INTRODUCTION TO PHALA NETWORK
Phala Network
Phala Network is a web3 cloud computing service, which is based on Substrate and runs as a parachain of the Polkadot ecosystem offering computing power comparable to existing cloud services because there is no centralized authority or data controller, all computations being run on Phala are trustless. Acting as a bridge between users and the computing power, Phala’s blockchain ensures the order and security of transactions while never violating privacy or disclosing the data being processed — or even the processing, itself!, based on TEE-Blockchain Hybrid Architecture, developers can deploy confidential smart contracts running inside the TEE Enclaves in the CPU. Phala Network offers high-performance services without relying on any cloud vendor.
Phala workers run the programs in Secure Enclaves, a privacy technology already embedded into modern processors, enabling versatile and confidential execution. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud. Phala Network core team members came from famous Internet companies such as Google, Tencent, etc. Hang Yin, Co-founder and Chief Scientist of Phala Network, was the head developer for the new Equihash mining algorithm of Bitcoin Gold.
Phala products
· PhalaWorld
PhalaWorld is a digital representation of your progression on the Phala Network, PhalaWorld adopts the concept of Soulbound NFT to mapping the users’ off-chain activities to blockchain world. PhalaWorld vision is to become the world’s largest P2P computing network, a standard decentralized computing cloud based on Web3. Some of PW objectives include
✔️ Building a unique community culture by creating a storytelling world.
✔️ Providing a narrative-bound and graphically expansive avatar in a metaverse, whose reputation and the story are defined by the entire gambit of the natural person’s activity in the underlying Phala Network.
· Phat Contract
Phat Contract is an innovative programming model enabling Off-chain Computation. It’s also known as Fat Contract as a practice of the “Fat Protocol & Thin Application” concept, and for its rich functionalities compared with existing smart contracts. Phat Contract focuses on serving Web3 backend function-level services and is meant to be a complement to existing smart contracts with its unique functionalities. Due to the fact that Phat Contract runs in one or several decentralized computation nodes simultaneously and all computation nodes are on-call for 24 hours, scaling-up is guaranteed. Phat Contract is also executed off-chain, there is low latency and zero gas fee for execution in Phat Contract. Phat Contract can access any Web2 and Web3 services through built-in internet access. Therefore, it can interact with any blockchain smart contract, Phat Contract supports the standard S3 API so you can connect to many storage solutions such as Amazon S3, Arweave, and Filecoin.
· SubBridge
SubBridge is the cross-chain router of the parachains, bridging Dotsama, Ethereum and assets in other ecosystems. SubBridge is meant to connect the existing bridging solutions and forward the assets across multiple blockchains. By integrating SubBridge, you can leverage all the supported bridging solutions in it. Unlike any standalone bridge, SubBridge is a cross-chain assets router linking different bridges. It is composed of the individual cross-chain bridges and the routing module. When a cross-chain transfer is initiated from a parachain, it’s wrapped into a standard Polkadot XCM message and posted to Khala. Khala then decodes the message and decides how to execute the transfer operation, then SubBridge kicks in, It checks the payment destination in the XCM message. If the destination points to a local address on Khala, the assets will be deposited into the local account. Otherwise, it can also encode a path pointing to an address by another bridge, then the transaction will be routed to the target blockchain (e.g. Ethereum) by a bridge automatically.
· Phala App 2.0
Phala App 2.0 is an evolution of Phala App 1.0, It includes a new UI design (including dark mode) and 2 new features — Stake Pool V2 and Vault. The dashboard also displays owned NFTs and assets, as well as a user’s balance and total delegation of PHA. There are three Nnew functions in StakePool V2
1. Delegation NFTization: This means that Delegated PHA can be transformed into independent assets by performing NFTization.
2. Automatic compound interest: To avoid issues related to frequent withdrawals and increases the rate of return, Delegation rewards will be automatically and directly included in the delegation assets in the pool.
3. Auxiliary Mechanism for Delegation Asset Voting — WrappedBalances: user’s PHA will be mapped to Wrapped-PHA (W-PHA) 1:1 in WrappedBalances, and the withdrawal will be automatically converted from W-PHA to PHA.
Vaults
Phala’s Vault aim is simplifying the delegation process by minimizing the amount of analysis delegators need to do to maximize their yield.
How Vaults Work
Vault Delegation NFTization: delegated PHA is tokenized in the form of an NFT that can be redeemed to retrieve a user’s delegated PHA balance,Vault NFTS will be transferable.
Vault Creation: Any user can create a Vault and become a Vault owner, Vault owners set the commission rate and manage the delegation of funds within their Vault.
Vault owners can only delegate and withdraw PHA between StakePools and their Vault. Maximum withdrawal periods for Vault is 21 days. APY’ is used in the Vault rewards instead of ‘APR’.
Vault Rewards: Vault owners will receive a commission based on the total Vault delegation rewards.
· $PHA
Phala’s native token, $PHA, is currently the only token in the Phala Network, $PHA current utilities includes the following
$PHA is utilized as an incentive within the compute resources suppliers.
$PHA is used in PhalaWorld Nft transactions.
SubBridge allows $PHA to flow in different chains, adding more and more usage scenarios.
Phala is continuously expanding the utility of $PHA amongst our other applications such as Phat Contract. More utilities will be coming up in the future for the use of Phala Network computing resources.
LINKS
Website: https://phala.network/en/
Twitter: https://twitter.com/PhalaNetwork?t=xT3MQ6TACPy7bUriiWEaJw&s=09
Discord: https://discord.gg/phala
