DEVELOPMENT
Let’s cover the Oasis blockchain: what kind of network it is, what the results are for 2022, and development plans for 2023.
About Oasis
What is Oasis
Oasis is an L1 privacy-enabled blockchain. It combines high bandwidth and low gas fees with a secure architecture to provide the foundation for the next generation for Web3 and will support DeFi, GameFi, NFT, Metaverse, data tokenization and DAO data.
History and Founder of Oasis
Development of Oasis began in April 2018 when Oasis Labs, founded by Dawn Song, a professor in the Department of Electrical and Computer Engineering at the University of California, Berkeley, and her team, decided to publish. “Ekiden: A Platform for Privacy-Preserving, Secure and Efficient Smart Contracts.”
With this first development, Don Song began looking for a number of investments to help him make his idea a reality: to use Ekiden to create a secure, decentralized computing cloud. In this way, Song’s project would be able to provide fully private and confidential smart contracting services without giving up its decentralization and verification capabilities. The idea attracted the attention of investors such as 16z crypto, Polychain Capital and others, who decided to support the initial development of the protocol for a total of $45 million.
Ecosystem
TVL
Oasis’ current TVL is $22 million.
Peak TVL was $276 million in April 2022. TVL is down 92% from the peak.
Top 10 DeFi projects. ValleySwap project with DEXes theme is in the 1st place with 76% dominance (of all TVL of Oasis ecosystem).
Apps in Oasis
The top 10 apps in Oasis according to DappRadar. Eight of the 10 projects belong to the DeFi sector.
How much invested
The current price of the token ROSE is $0.056. The price has fallen 90% from the highs.
There are 50% of tokens in circulation.
Current capitalization is $0.28 billion.
Total capitalization is $0.56 billion.
According to known information, about $45 million was invested in Oasis.
Oasis development activity
Among the largest blockchains (Ethereum, Polkadot, Cosmos, Chia, Aptos, Near), Oasis ranks last in terms of development activity.
Since the beginning of 2023, Oasis’ level of development is roughly equal to Chia, Near.
Development activity – shows the project’s development activity over time based on a number of purely development-related “events” in the project’s publicly accessible Github repository. (does not take into account: release comments, forks, stars, etc.).
ROSE token
ROSE is Oasis’ own token that was launched in November 2020. It is used to pay transaction fees, consensus-level delegation and stacking by validator nodes.
How it works
Oasis is a privacy-focused L1 smart contract platform on PoS with a layered modular architecture that provides scalability and flexibility for deploying low-cost privacy-focused smart contracts.
The network has two main architectural components: the consensus layer and the ParaTime layer.
- The consensus layer is a scalable, high-performance, secure consensus with share proof, managed by a decentralized set of validator nodes.
- The ParaTime layer contains multiple parallel execution environments (ParaTimes), each representing a replicated computing environment with a shared state.
- Consensus layer
The consensus layer enforces the rules of the network. It ensures that nodes follow the rules coming from Tendermint (Cosmos blockchain) and maintains consensus in the network in the first place. In Oasis, nodes are instructed to provide a small set of services to reduce complexity, and this reduces the likelihood of L1 execution errors.
The consensus layer also handles block generation and verification. In Oasis, this plays an important role in the L1 to L2 relationship – the ParaTime Layer – since most transactions originate from this agile layer and the ParaTimes within it.
The consensus layer takes transactions and other executions from ParaTimes and writes them to the next block of the Oasis blockchain. Meanwhile, these ParaTimes operate as separate networks that can be configured and customized to run specific applications.
- ParaTime Layer
ParaTimes are independent computing environments that exist in parallel on an L2 network. These computing environments write their own transactions to the consensus layer.
ParaTimes can be thought of as customizable environments that anyone can build on Oasis. They can be flexible, adaptable and modular; evolving and changing depending on what parameters developers need. However, they also benefit from the L1 security and consensus-level rules in Oasis.
ParaTimes has almost limitless possibilities – they can run different virtual machines, such as EVMs or WASMs, and can be designed as systems with or without permissions. Ultimately, ParaTime’s customization and flexibility allow developers to strike the desired balance between security, performance and privacy.
For ease of reference, the ParaTimes counterpart can be considered Parachains on Polkadot.
Current ParaTimes
Emerald
Emerald offers full EVM compatibility, scalability, low gas charges and interoperability.
Emerald ParaTime, an EVM-compatible ParaTime , was created to solve the problems faced by Solidity developers. High commissions and low bandwidth. Emerald solves both of these problems by increasing transaction throughput to 1,000 per second and reducing fees by 99%+ compared to Ethereum. This means more users will be able to use and build the network.
