PHALA

What is Phala Network?

Phala Network is at the forefront of revolutionizing Web3 by introducing a decentralized and trustless off-chain compute infrastructure for dApp developers. The project aims to empower developers to enhance their decentralized applications (dApps) with seamless cross-chain integrations, internet connectivity, and robust computation. The key innovation lies in Phat Contracts, which enable smart contracts to tap into off-chain capabilities, making them more dynamic and versatile.

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Recent Video Interview

Main points of the interview:

• Phala Network Introduction: a decentralized team with global members, focusing on Web3 computation and privacy.
• Explained Phala Contracts as off-chain computation infrastructure, running inside workers for heavy tasks like AI and zero-knowledge proofs.
• Utilizes Substrate and Polkadot for security and chain integration, connecting multiple blockchains through RPC.
• Addresses Rust scarcity by offering Phala Bricks, simplifying contract deployment with JavaScript support for easier development and smart contract interaction across chains.

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Phala's Mission

In the evolving landscape of Web3, developers face technical limitations when building on-chain. Phala Network addresses this challenge by providing efficient off-chain computation, ensuring that dApp developers have access to powerful services without compromising Web3 principles. The project is driven by a commitment to creating a public good network that is decentralized and open for anyone to contribute to or build upon.

Trustless Computation. Verifiable Results.

Phala Network is built with multiple layers of security guarantees to ensure fully verifiable computation. Workers, individuals with the correct hardware, can contribute to the network and earn rewards. Various mechanisms, including zero-knowledge proofs, hardware-based assurances, and cryptographic evidence of execution, establish trustless computation with verifiable results. Phat Contracts seamlessly extend blockchain-level security to the off-chain realm.

Supercharge Your dApps with Phat Contract

Low-Code Experience: Phat Contract 2.0 offers a no-code developer experience, allowing developers to integrate pre-written, audited Phat Contracts in minutes using TypeScript/JavaScript.

Customization: Developers experienced with Rust, ink!, JavaScript, or TypeScript can write their own custom programs to address specific use cases.

Phat Contracts run off-chain on the Phala Network, providing a decentralized computation unit for dApps. Off-chain computation is essential as on-chain computation has limitations, such as high costs and inability to interact with different blockchains or off-chain data sources directly.

Features:

• Universal Compatibility: Phat Contracts can connect to any blockchain without the need for bridges, ensuring compatibility across EVM and Substrate blockchains.
• Internet Access: Enables sending HTTP/HTTPS requests directly from smart contracts, facilitating integration with Web2 APIs.
• Arbitrarily Complex Logic: Executes intense off-chain computations in real-time, enhancing dApps' functionality without the constraints of transaction fees and network latency.

Use Cases:

• Low-latency Services: GameFi or Metaverse backends.
• Compute-intensive Applications: NFT rendering, machine learning, and big data analytics.
• Privacy-preserving Scenarios: Decentralized exchanges and privacy-sensitive applications.
• Composable Applications: Oracles, bots, and applications involving Web2/Web3 services.

What Can Phala Be Applied To?

Trustless MEV Phala Network addresses the centralization in the Miner Extractable Value (MEV) ecosystem by utilizing Secure Enclaves, offering a trustless alternative to existing MEV stacks.

Web3 AI Phala Network supports the development of Web3 AI systems, providing a secure platform for decentralized AI model training and collaboration while ensuring data privacy.

L2 Sequencer As a Layer 2 solution, Phala Network contributes to scalable and secure solutions, mitigating issues introduced by popular rollups and maintaining the composability of the Ethereum ecosystem.

Team Background and Partnerships

The founders of Phala Network include Marvin Tong, who serves as the CEO of Hash Forest Technologies and has a background as a Senior Product Manager with previous experience at Tencent and Didi. Hang Yin, the CTO of Hash Forest Technologies, is also a notable founder, having founded and served as the Lead Developer of Bitcoin Gold. With a decade of coding experience, Yin previously held a senior developer role at Google.

Phala is trusted by Lens Protocol, Zurf, Huddle01, Sygma, KoinGaroo, inDEX, VRF Oracle, and DMail.

Project Development

In their recently unveiled 2024 product roadmap, Phala Network emphasizes their transformation into a Modular Coprocessor of blockchains. The focus areas include serving as a Coprocessor for Smart Contracts, DePIN, and AI, marking a strategic repositioning for the company. The roadmap details can be explored on their blog and an interactive platform.

Additionally, in the realm of product updates, Phala Network introduces the Lens Improvement Proposal (LIP-8) for Lens Protocol. This proposal, inspired by Ethereum's EIPs, aims to enhance decentralized governance by bridging on-chain and off-chain data through a Phat Contract-based attestation oracle system. The proposal facilitates innovative functionalities for Lens Protocol, supporting various Momoka publication use cases while promoting scalability and deeper web3 integration.

Moreover, Phala Network reports a significant milestone in ink! Smart Contract development through collaboration with Aleph Zero and Astar Network, contributing to the advancement of Wasm smart contract technology within the Polkadot and Kusama ecosystems.

PHALA Price Analysis

As of November 24 2024 PHALA has a marketcap of $112M. This is {{percentagefromath}} from its all time high of $1.39. In terms of its tokenomics, there's a total supply of 1B with 77% currently outstanding. Keep in mind PHALA has a fully diluted value of $147M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.