Oasis Network, a privacy-enabled blockchain platform for open finance, has just announced two critical milestones in the development of the Oasis ecosystem. These upgrades make Oasis fully developer-ready with a suite of tools and features to create and deploy powerful applications.
Codenamed ‘Cobalt’ — this is the first major mainnet upgrade for the Oasis Network. This upgrade comes with a multitude of new features including increased security and performance, as well as strengthened governance mechanisms and more decentralization.
Network enhancement highlights include:
- Light Clients and Checkpoint Sync in order to make bootstrapping of new network nodes much faster.
- Random Beacon Support providing security for ParaTimes with an open admission policy.
- On-Chain Governance provides a simple framework for submitting governance proposals, validators voting on proposals, and once an upgrade proposal passes, having a way to perform the upgrade in a controlled manner, which minimizes downtime.
- ROSE Transfers Between the Consensus Layer and ParaTimes which also means that ParaTimes get their own accounts in the consensus layer which can hold and transfer tokens.
- A path towards self-governing ParaTimes extending ParaTime governance options.
- The validator pool will also increase from 80 to100, helping further secure the Oasis Consensus Layer while also increasing decentralization.
For more details on the Cobalt mainnet upgrade, including a review of all its major features, the mechanics, and developer technical support, see the official Cobalt upgrade proposal.
The Oasis Network is a Layer 1, proof-of-stake, decentralized network. It has two main components, the Consensus Layer and the ParaTime Layer:
- Consensus Layer is a scalable, high-throughput, secure, proof-of-stake consensus run by a decentralized set of validator nodes.
- ParaTime Layer hosts many parallel runtimes (ParaTimes), each representing a replicated compute environment with a shared state.
“With this upgrade, Oasis has become the ideal environment for developers to build applications as they benefit from a whole host of features including transaction fees that are 99% lower than Ethereum’s as well as a much higher throughput — 1,000 transactions per second. On top of that, developers can now enjoy a powerful DApp development environment via the Oasis-Eth ParaTime, which is entirely backward compatible with Ethereum.”
– The Oasis Foundation Team
Parcel SDK Launch
Just recently, Oasis also announced that its Parcel SDK is now live in its inaugural Beta release. Parcel is a privacy-first data governance SDK that distills years of privacy research and expertise into an easy-to-use solution. The interface is designed specifically for developers looking to expand their app’s capabilities to include powerful data privacy and governance features.
The Parcel SDK was developed to bridge the gap between the everyday app developer and complex privacy solutions. Developers are easily able to analyze data in a privacy-preserving environment, and unlock data that was previously too regulated or risky to use. Parcel is a powerful tool and the SDK is already being used in partnership with Binance, BMW, and Nebula Genomics among other organizations.