Abstract
As decentralized finance (DeFi) applications take off and pose to revolutionize the world's financial infrastructure, the current public blockchains fall short in financial privacy. That is a significant barrier for traditional financial institutions to enter DeFi. The Oasis Ethereum ParaTime proposes a new privacy-first blockchain network to execute Ethereum smart contracts and trade Ethereum digital assets. It provides full transparency into smart contract code and logic. The smart contract is executed on replicated virtual machines on a decentralized set of validator nodes, and the result is guaranteed to be correct through the consensus of those nodes. Yet, the contract data and state are confidential even to the validators and node operators. The transactions and results are only revealed to users who submit the transactions. In this article, we will explore the design of the Oasis Ethereum ParaTime, and its potential applications. We will also discuss an early testnet we launched on the Oasis Network and its future plans.
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