New Upgrades Let You Build More Powerful DApps
Today, we’re excited to announce two critical milestones in the development of the Oasis ecosystem, both furthering our mission of creating a responsible data economy and putting more control into the hands of everyday users. These upgrades also make Oasis fully developer ready, so if you are a developer, you now have a suite of tools and features to create and deploy powerful applications.
Our First Major Mainnet Upgrade Is Now Live!
Codenamed Cobalt, the first major mainnet upgrade marks an important milestone for the Oasis Network, as it sets the foundation for unlocking the network’s full decentralized finance (DeFi) capabilities. The name Cobalt comes from the incredible Oasis community. They voted on the naming scheme for the network upgrades and chose Cobalt because of its meaning as a Rose color. We also find it fits well with the Oasis Foundation’s signature color, blue.
This upgrade comes with a host of features including increased security and performance, as well as strengthened governance mechanisms and more decentralization.
Network enhancement highlights include:
- Light Clients and Checkpoint Sync in order to make bootstrapping of new network nodes much faster.
- Random Beacon Support providing security for ParaTimes with an open admission policy.
- On-Chain Governance provides a simple framework for submitting governance proposals, validators voting on proposals, and once an upgrade proposal passes, having a way to perform the upgrade in a controlled manner, which minimizes downtime.
- ROSE Transfers Between the Consensus Layer and ParaTimes. This also means that ParaTimes get their own accounts in the consensus layer which can hold and transfer tokens.
- A path towards self-governing ParaTimes extending ParaTime governance options.
- The validator pool will also increase from 80 to100, helping further secure the Oasis Consensus Layer while also increasing decentralization.
For a deep dive into the Cobalt Mainnet upgrade, including a run down of all its major features, the mechanics and developer technical support, check out the official Cobalt upgrade proposal.
On top of that, developers can now enjoy a powerful DApp development environment via the Oasis-Eth ParaTime, which is entirely backwards compatible with Ethereum. With this upgrade, Oasis has become the ideal environment for developers to build applications as they benefit from a whole host of features including transaction fees that are 99% lower than Ethereum’s as well as a much higher throughput — 1,000 transactions per second.