Cloud Virtual Machines and compiler Second State released ParaTime, an intelligent contract execution engine based on the Oasis Network

On September 29, The Cloud virtual machine and compiler Second State officially announced the release of ParaTime, a high-performance, extensible and privacy-protected intelligent contract execution engine for blockchain, in Oasis Network.

The Oasis Network is a blockchain platform with privacy protection. By separating the Network into two layers -- the consensus layer and the ParaTime layer, the Oasis Network is able to parallelize operations and independently extend each layer, thus creating custom ParaTime layers to support complex and specific use cases.

The ParaTime layer is completely decentralized and anyone can develop and build their own ParaTime. Nodes can participate in running one or more ParaTime. Each ParaTime can be developed separately to meet the needs of specific applications, such as confidential computing, open or closed committees, and so on.

It is understood that Oasis Ethereum ParaTime, created by Second State, enables Oasis nodes to execute Ethereum smart contracts. These nodes create high-performance public Ethereum networks that are fully compatible with existing Ethereum ecosystem software, development tools, wallets, and token assets. Oasis Ethereum ParaTime can run 100 times faster than Ethereum 1.0.

In addition, in Oasis Ethereum ParaTime, all smart contract transactions can be kept secret. No one knows what is in a confidential transaction except the caller who is paying gas. Each node executes these transactions in TEE, which ensures that even the node operator does not see these transactions. Ethereum smart contract developers can specify which parts of the contract data are confidential when developing on the Oasis Ethereum network. Confidential data can be updated through confidential transactions and used for calculation in TEE, but cannot be accessed by anyone (including node operators).

"We're thrilled to see Second State launch Oasis Ethereum ParaTime. It's a testament to the strong community support of the Oasis Network and the thriving ecosystem around it," said Jernej Kos, Director of the Oasis Foundation. "This ParaTime is a great example of what's possible on the Oasis Network, It is also an important step in making the privacy-first, extensible Oasis Network more accessible to more developers."

In order to encourage developers to join Oasis Ethereum ParaTime, the Oasis Foundation and Second State will also be running a hackathon event, where developers using Oasis Ethereum ParaTime can be rewarded by building DApp and completing tutorials and tasks on the web. The competition will start on October 12 and officials will announce more details later.

Links to technical whitepapers

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