Phala Network Introduces Phat Contract Into SaaS3 to Build A Highly Scalable Oracle
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 be the next-gen SaaS that is based on a decentralized and permissionless oracle network, which can upload off-chain data feeds of any data category to any Public Distributed Ledger, and offers 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 privacy, high performance, and low cost. Oracles, cross-chain operation, data processing/indexing, and much more are possible to be applied with Phat Contract.
Phat Contract will allow SaaS3 to compute using Intel SGX Secure Enclaves, also known as Trusted Execution Environments or TEEs. 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 Enclave 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 whooping $12M loss, a situation which could be averted by using a Secure Enclave system. Take the Phala system as an example, the blockchain can serve as a canonical input source for the Secure Enclave, and the Secure Enclave hardware enforces confidential and faithful execution instructed by the chain even if the worker operators are malicious. You can find more information about the Phala blockchain structure here.
SaaS3 required 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.
To give a simple example, let’s say a target chain Dapp e.g. an Ethereum Dapp makes a request to the SaaS3 protocol for particular off-chain data. 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 private and trustful computations.
The privacy features of Secure Enclaves protect oracle data such as API keys and private keys, which are invisible to both external observers and the Secure Enclave worker itself.
SaaS3 is excited to leverage Phat Contrat’s powerful features to improve its Oracle Services performance and security.
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.
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