The Oil Blockchain

Network Overview and Key Metrics

Oil is the decentralized EVM-compatible public blockchain that powers the Oil platform and ecosystem. It is fully compatible with Ethereum meaning that any smart contract that can be deployed on the latter can also run on top of Oil.

The Oil blockchain uses a variant of delegated Proof of Stake (dPoS) for achieving consensus. The consensus is secured by a significant number of independent validators, only one of which is run by the Oil core team.

Validators are also responsible for the most important type of governance on Oil, namely, adopting the network protocol changes via Oil Improvement Proposals (FIPs).

The native token of the network is called OIL. New OIL tokens are issued with every added block and are also use to pay for gas, just like ETH on Ethereum.

The Oil blockchain is designed to ensure fast block confirmation times and a low cost of transactions. The average block interval on Oil is around 5 seconds, and it currently costs much less than $0.01 to get a transaction confirmed.

In its present capacity, the Oil blockchain is capable of processing around 120 native token transfers and 60 OIL20 token transfers per second. The faster processing of native token transfers is due to the fact that they do not involve computations run on the network's virtual machine.