Web3 Builders: Phala Network and Web3 Analytics
Phala Network is a cross-chain interoperable confidential smart contract network for privacy-preserving decentralized apps and services. We are developing our pilot product — Web3 Analytics, a decentralized data analytics tool — to present our vision of Web3 that we want to give the value of data back to everyone and add liquidity to the data market.
The reasons why we chose Substrate are:
- Substrate offers the common parts that almost every blockchain needs such as network, configurable consensus, storage, mempool, etc. We could thus focus more on Phala itself, our vision and the ecosystem instead of getting stuck in complicated development from scratch.
- As a confidential contract network, we don’t want to limit the boundary to blockchain, but also benefit the entire Web3 ecosystem. XCMP, SPREE and other interoperability infrastructure on Polkadot makes it possible. We believe Polkadot is naturally the best fit.
Therefore, we would like to connect Phala to Polkadot or Kusama as a parachain. As a confidential contract network, we believe that Phala won’t create more value without composability with other ecosystem projects.
Started in 2018, Phala’s key features are:
- Confidentiality: smart contracts are running inside TEE enclaves where the states are kept secretly;
- Scalability: smart contracts are running in parallel without an expensive consensus algorithm;
- Interoperability: introducing Layered Design and Event Sourcing, allowing contracts to interoperate with other contracts or even external blockchains;
- Decentralized: miners can join or exit the network as they want;
With the power of Phala Network’s confidential contract, we found it possible to create a purely decentralized Google Analytics alternative — Web3 Analytics — to provide web performance measurement, customized statistics, and data visualization dashboard, in a decentralized way. It collects and processes personal data without invading privacy because data is encrypted and data analysis is performed by confidential contracts only when it’s authorized by the user. As a result, users get 100% control over their data.
👉 Save your spot in the coming Web3 Builders webinar to learn more about:
- Our core technology: TEE-blockchain hybrid structure;
- Our leading advantage on interoperability (the reason Ethereum was born)
- How would we change the rules with our Web3 Analytics
- And answers to every other question you’d like to ask (by our Head Developer, founder of Bitcoin Gold, ex-engineer of Google and China Ambassador of Polkadot)