Phat Contract – The Next Major Step in Replacing Web2 - TOKEN2049 Singapore 2022
Explore the groundbreaking advancements in decentralized infrastructure with Dr. Shelby Joe from the Phala Network, as presented at TOKEN2049 Singapore 2022. In his insightful talk, Dr. Joe introduces the next-generation programming model, the Phat Contract, an innovative step toward replacing traditional Web2 frameworks with truly decentralized Web3 solutions.
Dr. Joe kicks off with an intriguing revelation about the hidden centralization within most decentralized applications. While decentralized storage and asset layers exist, core backend programs often remain tied to centralized cloud services, posing risks to data privacy and integrity. The Phat Contract addresses these challenges by providing a robust, blockchain-native computing infrastructure that ensures low latency, continuous service, and seamless connectivity.
The Phala Network's technological backbone leverages trusted hardware environments for secure, integrity-assured computations, offering a unique approach where any contributor with the right hardware can participate in the network. By implementing a novel staking mechanism, Phala ensures data privacy and service quality through community-managed nodes.
Discover how Phat Contracts harness off-chain computation to elevate performance without generating gas fees, thereby unlocking complex computational possibilities. Furthermore, the introduction of native Internet access within these contracts facilitates seamless cross-chain operations and connections to both Web3 and traditional Web2 services.
Join us as we redefine decentralized computing. Access the Phala Network's open-source resources and participate in their ongoing mainnet beta test. Stay tuned for November's anticipated mainnet release, and meet the team at booth M29. Engage with this content: like, comment, and subscribe to our channel for more cutting-edge insights.
