Web3 Framework Provider Phala Unveils Enhanced Smart Contract Solution for Blockchain Developers June 16, 2023 June 16, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 16, 2023 by Kelly Cromley

Web3 Framework Provider Phala Unveils Enhanced Smart Contract Solution for Blockchain Developers

Phala Network, a Web3 infrastructure provider, has launched Phat Contract, an advanced smart contract solution for blockchain developers. The Phat Contract platform enables the integration of smart contracts with a wide range of blockchain ecosystems.

Phat Contract is a decentralized application that functions on the Phala Network. The connectivity provided by it facilitates more efficient interaction between smart contracts and the physical world. The aim of Phat Contract is to bridge the gap between web2 services and the web3 universe. Its primary function is to enable trustless integration across EVM and Substrate blockchains, allowing smart contracts to enhance their intelligence by extending their capabilities to the off-chain world.

Phat Contract is a cutting-edge solution designed to facilitate the implementation of web3 functions, ensuring reliable and secure interaction with off-chain data. The solution proposed by Phala aims to significantly enhance the productivity of web3 developers while ensuring secure off-chain computation. The Phat Contract platform facilitates the swift advancement of web3 applications by offering computation at a significantly reduced cost.

Phat Contract assists developers in building next-generation applications. The aforementioned applications, namely Apillon, InvArch, W3A, and PrivaDEX, have adopted Phala’s closed prototype, which was initially launched towards the end of 2022. The user experience of the mainnet version of Phat Contract has been optimized through significant enhancements.

The capability to execute application deployment without the need for coding greatly enhances the efficiency and effectiveness of the deployment process. Phat Contracts provides users with pre-defined components, known as Phat Bricks, as well as customizable templates called Blueprints, to facilitate the creation of efficient dApps in a straightforward manner. The LensAPI Oracle Blueprint, developed by Phat Contract, is a versatile solution that eliminates the need for coding. This statement suggests that SocialFi users have the ability to easily customize the Oracle to suit their specific needs. The Phat Contract platform facilitates the connection of any web2 API to the web3 ecosystem, enabling users to explore the future of Oracle Integration and empowering no-code applications.

Phat Contract offers several deployment scenarios to cater to diverse users. Novice users can create applications using pre-established templates without requiring programming proficiency. Proficient users, possessing robust knowledge of crafting intelligent contracts and a fundamental understanding of Rust, have the ability to customize contracts to suit their specific needs.

Phat Contract enables the execution of traditional code, including JavaScript, TypeScript, and Rust, among other programming languages, within smart contracts. This allows them to carry out typical web2 tasks, such as invoking an API and running code that depends on the data received in response. Developers have the opportunity to apply for grants via the Phala builder program, in addition to creating cutting-edge applications using Phat Contract.

The Phala team has developed Phat Contract, which effectively transforms smart contracts into a powerful tool for automating transactions, decentralizing systems, and restoring trust through communication with off-chain networks.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.