Phala and TrustBase reached a strategic cooperation based on basic economic model design

TrustBase and Phala formally reached a strategic cooperation. The two parties will conduct in-depth cooperation on the construction of Polkadot ecological infrastructure.In the later stage, a closer cooperation method will be generated based on proof of work trophy economic incentive model. Phala will release a large amount of computing power to provide support for DeFi, data services and other application projects on the TrustBase chain, as well as enrich the Polkadot ecological economic model.

About Phala

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

This blockchain is a trustless computation platform that enables massive cloud processing without sacrificing data confidentiality. Built around TEE-based privacy technology already embedded into modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures processing power is highly scalable. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.

As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.

On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.

About TrustBase

TrustBase is based on the Substrate framework and independently develops the Subscript smart contract language. Support a variety of tool plug-ins and smart contract applications. Enables developers to more easily deploy the parachain of Polkadot’s native smart contracts. Form a powerful ecology of Polkadot-Parachain-smart contract multi-dwelling development.

Twitter: https://twitter.com/TrustBase_Net

Telegram: https://t.me/TrustBasenetwork

Reddit: https://www.reddit.com/user/TrustBase

Github: https://github.com/TrustBase/trustbase

Medium: https://basetrust.medium.com/

Website: https://trustbase.network/