Oasis has announced two significant milestones in the development of the Oasis ecosystem, both of which contribute to the objective of establishing a responsible data economy and giving regular people more power. These enhancements also make Oasis completely developer ready, giving developers a set of tools and functionalities to design and deploy sophisticated apps.
The Oasis Mainnet’s First Major Upgrade Is Now Available
The first major mainnet update, codenamed Cobalt, is a significant milestone for the Oasis Network, as it lays the groundwork for the network’s complete decentralized financial (DeFi) capabilities. The name Cobalt was inspired by the amazing Oasis community. They decided on Cobalt as the name for the network enhancements after voting on the color’s significance as a Rose. It also complements the Oasis Foundation’s trademark hue, blue.
Increased security and performance, as well as enhanced governance procedures and more decentralization, are all included in this upgrade.
The 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.
Check out the official Cobalt upgrade proposal for a detailed look at the Cobalt Mainnet update, including a rundown of all of its primary features, mechanics, and developer technical assistance.
Furthermore, the Oasis-Eth ParaTime, which is fully backwards compatible with Ethereum, now provides developers with a strong DApp development environment. Oasis has become the ideal environment for developers to construct applications as a result of this upgrade, which includes transaction costs that are 99 percent lower than Ethereum’s and a far higher throughput 1,000 transactions per second.