# 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](/general/learn-about-the-fuse-platform/fuse-network-blockchain/fuse-consensus.md). 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](https://docs.oilscan.net/general/fips) (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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.oilcoin.online/general/learn-about-the-fuse-platform/fuse-network-blockchain.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.