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September 12, 2022, 10:04:13 AM |
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Within the Oasis Network currently, there are two confidential ParaTimes — Cipher and Sapphire. Additionally, there are data governance APIs in Parcel that help with data tokenisation and create things like Confidential NFTs, which have a real role to play in Web3. Let's talk about this amazing Paratime system, Cipher.
Cipher: The Confidential WebAssembly-Compatible ParaTime
Cipher is a ParaTime for the Oasis Network that supports confidential smart contracts. In a confidential ParaTime like Cipher, nodes are required to use a secure computing technology called a Trusted Execution Environment (TEE).
TEEs are analogous to a black box for smart contract execution. With the use of key management, encrypted data goes into the black box along with the smart contract, where the data is decrypted, processed by the smart contract, and then encrypted before it is sent out of the black box.
This process ensures that data remains confidential and is not disclosed to the node operator or application developer, maintaining true and total privacy for users.
Having a confidential ParaTime offers dApp builders looking to provide privacy protection a place to build towards Web3. There is a new demand from individuals and legislation for privacy to be preserved. Those building the foundations of Web3 can do so with Cipher while propelling blockchain into this new era.
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