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SecondState Launches Ethereum Compatible ParaTime on the Oasis Mainnet

SecondState, an open-source operating system for the cloud and decentralized web, announced  the launch of its Oasis Ethereum (OETH) ParaTime on the Oasis Mainnet. Starting today, developers can use the SecondState Oasis Ethereum ParaTime to deploy decentralized applications on a privacy-first blockchain network and can execute Ethereum smart contracts on the Oasis Network.

By providing an alternative public Ethereum development platform, applications already running on the Ethereum Network can easily be ported to the Oasis Network. OETH is much more performant than Ethereum with throughput an order of magnitude higher and only 6s confirmation times. Plus with gas fees that are less than 1% of those on Ethereum —  using and running DApps on the Oasis Network is much more affordable. As the Oasis Network expands its support for confidential smart contracts, DApps running on OETH will be able to access the latest in confidential compute technology — helping keep data private and protected. With the total value locked in DeFi almost tripling from $12.5 billion in January to $36 billion in the second month of 2021, strong confidentiality and privacy protection for data should be top of mind for banks, institutions, custodians, exchanges, lenders, and service providers.

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The Oasis Network uses a decentralized ParaTime architecture that allows parallel smart contract environments to be developed in isolation and operate independently while still connecting to the core Oasis Consensus Layer. OETH is an example of one of these ParaTimes that is custom designed to support EVM smart contracts and provide support for the entire Solidity toolchain. To showcase the ability of OETH to support Ethereum DApps, Second State has ported over an instance of Uniswap to their ParaTime — providing similar functionality for their users.

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“We’re thrilled to see the launch of the Oasis Ethereum ParaTime by Second State. It’s a testament to the strong community supporting and growing the Oasis Network and the ecosystem around it,” said Jernej Kos, Director of the Oasis Foundation. “This ParaTime is an incredible example of what’s possible on the Oasis Network and a great step in making the privacy-first scalable Oasis Network more accessible to even more developers.”

To celebrate the launch of SecondState’s Oasis Ethereum ParaTime, the Oasis Foundation will be hosting a hackathon on March 10 for developers to build DApps and earn up to 200,000 in ROSE, the native token of the Oasis Network.

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