Blockchain cloud service platform Second State releases smart contract engine based on Oasis Network (www.blockcast.cc)

Second State released the smart contract execution engine Oasis Ethereum ParaTime with privacy protection function on Oasis Network, which is fully compatible with Ethereum.

The rise of decentralized finance (DeFi) has triggered changes in the world’s financial infrastructure. However, the current public blockchain fails to meet the requirements of financial services in terms of performance and privacy protection. Oasis Network is designed and developed by world-renowned experts in private computing and distributed systems. Second State , the leader of cloud virtual machines and compilers, has released a high-performance, scalable, and privacy-protecting blockchain smart contract execution engine (called ParaTime) on Oasis Network. Oasis Ethereum ParaTime is fully compatible with Ethereum and can run all current Ethereum software, but it can protect privacy and be faster.

high performance

The price of Ethereum gas reached 1000 Gwei in August 2020. Only one DeFi transaction that deposits or withdraws funds may cost up to $50. Such high gas is caused by the load capacity of the Ethereum blockchain approaching its limit. Since Ethereum 2.0 is still several months away, a new solution is urgently needed.

Oasis Network is a blockchain platform with privacy protection function for open finance and responsible data economic design. High performance was considered at the beginning of its design. By separating the network into two layers-the consensus layer and the ParaTime layer, Oasis Network is able to parallelize operations and scale each layer independently, thereby creating a customized ParaTime layer to support complex and specific use cases. The ParaTime layer is completely decentralized, and anyone can develop and build their own ParaTime. Nodes can also participate in running one or more ParaTime. Each ParaTime can be developed separately to meet the needs of specific applications, such as private computing, open or closed committees, etc.

The Oasis Ethereum ParaTime created by Second State enables Oasis nodes to execute Ethereum smart contracts. These nodes create a high-performance public Ethereum network that is fully compatible with the existing Ethereum ecosystem software, development tools, wallets, and token assets. Oasis Ethereum ParaTime can provide 100 times faster running speed than Ethereum 1.0.

“We are very happy to see Second State launch Oasis Ethereum ParaTime . This is a testament to the strong community support of the Oasis Network and the vigorous development of the surrounding ecosystem,” said Jernej Kos, Director of Oasis Foundation. “This ParaTime is an excellent example. Letting everyone see the infinite possibilities on the Oasis Network is also an important step in making it easier for more developers to access the privacy-first and scalable Oasis Network.”

Privacy first

Public blockchains such as Bitcoin and Ethereum are completely transparent. Anyone running a node on these blockchains can download the complete transaction history and obtain the identity, relationship and even the transaction intent behind the accounts on the chain. The lack of privacy is a huge obstacle to financial applications on public blockchains, including DeFi.

In addition, newly submitted transactions that are not yet included in the blockchain are also visible to the public. This has led to frequent malicious pre-transactions and other attacks on DeFi smart contracts.

Oasis Network is designed and implemented by the world’s leading privacy computing experts. Oasis can ensure the confidentiality of data and computing tasks through innovative consensus design and the use of Trust Execution Environment (TEE).

In Oasis Ethereum ParaTime, all smart contract transactions can be kept confidential. Except for the caller who pays for gas, no one knows the contents of the confidential transaction. Each node executes these transactions in the TEE, which ensures that even node operators cannot see these transactions.

Ethereum smart contract developers can specify which part of the contract data is confidential when developing on the Oasis Ethereum network. Confidential data can be updated through confidential transactions and used for calculation in TEE, but no one (including node operators) can access it. For more detailed information, please check the technical white paper of Oasis Ethereum to learn about Ethereum’s confidential smart contracts.

Ethereum compatibility

Oasis Ethereum ParaTime is fully compatible with existing Ethereum smart contracts and DApps. All current Ethereum ecosystem tools can be used on Oasis Ethereum. Take the popular Defi as an example, the deployment and use of Uniswap DEX on Oasis Ethereum ParaTime is very smooth. Oasis Ethereum developers can use the following tools in the Ethereum ecosystem.

• Complex smart contracts written by Solidity and Vyper
• MetaMask wallet
• Web3 library and Dapp built on web3
• Remix IDE for smart contract development
• BUIDL IDE for Dapp development

Not only can code and applications be seamlessly migrated from Ethereum to Oasis Ethereum, tokens and assets can also be exchanged through the oracle atomic swap contract.

Oasis Ethereum will bring high performance and privacy-first services to the entire Ethereum ecosystem.

The next generation of Ethereum

Oasis Ethereum ParaTime not only supports today’s Ethereum applications, but also supports the next generation of Ethereum applications. The next-generation Ethereum virtual machine is often called Ethereum-style WebAssembly (Ewasm). The Second State Virtual Machine (SSVM) is the leading Ewasm implementation on the market. Oasis Ethereum ParaTime supports the current classic EVM and the upcoming Ewasm. Check out the guide to learn how to compile and deploy Ewasm smart contracts on ParaTime .

The Oasis Ethereum hackathon is about to begin

In order to encourage developers to participate in Oasis Ethereum ParaTime, Oasis Foundation and Second State will launch a hackathon. Developers who use Oasis Ethereum ParaTime for development can be rewarded by building DApps and completing tutorials and tasks on the network. The competition will start on October 12, and more details will be released soon. If you are interested in participating, you can join Oasis Foundation Telegram and follow them on Twitter to get the latest updates.

Second State has built the next generation of open source “operating systems” for cloud computing and decentralized networks. The Second State Virtual Machine is an ideal choice for building AI and big data microservices, and it is also the leading execution engine for public blockchains.