The centralized Web2.0 world dominated by traditional Internet is turning to the distributed Web3.0 world dominated by blockchain. And like DeFi, GameFi and even SocialFi, etc., are all sectors with Web3.0 features.
By building a decentralized, distributed, and collaborative ideology of everyone, the blockchain further improves the trust problems and efficiency drawbacks faced by the traditional Internet world. However, the development of blockchain technology is still in its early stages, especially in terms of performance and functionality. From the performance point of view, although Ethereum Layer 1 itself is low in efficiency and high transaction costs, the continuous progress of Ethereum 2.0 and Layer 2 is expected to further solve the problems faced by Ethereum.
With the rise of emerging performance public chains such as Solana, Avalanche, and Terra, the bearing problem faced by the blockchain itself has been further solved. However, the current blockchain as a whole has not been able to expand in terms of functions. For example, the blockchain is too open and transparent, it is difficult for traditional businesses to migrate to the chain, and it is difficult for traditional businesses to customize the collaboration framework on the chain. Therefore, in addition to the substantial improvement in the performance of the blockchain, the expansion of functions is the key to further marching into the Web3.0 world.
The blockchain network Oasis Network, which is known for its privacy characteristics, is gradually showing its edge in the expansion of blockchain functions, and is gradually being placed in high hopes.
How does Oasis expand the functionality of the blockchain?
In traditional blockchains such as Bitcoin and Ethereum networks, the computing layer overlaps the consensus layer, which means that many nodes in the blockchain network will also undertake a series of tasks including consensus, calculation and storage, resulting in a blockchain The disadvantage of poor scalability. The network structure design of Oasis Network is very special. It separates the consensus operation and calculation into two layers, the consensus layer and the ParaTime layer.
Oasis Network’s POS nodes will run in the consensus layer, and many jobs in the ParaTime layer will be able to run in parallel in it. Each runtime represents a replicated computing environment with a shared state. Of course, users can also perform replication according to their own needs. Definition creation. This means that the Oasis Network itself can allow many tasks to run independently without affecting each other. The overall presenting features such as scalability, high throughput, and security, Oasis Network ultimately has the characteristics of high bursting characteristics. Based on this design, Oasis Network has also realized the overall expansion of the blockchain function.
Privacy is the most important feature currently lacking in the blockchain world. Giant whale users may be worried because they have participated in a DeFi and their accounts have been monitored, and some businesses built on the chain may also be excessive. Transparency, which creates business risks. Privacy is a major feature of Oasis Network. Oasis uses Intel’s SGX extended instruction set (a specific implementation of TEE trusted execution environment), which can be regarded as a “black box” in a secure area and runs inside it. The contract code and data will not be illegally called by external programs with any authority, even the underlying operating system itself, sensitive data will enter this “black box” together with the smart contract after encryption. Of course, this privacy attribute is also built in the ParaTime layer, ensuring privacy and efficiency.
Oasis’ privacy feature design will further ensure the security of Oasis users’ data and information. These data will also be used as users’ assets and be digitized, encrypted, and tokenized. Users can profit by authorizing their own information and data to users. These interests will no longer belong to the centralized Internet platform. Oasis is expected to change the current cryptocurrency field and the current status of online privacy and security. Oasis has also laid the foundation for the construction of some privacy-specific DeFi, GameFi, and SocialFi scenarios, as well as the on-chain migration and business development of traditional businesses.
Oasis also further provides developers with the right to customize development. Each ParaTime can be developed separately to meet the needs of specific applications, such as privacy computing, open or closed committees, etc., and businesses with different characteristics will also be able to Develop different protocols and applications according to their own characteristics. At present, Oasis is compatible with the Ethereum EVM. Ethereum-based developers can migrate and build applications on Oasis with a low threshold. In the future, Oasis will gradually show the characteristics of further compatibility with other ecosystems.
At present, Oasis’ technology has been applied by companies such as Binance, Google, and BMW, and many high-quality ecological partners including Tidal, BoringDAO, and Meter have also been ushered in.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/oasis-expands-blockchain-functions-for-web3-0/
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