Phala to Provide Scalable, Privacy-Preserving Cross-chain Transactions for DeFi dApps and NFTs on PolkaFoundry
As more financial services users turn to decentralized financial services for the benefit of transparent and lower cost DeFi services owned by the users, DeFi applications face a dilemma: ensuring data privacy while delivering the advantages of open finance. The Phala Network solves this conflict with special hardware that provides privacy-preserving transactions within the scalable, permissionless Polkadot ecosystem. As a Substrate-based blockchain interoperable with the Polkadot multi-chain, PolkaFoundry is delighted to introduce cross-chain privacy-preserving transactions for DeFi and NFTs to the PolkaFoundry ecosystem through its partnership with Phala.
PolkaFoundry is a one-stop dApp factory providing interoperability with NFT, DeFi, and Web 3.0 ecosystems by leveraging…
- PolkaFoundry will complement its UX and other user-friendly features for DeFi dApps by adding cross-chain transactions with Phala for scalable and privacy-preserving execution.
- The Phala Network’s hybrid architecture will offer high-performance, composable smart contracts providing privacy, confidentiality, and compliance as a Polkadot parachain.
- dApps on PolkaFoundry will be able to execute faster, privacy-preserving transactions on public and private blockchains without leaking sensitive data.
As a production hub for DeFi and NFT applications, PolkaFoundry provides developers with the market-leading tools to build a frictionless user experience. The innovation in NFT-backed and hybrid products combining non-fungible and fungible tokens is one example of how more complex DeFi applications can benefit from a streamlined user-centric build environment. The partnership with Phala is another way to make it easier to build better dApps by providing a cross-chain bridge to private, confidential, and composable smart contracts.
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. Based on TEE-Blockchain Hybrid Architecture, developers can deploy confidential smart contracts running inside TEE Enclaves in CPUs.
Furthermore, by separating the consensus mechanism from computation, Phala ensures processing power is highly scalable. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud. Together with PolkaFoundry building blocks like identity management, data oracles, and file storage, application developers have more blocks to explore new features at the frontier of DeFi and NTF innovation.
Through the PolkaFoundry-Phala partnership, PolkaFoundry removes yet another friction in DeFi applications by addressing DeFi user privacy and confidentiality concerns. DeFi users can take full advantage of Substrate’s interoperability without having to worry about data privacy. Both parties look forward to supporting new DeFi and NFT use cases while ensuring data privacy.
Thi Truong, Founder & CEO of PolkaFoundry, commented: “Phala Network is an innovative and promising project. We are delighted to partner with them to bring their privacy-preserving cloud computing service based on Substrate to dApps developed on PolkaFoundry. Together, we can contribute to as well as promote the growth of the Web 3 movement.”
“The cooperation between Phala and PolkaFoundry could bring Polkadot the next-generation experience of Dapp and DeFi: not similar with general smart contract experience, serverless program inside Phala could interface with PolkaFoundry in smart-contract-level, and provide confidentiality use cases to the ecosystem in Web3.0 backend and database”, said Marvin Tong, the CEO & Co-founder of Phala Network.
PolkaFoundry is a platform for building borderless and frictionless DeFi & NFT dApps on Polkadot. It aims to be the one-stop production hub for DeFi & NFT dApps with all the necessary features, services, integrations, and tools for DeFi & NFT experiments, innovations, and real-world solutions. Taking advantage of the interoperability and scalability of Polkadot as well as integrating many DeFi-friendly services into the platform, PolkaFoundry also provides UX-enabling features that make dApps as easy to use as normal applications and bring dApps to the masses.
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Phala Network tackles the issue of trust in the computation cloud.
This blockchain is a trustless computation platform that enables massive cloud processing without sacrificing data confidentiality. Built around TEE-based privacy technology already embedded into modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures processing power is highly scalable. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.
On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.