Unlocking the Importance and Nuances of Verified Smart Contract


Smart contracts form the cornerstone of the decentralized ecosystem, with a commitment to reliability. The realization of this prompted the emergence of smart contract verification. With two variants - "source code verification" and "formal verification” - let's delve deeper into why verification is paramount and how it functions in the realm of Phat Contract.

Why is Smart Contract Verification Essential?

In the decentralized world, a smart contract is like a credible, open, and transparent agreement. However, they are incomplete without verification. Essentially, the verification of smart contracts safeguards against potential malicious code or backdoors. You can read more about potential malicious code injection here and about backdoors here.

Moreover, according to a study by the BNB Chain developer blog, the total number of verified smart contracts continues to increase, despite negative market sentiment. The importance of these contracts in strengthening system security and operational efficiency is undeniable.

Source Code Verification: More than Meets the Eye

Source code verification is not just synonymous with open source. In the realm of an EVM-based smart contract, verification implies that uniform Solidity code always results in the same compiled bytecode. However, when it comes to Phat Contract, the verification process is more intricate.

  1. Phat Contract is built on Rust and functions more like conventional software engineering. This allows for flexibility in organizing source code and building dependencies, extending beyond a simple "your-awesome-smart-contract.sol" file.
  1. Phat Contract has a unique capability of accessing the internet, fetching off-chain data, verifying it, and submitting it to any blockchain, including Ethereum, Polygon, or other L2 blockchains. Although extensive features make code verification somewhat demanding, they make Phat Contract a game changer in the decentralized universe.

Ink! based Smart Contract Verification: The Journey so Far

Although Ink! is less utilized than Solidity and currently has a limited set of tools and infrastructure services, this is changing. Web3 Labs, endorsed by Ink!, is actively developing a verification service set for a public launch in the near future. Additionally, Patron is emerging as the go-to Ink!-based smart contract verification service, offering a developer-friendly method for verifying your Ink!-based smart contract.

Spotting a Verified Phat Contract: The Telltale Signs

Currently, we do not have a deep integration with any verification services. As a temporary solution, we provide separate artifacts for each components of Phala Blockchain and Phat Bricks. You can found out these artifacts here. You can be easily integrated with our Phat Contract UI and are clearly labeled as “Provided by Phala”.

In collaboration with the Burshfam team, a “Deploy with Phala” button on the Patron site allows you to set up a similar verfied Phat Contract for your venture. Deploying these verified contracts is a breeze and can be achieved with just a few clicks. For those Phat Contracts with verified source codes and builds on Patron, we have marked them with a distinct label next to their code hash.

Final Thoughts

Although it's only one small step, it represents a leap of enlightenment. With Phat Contract, we are reinforcing our commitment to building a reliable and resilient decentralized network. We are excited to hear your thoughts on verified smart contracts. Stay connected with us on Discord or Twitter - we are always open to your captivating ideas!

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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