Phala Network Introduces Phat Contract Into SaaS3 to Build A Highly Scalable Oracle

Phala Network Introduces Phat Contract Into SaaS3 to Build A Highly Scalable Oracle

2023-01-12

We’re excited to announce that Phala Network has partnered with SaaS3 to build a trustless, decentralized, permissionless, and low-latency oracle solution for the Web3 industry using Phat Contract.

SaaS3 aims to become the next-generation SaaS platform based on a decentralized and permissionless oracle network. This network can upload off-chain data feeds of any category to any public distributed ledger and offer computation services on them

Phat Contract is Phala’s innovative off-chain compute programming model that allows smart contract developers to run their backend programs on a decentralized infrastructure with security, high performance, and low cost. Phat Contract enables the application of oracles, cross-chain operations, data processing/indexing, and much more.

Phat Contract will allow SaaS3 to compute using secure enclaves. This enables the execution of code to be deterministic and ensures that intermediate states are not leaked, thus defending from attacks on the OS and hardware layer.

Using secure enclaves to provide security for oracles is becoming increasingly popular, as more and more oracle services are working on adding secure enclaves as another layer of protection. After all, DeFi security issues are no small matter. Just a few months ago, a DeFi flash loan hacker liquidated Defrost Finance users by adding a malicious price oracle which caused a whopping $12M loss. Secure enclave systems, like the Phala system, can help prevent such situations. In the Phala system, the blockchain serves as a canonical input source for the secure enclave, and the hardware enforces confidential and faithful execution even if worker operators are malicious. For more information about the Phala blockchain structure, click here.

SaaS3 requires a secure network of workers to achieve a high level of security as middleware between off-chain data aggregation/computation and on-chain data streaming, and Phala provides the perfect solution.

For example, let's say an Ethereum Dapp is a target chain Dapp that requests specific off-chain data from the SaaS3 protocol. This request passes through the four phases of the dRuntime execution which you can explore here.

Phala Workers, which are secure enclave computation nodes using intel SGX chips, are then employed to provide a hardware-encrypted sandbox for program executions with secure and trustful computations.

The security features of secure enclaves protect oracle data, such as API keys and private keys, which are invisible to both external observers and the secure enclaves worker itself.

SaaS3 is excited to leverage Phat Contrat’s powerful features to enhance the performance and security of its oracle services.

About SaaS3

SaaS3 is the next generation software-as-a-Service after SaaS 1.0 and 2.0. Nowadays, SaaS2.0 is still controlled and authorized by centralized institutions. Thus, SaaS3 = SaaS2 + Decentralization + Permissionless. It provides services to web3 developers, empowering them with highly customizable oracles by integrating the computation resources of the workers.

About Phala

Phala Network tackles the issue of trust in the computation cloud.

By organizing a decentralized network of computation nodes around the world, it offers high-performance services without relying on any cloud vendor. Phala workers run the programs in Secure Enclaves, a privacy technology already embedded into modern processors, enabling versatile and confidential execution. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.

About Phala

Phala Network is a decentralized cloud that offers secure and scalable computing for Web3.

With Phat Contracts, an innovative programming model enabling trustless off-chain computation, developers can create new Web3 use cases.

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