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Oasis Network, developers of privacy-centric blockchain products, has announced the launch of Sapphire, a privacy-focused Ethereum Virtual Machine (EVM)-compatible blockchain.
The chain makes use of Oasis's privacy layer, and aims to offer a more secure platform for existing decentralized apps across EVM networks, eliminating the need for cross-chain swaps.
Sapphire: A New Dawn for Web3 Development
Sapphire represents an exciting development for privacy-focused Web3 development. With its unique privacy-first features, it is set to significantly enhance the security of dApps on any EVM network.
Oasis Foundation Director Jernej Kos explained how the Oasis Privacy Layer (OPL) and Sapphire work in harmony to bolster the functionality of DApps. Specifically, he outlined how DApps can incorporate various features of Sapphire without migrating to the Oasis blockchain.
"Being fully EVM-compatible means that developers can build private smart contracts in an environment that they are already familiar with," Kos stated.
Sapphire's full compatibility with EVM environments also bolsters cross-chain Web3 development, providing a confidential voting mechanism for decentralized autonomous organization (DAO) smart contracts, for instance. The outcome of such confidential voting can then be conveyed to the core DAO contract on a different chain.
Unlocking the Power of Privacy
The majority of DApps built on the Oasis blockchain are privacy-centric, and this trend is reflected in the tools and platforms developed within the Oasis ecosystem. Sapphire's release is expected to drive the development of privacy-enabled blockchain games, confidential decentralized exchanges, private voting systems, sealed-bid auctions, and key management tools, among other applications.
Sapphire employs Oasis' proprietary privacy technology that relies on a secure computing technology known as a Trusted Execution Environment (TEE), which serves as a secure enclave for smart contract execution. During execution, encrypted data is fed into the Secure Enclave alongside the smart contract, where it's decrypted and processed. The data is then re-encrypted before it leaves the Secure Enclave, ensuring that user data remains confidential and isn't disclosed to node operators or application developers.
A Gateway to Familiarity and Interoperability
Sapphire offers a familiar environment for blockchain developers due to its EVM compatibility. User-facing tools like the Web3 gateway, wallets, and block explorers are already familiar to many, and developers will recognize tools such as Solidity/Vyper, Hardhat/Truffle, and Web3.js/Ethers. Developers can port their DApps to Sapphire within minutes and start using its privacy technology and built-in functions such as Random Number Generation (RNG), signing, and encryption.
The launch of Sapphire on testnet marks an important milestone in Oasis's roadmap. Oasis has already planned a mainnet deployment for later this year and is encouraging developers to utilize the testnet to familiarize themselves with Sapphire's capabilities. In an effort to cultivate a vibrant developer community around Sapphire, Oasis plans to host its first Sapphire Hackathon in September.
Sapphire’s inception offers a more privacy-focused era for Web3 development, enabling developers to incorporate enhanced security features into their DApps without compromising the familiarity of their build environment. The privacy capabilities offered by Sapphire represent an essential step in the pursuit of a more secure and private Web3 environment, advancing the blockchain industry's progress towards widespread Web3 adoption.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.