The Oasis Network is a Layer 1, proof-of-stake, decentralized network. It has two main 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.
The Oasis Network’s impressive scalability is achieved through a cutting-edge set of features that provide faster transaction speeds and higher throughput than other networks.
By separating ParaTimes from Consensus, multiple ParaTimes can process transactions in parallel, meaning complex workloads processed on one ParaTime won’t slow down faster, simpler transactions on another.
The network’s sophisticated discrepancy detection makes Oasis more efficient than sharding and parachains — requiring a smaller replication factor for the same level of security.
The Oasis Network supports confidential smart contracts — allowing sensitive data to be used by Dapps and unlocking new use cases and applications of blockchain technology.
In a confidential ParaTime, nodes are required to use a type of secure computing technology called a TEE (Trusted Execution Environment.) TEEs act as a hypothetical black box for smart contract execution in a confidential ParaTime. This process ensures that data remains confidential, and is never leaked to the node operator or application developer.
The Oasis Eth/WASI ParaTime is an open source example of a confidential ParaTime that uses Intel SGX. Other secure compute technology, such as ZKP, HE, or other secure enclaves, can also be used. In the future we hope to support additional computation techniques such as secure multi-party compute, federated learning and more.
Confidentiality unlocks a range of new use cases on blockchain by allowing personal or sensitive data, such as their social security number, bank statements, health information to be used by apps on the Oasis Network — something incredibly risky on other Layer 1 networks.
Designed to support the next generation of blockchain applications, the Oasis Network is incredibly versatile, agile, and customizable.
Each ParaTime can be developed in isolation to meet the needs of a specific application. ParaTimes committees can be made large or small, open or closed, allowing for faster or more secure execution depending on the requirements of a particular use case.
Nodes can be required to have specific hardware, such as Secure Enclaves in a confidential ParaTime. Each ParaTime can similarly run different Runtime VMs (ParaTime Engines) such as EVM backwards compatible engine, Rust based smart contract language, or a Data tokenization engine.
To support enterprise and developer use cases, ParaTimes can be made Permissioned or Permissionless — allowing consortiums to have their own closed ParaTime, or communities to have fully decentralized, open ParaTimes.