Privacy smart contract platform Phala Network test network POC-1 officially launched

The privacy smart contract platform Phala Network has released the test network POC-1. At this stage, the test network has not yet opened nodes and TEE miners, but it has supported functions such as transaction transfer in a private environment and the release of private assets with one click. According to block123.com, Phala Network received funding from the Web3 Foundation in August 2019. It is the first confidential smart contract platform of Boca Ecology and is committed to becoming the infrastructure for Web 3.0 data privacy calculations. The data transaction protocol under the premise of confidentiality can be realized through the TEE blockchain structure. Phala developed based on Substrate will become a Polkadot parallel chain in the future, providing cross-chain protocols with privacy smart contract capabilities for any blockchain.