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Phala Network

Phala Network Integrates Chainlink Price Feeds to Accelerate Phala Ecosystem Development

We are excited to announce that Phala Network — the Web3 cloud for secure, trustless, and generic computation — has integrated Chainlink Price Feeds on Ethereum mainnet. Chainlink is the industry-leading decentralized oracle network for off-chain data and computation services, and will support Phala in further enhancing security and reliability for on-chain pricing.

https://chain.link

By integrating the industry-leading decentralized oracle network, Phala has access to high-quality, tamper-proof price feeds that help:

  • Securely and automatically adjust relevant tokenomics parameters for the Phala Secure Worker Mining system in real-time;
  • Accurately calculate and translate trading fees on Khala-Ethereum Bridge;
  • Make it easier for DeFi projects to introduce PHA into LP;
  • Assist the development of the Phala ecosystem.

Phala Network is a Web3 computing cloud that supports data privacy while remaining trustless. Unlike centralized cloud services, Phala doesn’t own any servers or data centers. Rather, anyone can provide permissionless servers to Phala Network. Because of the combination of blockchain technology and secure enclave, we can make sure the servers can’t be manipulated or tampered with even when they are in an edge network situation. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.

We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink Price Feeds offer unique features, such as:

  • High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes, developed by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record of reliability, even during high gas prices and extreme network congestion.
  • Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protection against downtime and tampering by either the data provider or the oracle network.
  • Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as checking the real-time prices being offered.

From providing accurate conversions for cross-chain bridges that help support the Phala Network to providing secure price data that empowers developers to build on top of Phala, integrating Chainlink Price Feeds represents a crucial step for growing the Phala ecosystem.

“Featuring the most secure and reliable price data in the blockchain industry, Chainlink Price Feeds were the obvious choice for both our native integrations and to recommend to developers integrating Phala Network’s native token. Price data is the lifeblood of composability, and Chainlink Price Feeds were the obvious choice for this next stage of Phala’s growth.”

— Hang Yin, Co-founder and Lead Developer at Phala Network.

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Phala

Phala Network tackles the issue of trust in the computation cloud.

By organizing a decentralized network of computation nodes around the world, it 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.

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Phala Network is a privacy-preserving cloud computing service, based on Substrate, and will run as a parachain in the Polkadot ecosystem to offer computing power comparable to existing cloud services but which protects the privacy of managed programs.

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