However, unlike Ethereum, Emerald Paratime has much greater scalability and increased transaction throughput. It is also low cost, sometimes up to 99% cheaper than ETH transactions. There is also inter-blockchain compatibility through bridges such as Wormhole, CBridge and Multichain.
Cipher
Cipher is ParaTime with WebAssembly-based privacy support (WASM). With Cipher and the Oasis Contract SDK, developers can use Rust to build the next generation of confidential dApps.
Cipher ParaTime, the confidential ParaTime smart contract, has the features that Oasis is known for – privacy-preserving smart contracts.
Like Emerald, it boasts high throughput, instant finality and low fees with additional privacy-preserving features.
Cipher allows DEX to stop outperforming transactions, NFT users to protect their assets privately and can potentially unlock trillions in credit markets from traditional finance.
Cipher executes smart contracts compiled in Oasis Wasm. Rust programming language tools are now available that are very strict about memory management and therefore suitable for security-oriented applications.
This ParaTime is known as the universal privacy-enabled ParaTime, which allows the use of privacy technology in the Web3 world.
Sapphire
Sapphire gives developers the unique ability to build EVM-based dApps with privacy on the network. It is the first completed confidential EVM runtime environment in the industry.
Sapphire ParaTime, compatible with the ParaTime confidential smart contract EVM, is the newest addition to the Oasis ecosystem. It allows confidential computation of smart contracts written in Solidity or another EVM-compatible language.
Unlike Cipher, dApp developers can integrate Sapphire for data privacy, control and computation into their applications with virtually no additional work on existing smart contract code.
Developers can use Sapphire to create smart contracts that are 100% confidential, 100% public, or in any other privacy range.
Data Tokenization
The combination of privacy computing and Oasis blockchain enables a new paradigm called tokenized data. Blockchain allows the recording and application of usage policies to data with high integrity and “controllability.”
Confidential computing ensures that data remains private during computation and cannot be reused without permission. This data policy capsule creates a new kind of digital asset that can be used, along with specific payment or value exchange recommendations.
With tokenized data, Oasis can enable the next generation of privacy-focused applications.
Data providers on the Oasis network can use their tokenized data. They can be rewarded by placing their data in applications that want to analyze it or control how their most sensitive information is used by the services they use.
Many projects have already started to create applications that use data tokenization in Oasis. Here are a few examples:
BINANCE CRYPTOSAFE Alliance
Cryptocurrency theft and attacks are on the rise, and exchanges need a platform to identify and block attackers. The CryptoSafe platform was developed by Oasis Labs and Binance to allow exchanges to share threat data. Thanks to Oasis’ support for confidential computing, the data exchanges remain private even while they are being compared.
FORTUNE 500 health care provider
A Fortune 500 healthcare provider wanted to share data with outside parties while maintaining control of the data and protecting patient privacy. Using an API created by Oasis Labs, this leading medical company can track and control how data is used, even when it is shared with third parties.
Nebula Genomics
Nebula Genomics wants to set its product apart from other competitors by giving its users control over their genetic data. Using the Oasis platform, customers can retain ownership of their genomic data, and Nebula Genomics can perform data analysis without seeing the customer’s raw information.
Privacy Technologies
Let’s talk about privacy technologies. From the architecture of the network to the choice of privacy-preserving computational methods, ease of development and low user interaction are paramount.
Known privacy-preserving computational techniques such as:
- Fully homomorphic encryption (FHE).
The main limitation of fully homomorphic encryption (FHE) is the high computational cost and processing cost.
- Secure Multilateral Computing (MPC)
Multilateral Computing (MPC) is a powerful computational technology that provides privacy. However, it is computationally expensive and requires a large amount of communication between the parties, resulting in significant delays during computation. These disadvantages limit the use of MPC for blockchains.
- Zero-disclosure proofs disclosure (ZKP), have disadvantages in terms of cost, flexibility and usability.
Zero-disclosure proofs (ZKPs) are poorly suited to protect privacy when performing common smart contracts, especially when aggregating multiple data sources.
It should also be noted that ZKPs work for privacy only when the proving party knows the state required to create the proof, but which the verifier does not need to know. This does not work for cases where the state also needs to be confidential from the proving party.
In comparison, Oasis’ TEE* approach in Sapphire ParaTime requires extremely low computational cost. The network is much more flexible, allowing developers to customize smart contracts and add privacy in ways that best fit the needs of developers and users.
It can match the performance of any other EVM network to perform common smart contracts, even when applications need to aggregate data from many parties.
