Another layer 1, smart contract platform is positioning itself to enter an increasingly crowded race for users and transaction volume.
On Monday, Oasis Foundation – one of the firms behind the Oasis privacy-preserving blockchain network – announced the launch of Emerald, an Ethereum Virtual Machine (EVM)-compatible ParaTime smart contract execution environment.
Oasis allows for multiple ParaTimes – each capable of operating with a different virtual machine execution environment – to function simultaneously on the same blockchain. An EVM-compatible ParaTime will also enable Ethereum developers to quickly port over copies of code native to Ethereum and other EVM-compatible layer 1 chains.
According to a press release provided to CoinDesk, Emerald is looking to compete immediately, claiming “99% lower gas fees than Ethereum, high throughput and instant transaction finality.”
The launch of Emerald comes on the heels of Oasis’ announcement of a $160 million ecosystem investment fund with backing from a long list of venture capital firms.
In an interview with CoinDesk last week, Oasis Labs founder Dawn Song said that even though Oasis is starting from behind, the chain may be able to quickly catch up with competitors with multiple Ethereum-native teams preparing to make a move to Oasis.
“There is a DEX [decentralized exchange], there’s lending, [non-fungible token] projects, including special types of NFTs, there are lots of exciting partnerships coming,” she said.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.