Phala Network : Blockchain-Powered Privacy-Preserving Cloud Computing

PHALA NETWORK - BLOCKCHAIN-POWERED PRIVACY-PRESERVING CLOUD COMPUTING

Blockchain is like any technology. There are always areas for improvement. It is fascinating to see how new solutions-focused blockchain protocols have been developed to overcome some of the technology's limitations. Polkadot, for example, solves the problem of blockchain interoperability. Chainlink allows communication between off-chain data servers, APIs, and on-chain data. Hathor increases scalability while reducing transaction fees.

Every emerging blockchain protocol has a unique strength, which further enhances its efficiency and makes it more adaptable to the real world.

Why confidentiality is important in smart contracts?

Blockchain is unique because it's a distributed ledger that records transactions in an anonymous and trustless manner. Every transaction is publicly available. It is, therefore, possible to verify the transaction, but no one can alter it. Blockchain's transparency is revolutionary and improves security as well as user sovereignty.

Businesses also have sensitive or confidential data that they don’t want anyone to see. Stock traders, for example, want to make certain data public but are reluctant to reveal their order history or positions. Moreover, the General Data Protection Regulation is not being respected by privacy-related DApps. They may be blocked in the European Union.

What is the Phala Network and how can it help you?

Phala Network, a new approach to smart contract confidentiality, uses the specialized hardware Trusted Execution Environment. To achieve four goals, it aims to create privacy-preserving smart contract.

  • Protect the privacy of managed dApps
  • Provide computing power comparable to cloud services.
  • Blockchain's security and trustlessness must be maintained. All computations on Phala can be trusted.
  • Cross-chain interoperability is possible without compromising confidentiality

Key concepts from the Phala Network

Below are key concepts that make up the Phala network. It is important to know these concepts in order to understand how smart contracts are protected by the Phala network.

  • pRunTime is the Phala Network Secure Enclave runtime. It executes confidential smart contract based on confidential computing.
  • TEEis a hardware component that is completely isolated from the rest. It operates without the need for an operating system, BIOS or any other core components.
  • It's like a BlackBox. The outside world is not privy to what is happening or stored in TEE. Simply put, TEEs can be tampered with. The Phala network is an international network of TEE nodes that are connected in a permissive manner.
  • TEE workers work in the same way as Bitcoin or Ethereum miners. They manage the TEE nodes. Anybody with TEE-supported devices is eligible to participate in the Phala network as a worker. However, there is a registration process. Gatekeepers are also available to check the hardware of workers and make sure that they run unmodified pRunTime. Workers are off-chain.
  • Gatekeepers are like TEE workers. They operate on TEE. They must also be verified and registered with Phala. The Gatekeeper is the master key manager and contract key manager. Gatekeepers can also be found off-chain.
  • Clients work on ordinary devices. To use confidential contracts, users don't need TEE. They can query, deploy and verify smart contracts on the Blockchain.
  • The core of Phala's network is Phala Blockchain. It holds identities for all off-chain communication between workers, users, and gatekeepers.
  • Everything is stored in the Phala Blockchain, including the confidential contracts published, the Worker Nodes and the encrypted contract state. Users' invocation transactions, worker status, gatekeeper state, and user state are all included. It can also interoperate using the Polkadot relay chain.

EndNote

Let's say you want to use blockchain technology and smart contracts for your business. But trust is a problem because blockchain transparency makes it difficult for you to trust. If this is you, Phala confidential smart contracts may be the right solution.

Click  here for more details: https://www.leewayhertz.com/what-is-phala/





Comments

Post a Comment

Popular posts from this blog

Top 9 dApp Development Companies Leading the Blockchain Revolution

Top 9 dApp Development Companies Leading the Blockchain Revolution Decentralized applications, also known as dApps, have gained a lot of popularity in recent years. These applications run on a blockchain network, offering users a range of benefits such as increased security, transparency, and immutability. The demand for dApps has led to the emergence of several dApp development companies that offer their expertise in creating robust and efficient decentralized applications. In this article, we will explore the top dApp development companies in the market. LeewayHertz LeewayHertz is a blockchain development company that specializes in developing decentralized applications on a range of blockchain platforms, including Ethereum, Hyperledger, and Corda. The company offers a range of services, including dApp development, smart contract development, and blockchain consulting. LeewayHertz is known for its expertise in developing innovative and user-friendly dApps that are tailored to the sp
Read more

Generative AI Stack

 In recent years, the field of artificial intelligence (AI) has made remarkable strides, with various subdomains demonstrating exceptional capabilities. One such area that has garnered significant attention is generative AI, a subset of machine learning focused on creating novel content, often indistinguishable from human-created content. At the heart of this innovation lies the Generative AI Stack , a multifaceted framework that enables machines to unleash their creative potential across a wide range of applications. Understanding Generative AI: The Creative Enigma Generative AI involves teaching machines to generate data, be it images, text, music, or even video. Unlike traditional AI systems that rely on rule-based programming, generative AI employs complex neural networks to learn from existing data and generate new content that resembles the patterns it has learned. This creative approach allows AI to produce outputs that were once considered the domain of human imaginati
Read more

What is a token generator?

Image
The creation and issuance of tokens that stand in for assets or any other kind of value can be done with the help of token generators. They are advantageous to businesses that require tokens to represent any worth as well as organizations looking to generate money for a cause. We learn more about white-label token generators in this post. What is a token generator? An instrument known as a token generator produces a unique string of characters known as a token, which is widely used for authentication, authorization, and identifying purposes. Token generators are widely used by web applications and APIs to authenticate users or clients and grant them access to certain resources or services. Developers can create and deploy their own distinctive tokens on a blockchain by using token generators. These tokens can be used to represent a variety of goods and services, such as virtual money, use of a service, bonds, stocks, or loyalty points. Web3 token generators use smart contracts, which
Read more