* TEEs (Trusted Execution Environments) in Oasis are used to isolate and protect sensitive data and code from potential attacks, ensuring that only authorized parties have access to the data. This increases the privacy and security of the network and its users.
Benefits of
Fast, scalable, inexpensive
The main problem with building the biggest L1 blockchains to date is speed, cost, and scalability. Many are trying to combat this, and Oasis already provides fast, cheap and scalable capabilities.
Because nodes are tasked with providing a minimal set of services, computation can be done on L2 and in different ParaTimes. Having two separate layers allows ParaTimes to process transactions of varying complexity in parallel with a common consensus. With this flexibility, workloads and updates processed in one ParaTime run synchronously with the consensus to independently ensure network security and completeness without affecting other ParaTimes.
This means increased transaction throughput, unmatched scalability, and up to 99% lower fees than Ethereum.
Privacy
Privacy are recognized pillars of Web3 and its transition to individual data ownership.
Typically, smart contracts on other blockchain platforms have inherited data accessibility and transparency from the underlying technology. Oasis is committed to ensuring data privacy in smart contracts.
With the deployment of sensitive computing technology, the privacy concerns of smart contracts can be addressed, if necessary.
Those looking for confidential smart contracts can use confidential ParaTimes such as Cipher and Sapphire.
Data Ownership
Data providers on the Oasis network can use their tokenized data, receiving rewards from applications that analyze or control how their sensitive information is used across services.
This concept differs from today’s familiar data ownership in that the data is not monetized or controlled by those who create it.
Corporate partners such as Binance, Genetica and BMW Group are currently using this technology, but the technology is also being used in other areas.
Top tier team
The Oasis team consists of the best professionals from around the world with experience at Apple, Google, Amazon, Goldman Sachs, UC Berkeley, Carnegie Mellon, Stanford, Harvard and others.
The entire core engineering team has a Ph.D. and is committed to growing and expanding the impact of the Oasis network.
Oasis founded by Dawn Song in 2018
Dawn is a distinguished researcher in software, networks, distributed systems, applied cryptography, blockchain, smart contracts and machine learning.
Dawn is a respected leader in the field of computer security and is credited with the following achievements:
- AMiner Award as the most cited computer security scientist;
- Amazon Web Services Machine Learning Research Awards for his work in “Protecting the Public from Counterfeits Created by Artificial Intelligence.”
- Numerous awards, including the Sloan Fellowship, NSF CAREER Award, IBM Faculty Award, Guggenheim Fellowship, and MacArthur Foundation Fellowship;
- Serial entrepreneur who has held management positions at fast-growing security firms including Ensighta Security (acquired by FireEye Inc.) and Menlo Security.
Connecting with Universities
The Oasis network also has the largest university program of any L1 blockchain, with more than 25 leading university departments, blockchain clubs and others across 5 continents.
Participants in the program run nodes nodes, create applications and more. Participating universities and university student organizations include Blockchain at Berkeley, the Digital Finance Student Association of Tsinghua University, the Blockchain Society of Cambridge University, and many others.
Comparison with other blockchains
Oasis claims to be superior to Ethereum, Avalanche, Polkadot. I recommend reading the table.
Oasis technology features
- Splits consensus and execution into two layers, a consensus layer and a ParaTime layer, for better scalability and increased versatility.
- Separating consensus and execution allows multiple ParaTimes to process transactions in parallel, meaning that complex workloads processed in one ParaTime will not slow down faster, simpler transactions in another.
- The ParaTime layer is fully decentralized, allowing everyone to design and create their own ParaTime. Each ParaTime can be developed in isolation to meet the needs of a specific application, such as sensitive computing.
- Sophisticated network mismatch detection makes Oasis more efficient than segmentation and parachains, requiring a smaller replication factor for the same level of security.
- There are already 3 ParaTimes on the network created by the core Oasis team.
- Emerald ParaTime, an EVM-compatible ParaTime, was created to solve the problems faced by Solidity developers. High commissions and low bandwidth. Emerald solves both of these problems by increasing throughput to 1,000 TPS and reducing fees by 99%+ compared to Ethereum. This means more users will be able to use and build the network.
- Cipher ParaTime, the confidential smart contract ParaTime , has the features that Oasis is known for – privacy-preserving smart contracts. Like Emerald, it boasts high throughput, instant finality and low fees with additional privacy-preserving features. Cipher executes smart contracts compiled in Oasis Wasm.
- Sapphire ParaTime, an EVM-compatible confidential ParaTime smart contract, is the newest addition to the Oasis ecosystem. It allows you to confidentially compute smart contracts written in Solidity or another EVM-compatible language. Unlike Cipher, dApp developers can integrate Sapphire for data privacy, control, and computation into their applications with virtually no additional work on existing smart contract code.
