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Privacy-Powered Smart Contracts on Oasis
- Oasis is introducing privacy-powered smart contracts to address the issue of transparency in most blockchains' smart contracts.
- Smart contracts on conventional blockchains like Ethereum are openly visible, which can be a problem for various real-world applications requiring privacy.
- Oasis offers confidential smart contracts designed for privacy, enabled through Cipher and Sapphire ParaTimes, especially highlighting the usage of Sapphire for privacy in Ethereum-style smart contracts.
- Developers can create private health data apps, anonymous voting systems, or secure payroll management applications on Oasis with confidential smart contracts.
- Sapphire on Oasis allows developers familiar with Ethereum to write and deploy smart contracts in a similar manner but with enhanced privacy features.
- Confidential smart contracts on Oasis prevent strategies in DeFi from being visible, protect financial data in credit scoring systems, hide game mechanics in blockchain games, and ensure employee salary privacy in crypto payroll systems.
- Advanced cryptographic techniques like Trusted Execution Environments (TEEs) on Oasis ensure data privacy even from node operators during contract execution.
- Oasis emphasizes that privacy is not just a feature but a necessity for the future of Web3, providing users and developers control over their data sharing.
- Oasis aims to create a selectively private blockchain network that caters to various applications needing privacy, including DeFi, social networks, voting systems, and data-sharing platforms.
- The introduction of confidential smart contracts by Oasis is seen as a transformative step towards safer, more secure, and user-centric applications in the real world.
- Oasis offers developers tools to ensure user privacy, fostering a more trustworthy environment in the Web3 space.
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