Oasis Network Introduces Ethereum-compatible Privacy Blockchain, Sapphire

Jul. 19, 2023
Oasis Network Introduces Ethereum-compatible Privacy Blockchain, Sapphire

A growing development in the tech industry aims to promote privacy and create and support smart contract blockchain networks and cross-chain DApps. A prominent blockchain platform, Oasis Network, has announced the launch of Sapphire. This privacy-focused blockchain is fully compatible with Ethereum Virtual Machine.

According to sources, Sapphire will work smoothly with the Oasis Privacy Layer (OPL). This integration will allow existing DApps on EVM networks to use the blockchain’s privacy features. However, this element is expected to remove the need for cross-chain swaps for respective tokens.

Jernej Kos, Oasis Foundation Director, explained that the Oasis Privacy Layer and Sapphire work together to make DApps more powerful and effective. Further, he said decentralized applications can use various features of Sapphire without needing to migrate to the Oasis blockchain.

Kos stated:

“Being fully EVM-compatible means that developers can build private smart contracts in an environment that they are already familiar with — for example, Solidity smart contracts running on the EVM.”

Kos said this new project will improve the ability of DApps to work smoothly across different chains. Moreover, it also strengthens the development of cross-chain Web3 applications.

The Oasis Network is the best privacy-focused Web3 network. It aims to enhance ross-chain composability, data protection, and user privacy. Since 2018, Oasis has been changing the way Web3 keeps things private. However, it utilizes cost-effective, versatile, and fast protocols.

Unlocking The Potential Of Privacy

The majority of DApps built on the Oasis blockchain focus on privacy. However, these features are also prominent in platforms and tools developed within the Oasis ecosystem. Sapphire’s release is believed to boost the development of confidential decentralized exchanges, privacy-focused blockchain games, sealed-bid auctions, and private voting systems.

The latest Ethereum-compatible Privacy Blockchain uses Oasis’s special privacy technology, Trusted Execution Environment (TEE). This technology is a secure enclave for smart contract execution without any privacy concerns. However, the encrypted data is brought into the secure enclave during execution. Inside the enclave, data is decrypted and processed.

After processing, the data is re-encrypted within the enclave before leaving. However, it ensures that user data stays private and is not exposed to application developers or node operators.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.