The bottom line for 2022
Sapphire: The industry’s first confidential EVM ParaTime
Sapphire is the industry’s first confidential EVM ParaTime has changed the rules of the game for Solidity developers, allowing them to instantly create privacy-enabled dApps.
Sapphire also supports the Oasis privacy layer – any dApp in any EVM chain can access privacy and provide privacy to users like never before, all in less than 15 minutes without having to migrate between blockchains.
Confidential NFTs: extending the functionality of NFTs
Confidential NFT in Oasis is a revolutionary innovation, representing a more functional way to use NFT. Not only do they support high-resolution images on the blockchain, but they also support a variety of data.
Sensitive NFTs also allow creators to create NFTs that contain data only available under certain conditions. Having data-enabled NFTs means that buyers and owners of these assets are given more than just a receipt – they are given data as well as the functionality that data can provide.
In March 2022, they announced a partnership with Genetica, a leading genomics company, to create a better data economy. Confidential NFT has become a popular distinctive technology at Emerald, being integrated into such projects as Mbuddy, the Geniish protocol, NFT Seibera and NFT Leviathan’s Curse.
Partnerships
In July 2022, announced a partnership with Meta to improve fairness measurement in AI models, and in October 2022, announced a partnership with Equifax to create the first network KYC identity solution for Web3.
Integrations
New integrations with blockchain protocols and tools such as Covalent and Band Protocol have improved the experience for developers and project users.
Privacy Alliance
Launched Universal Privacy Alliance in partnership with p0xeidon labs, Manta Network, Nym Technologies, Secret Network, Orchid, Railgun and Status.
Oasis joins Blockchain Game Alliance
Blockchain gaming is the fastest growing sector in Web3. It could quickly lead to a user-owned game economy.
Oasis Ecosystem Fund
The Ecosystem Fund has grown from $160 million to $235 million thanks to the support of new partners.
Plans for 2023
Launch of the Oasis Privacy Layer at Sapphire
The Oasis Privacy Layer (OPL) will launch in early 2023. OPL fulfills a major component of Oasis’ overarching mission to provide a level of privacy for all of Web3.
OPL is not a parallel runtime (ParaTime) environment or a new network. Instead, OPL allows Solidity developers working on any EVM-compatible network to use Oasis privacy features.
In addition to Sapphire (confidential EVM), the two key components underlying OPL are a messaging bridge and a gas relay.
The messaging bridge will soon be announced and will be integrated with Sapphire on the core network so that developers can use OPL to communicate with applications on their home networks.
The GSN gas relay allows users to interact with dApps OPL by paying a gas fee with any token of their choice. In this way, users can interact with the privacy features of their app, while Oasis abstracts the details of Sapphire as much as possible from users.
Repeater is the key to creating a seamless user experience so that users can interact with these newly enabled sensitive features of their app without having to purchase ROSE directly.
With this technology will unlock unprecedented privacy opportunities for DAOs, online auctions, gaming, decentralized identity and more.
Laying the groundwork for a bridge with Ethereum
Oasis will lay the groundwork for a bridge to Ethereum and other L1 networks.
The goal is to support a bridge that prioritizes gas efficiency and a zero-disclosure architecture to accomplish what few other networks have: a simple and secure user interface for moving assets and sending messages from Oasis to another blockchain.
Completing this project will first require some changes to the Oasis data structures and a Rust implementation of the Ethereum client.
New Oasis Explorer with Sapphire Support
Oasis will enhance the current blockchain browser experience with the new Oasis Explorer, which has top-notch support for runtime environments such as Sapphire and Emerald.
Robust and versatile browsers are a vital tool for blockchain ecosystems. The Oasis Explorer will support all the standard features expected by Web3 users. In addition to the usual blockchain, transaction and asset information, Oasis Explorer will also allow users to connect their wallets to access privacy-related features and provide support for contract source verification and transaction input analysis.
Using Metamask Snaps to improve the wallet experience
Oasis is planning a significant optimization of its wallet, which in part includes using Metamask Snaps to support Sapphire’s privacy features.
Snaps are programs that can customize the user’s wallet experience, and they work in isolated environments. With the power of Snaps, Oasis Wallet will create a radical new Web3 wallet with privacy support that wasn’t possible before.
With the Oasis Wallet, users can expect a seamless experience when interacting with assets and dApps in other EVM networks.
Conclusion
Oasis has ambitious plans for 2023, including improvements to privacy features and the infrastructure itself. These developments will make the network even more attractive to both developers and users, solidifying its position as a major player in decentralized applications.
