporting and bringing people together to build creative communities
  • Facilitating and funding various community-driven activities (through grants, hackathons, etc.)
  • Promoting transparency, governance, and the decentralization of the Oasis Network
  • Promoting awareness, spreading blockchain knowledge, and ensuring that the community is informed about ongoing activities, product features, and projects
Consensus and ParaTime layers

The Oasis Network is divided into two main components, the Consensus Layer and the ParaTime Layer. The Consensus Layer is a scalable, high-throughput, secure, proof-of-stake consensus powered by a decentralized set of validator nodes. The ParaTime Layer hosts many parallel runtimes called ParaTimes—each representing a replicated compute environment with shared state.

Through the separation of the ParaTime and the Consensus layers, multiple ParaTime runtimes can process transactions in parallel, meaning complex workloads processed on one ParaTime will not affect the processing speed of simpler transactions on another.

Discrepancy detection

The network’s discrepancy detection features are implemented to make the Oasis Network more efficient than sharding and parachains, since, according to the Oasis Foundation, they require a smaller replication factor (RF) to achieve an equal level of security.

Data confidentiality

In a confidential ParaTime environment, nodes are required to use a type of computing technology called a trusted execution environment (TEE), which functions accordingly with the "black box" computing model to execute smart contracts. This process ensures that data remains private and is never leaked to the node operator or application developer.

According to the Oasis Foundation, its network's confidentiality enables the possibility of a range of new blockchain use cases by allowing personal or sensitive data, such as the user's social security number, bank statements, or health information, to be used by apps on the network. Normally, this kind of sensitive information would be put at risk on other Layer 1 networks.

ParaTime features
Customizability

Each ParaTime can be isolated from other runtime environments and developed to match the requirements of a specific application. The size and accessibility settings of ParaTimes can also be adjusted, depending on whether a use case necessitates more rapid or more secure execution.

Hardware and runtime hardware specification

Nodes can be required to have specific hardware, such as secure enclaves in a confidential ParaTime. Each ParaTime can run distinct Runtime virtual machines (ParaTime engines), such as an ethereum virtual machine (EVM) backwards-compatible engine, a smart contract language based on Rust (programming language), or a data tokenization engine.

Open and closed ParaTimes

ParaTimes can be made permissioned or permissionless (open or closed), making the platform suitable for enterprise and developer use cases. This enables users to have their own closed ParaTime or a fully decentralized, open ParaTime runtime environments.

Timeline

February 16, 2022
Oasis Network integrates with Multichain.
February 16, 2022
WePiggy officially launches on Oasis Network.
February 7, 2022
New partnership with Celer cBridge enables asset bridging on the Oasis Network.
February 2, 2022
Bitmark integrates with Oasis Network.
January 12, 2022
YuzuSwap surpasses $100 million in total value locked (TVL) within 12 hours after launching on Emerald, Oasis Network's ParaTime.
April 17, 2020
Oasis Foundation was founded.

Funding rounds

Patents

Further Resources

Title
Author
Link
Type
Date

Getting Started | Oasis Network Documentation

Oasis Network

Web

April 11, 2022

Oasis $160 million Ecosystem Fund Panel - Building the new generation of DeFi

Web

December 2, 2021

Oasis 101: How to Build a DApp on the Oasis Network

Web

April 4, 2022

Oasis Foundation - Medium

Web

January 12, 2022

Oasis Foundation (@OasisProtocol) | Twitter

Oasis Foundation

Web

July 11, 2019

References

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