Remember that bit last week about new all-time highs. Yeah, you can go ahead and insert that here for starters. While a few select altcoins like Polkadot, Loopring and VeChain have had some incredible weekly gains. To both some and no one’s surprise, Dogecoin has blasted through the week with over 100% returns. Taking it you’ve been keeping up with the incredible report by Rekt Capital here every week. You know the significance that DOGE metric has, and what to expect in the months ahead for Bitcoin. Keeping with the trend of newer projects discussed over the last few months. This week we’ll be talking about a fresh new encrypted smart contract platform you heard Lark talk about the other day called Oasis Protocol.
Introduction
Oasis Protocol is a Layer 1 Proof of Stake decentralized network designed to be a scalable, privacy-first, and versatile way of controlling access to personal data. The proposal being to adopt a new kind of stewardship ethos for the web, where technology systems can and should be grounded in human priorities. With Oasis Network priority being focused on actual people. Based on three specific elements that when combined, create this new model of stewardship. Where computational systems amount to (Tech), the ecosystem of stakeholders are the (Players), and the ethos of stewardship is the (Rules). Learning from the previous technical challenges and pitfalls surrounding the development of hybrid systems. The Oasis Labs team has gathered valuable insight from this to develop a Trusted Execution Environment (TEE) combined with the blockchain called “Ekiden”. Ekiden leverages an architecture that separates consensus from execution, enabling efficient TEE-backed and confidentiality-preserving smart contracts to scale in a PoS environment.
The Oasis Network has two main architectural components, the Consensus Layer and the ParaTime Layer. The Consensus Layer is a scalable, high-throughput, secure, proof-of-stake consensus run by a decentralized set of validator nodes. The ParaTime Layer hosts many parallel runtimes (ParaTimes), each representing a replicated compute environment with shared state. Separation of consensus and execution allows many ParaTimes to process transactions in parallel, meaning complex workloads processed on one ParaTime won’t slow down faster, simpler transactions on another. The ParaTime Layer is entirely decentralized, allowing anyone to develop and build their own ParaTime. Each ParaTime can be developed in isolation to meet the needs of a specific application, such as confidential compute, open or closed committees, and more. The network has broad support for confidential computing technology by designing the first ever confidential ParaTime with support for confidential smart contracts. In a confidential ParaTime, nodes are required to use TEE. Trusted execution environments act as a hypothetical black box for smart contract execution in a confidential ParaTime. Encrypted data goes into the black box along with the smart contract, data is decrypted, processed by the smart contract, and then encrypted before it is sent out of the TEE. This process ensures that data remains confidential, and is never leaked to the node operator or application developer The Oasis Eth/WASI Runtime is an open source example of a confidential ParaTime that uses secure enclaves to keep data…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
