Oasis Network Foundation launches Emerald EVM ParaTime on top of mainnet

Privacy-focused scalable layer-1 blockchain Oasis has deployed Emerald – an Ethereum Virtual Machine (EVM) Paratime – in an interoperability move aimed at drawing DeFi, NFT, and iGaming dApps to the network.

The rapid development and deployment of Emerald is testament to the highly unique ParaTime architecture deployed by oasis.

Functionally the Oasis network has two layers:

1. Consensus – a straightforward proof-of-stake blockchain layer that offers high scalability through a network of validator nodes.
2. ParaTime – a duplicated blanket layer than enables parallel runtime operations (similarly to RAM on a computer).

This enables extremely high throughput on the consensus layer of the blockchain – with almost instantaneous transaction finality that enables a gas fee 99% lower than Ethereum.

Jernej Kos, Director of Oasis Foundation, explained how the deployment of full EVM compatibility through Emerald would deliver attract significant ecosystem growth.

“The total value locked in DeFi is soaring toward $300 billion just as the convergence of NFT and gaming is quickly picking up speed,” rationalised Kos.

“Emerald, offering full EVM compatibility, will bring a host of new features and capabilities to the Oasis Network, such as easy integration with EVM-based DApps and the launch of DeFi.” 

Blood in water for Ethereum’s gas fees

The announcement from the Oasis Network made no mistake about the explicit rationale behind the EVM decision, highlight the troubled Ethereum network as a juicy target.

“By making it easy to integrate with Ethereum-based apps through cross-chain bridges, developers can solve one of the biggest user experience challenges that exist today,” it explained.

“Heightened gas fees and a congested network on Ethereum”.

Oasis isn’t alone in targeting a slice of the Ethereum pie, there is clearly blood in the water – Polygon (MATIC) last week revealed ZK-STARKs scalability, and the week before that Cronos (CRO) launched an EVM driving the cosmos ecosystem into a bullish frenzy.

The ParaTime will enable full EVM compatibility driving easy integration with EVM-based dApps that will be offered massive scalability and lower gas fees by the interoperability move.

Isaac Zarb, CTO of Simply Virtual Currencies explained what Emerald meant for progress through the project roadmap.

“Oasis has reached significant milestones,” he exclaimed.

“The announcement of the Oasis Ecosystem Fund, the roll-out of Emerald, the EVM compatible ParaTime, and the upcoming DEX launch make it ideal for DeFi projects to build upon and a great layer-1 blockchain to partner with”.

Recently, Oasis announced the launch of a new $160 million Ecosystem Fund with participation from numerous capital venture firms.

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