Oasis Foundation and Second State partnered on a community hackathon from 12th to 23rd Oct to bring Ethereum developers to the Oasis Ethereum ParaTime. Now, the results are in! Community developers created 3274 smart contracts and published 759 decentralized web apps in 11 days!
The Oasis Second State Hackathon set up three challenges for developers to complete. When developers complete any of the challenges, they get ROSE (the native token of the Oasis network) as rewards. All the smart contracts are deployed on the Oasis Network via the Oasis Ethereum ParaTime.
Ethereum applications on the Oasis Network
The Oasis Network is a privacy-first blockchain platform for open finance and a responsible data economy. It's design separates the network into a consensus layer and a parallel runtime (ParaTime) layer allowing consensus and on-chain applications to scale independently.
The Oasis Ethereum ParaTime, developed by Second State, is an Ethereum-compatible runtime to support smart contracts and Dapps. A challenge in the hackathon requires the developer to utilize the Uniswap exchange ported and deployed on the Oasis Ethereum ParaTime. With the ability to support thousands of transactions per second (TPS) and 6-second confirmation time, it is much faster than the current Ethereum mainnet, and delivers a much better user experience for applications.
Trading crypto tokens by DEX on the Oasis Ethereum network is very smooth. —— Taylor Wang, an attendee of the Hackathon.
The hackathon is not only to showcase Ethereum compatibility on the Oasis network, but also to showcase the power and flexibility of the ParaTime architecture. At its peak, the Oasis Ethereum ParaTime node is processing 1000 requests per second from hackathon developers, proving its performance and scalability in the real world.
Confidential Ethereum smart contracts
Due to its Ethereum compatibility, developers could use their familiar Ethereum development tools and wallets, such as Solidity, Metamask, BUIDL IDE, Remix, and Truffle, to complete the hackathon challenges. All the tools in Ethereum ecosystem work well on the Oasis Ethereum ParaTime. Developers just need to change the chain ID and RPC endpoint settings in those tools.
More importantly, thanks to the privacy-first design of the Oasis Network, Ethereum smart contracts on Oasis Ethereum Paratime would become confidential. ParaTime nodes execute those transactions in attested hardware TEE (Trusted Execution Environment), which guarantees that even the node operator cannot see those transactions. Developers could even optionally specify which parts of their smart contracts are confidential.
Confidential Ethereum smart contracts would be a game changer for DeFi. It could prevent front running and other attacks, and bring financial privacy to all users. Privacy is a prerequisite for DeFi to be adopted by institutional traders.
The hackathon is just the beginning. The Oasis Ethereum ParaTime is bringing a high-performance and privacy-first service to all Ethereum developers. Join us!