Smart contract platform Oasis Protocol launches first mainnet candidate

The Oasis Protocol Foundation and Oasis Labs released its first mainnet chain candidate, called the Amber Network, last week. This candidate chain will allow Oasis to test its design features and give validators enough time to set up their nodes leading up to the official mainnet launch. According to the project, Amber Network contains most of the core features designed for the eventual mainnet protocol, including a Proof-of-Stake (PoS) consensus layer, staking delegation, and support for parallel runtimes (ParaTimes) that enable customizable execution environments.

Why it matters:

• Oasis Protocol adds to the growing list of VC-backed smart contract platforms that have launched (to some degree) this year. The project was able to raise $45 million from the likes of a16z and Polychain Capital, among others. But as core Cosmos contributors Zaki Manian points out, “it gets harder after you launch.” Oasis faces an uphill battle out of the gates as it vies for attention from the other recently launched and soon to launch platforms. Growing enthusiasm around Ethereum’s DeFi sector may also pose a challenge, as apps that were planning to build on newer, “better” version of Ethereum might look to integrate with DeFi instead.
• In a highly competitive market, green smart contract platforms must dedicate significant portions of their VC treasuries and token supplies to incentivize participation. This pay-to-play game is one factor that might justify why new layer-one networks need large amounts of upfront capital. Oasis is no exception, and the Oasis Protocol Foundation plans to allocate 50% of its available tokens to Amber Network validators.