Phala Network has entered into a collaboration with Plasm Network and the aim of this partnership is to develop a powerful toolkit that can be used by smart contract developers.
Both Phala and Plasm Network tweeted about this exciting partnership on their official Twitter pages.
Partnership and Development of Web3.0 Products
Dapp/DeFi developers will benefit from inter-operability facilitated by the XCMP protocol provided by Polkadot. It will also become possible for developers to create Web3.0 products, which offer functionality that preserves privacy by using Phala and Plasm smart contracts.
Moreover, Phala and Plasm will be working jointly on user cases and SDKs that are more user friendly so that Polkadot parachain’s unmatched inter-operability can be presented in a better manner.
More About Plasm Network
It is a smart contract platform that is scalable and supports innovative layer2 solutions. For keeping cross-chain operations scalable and light, Polkadot Relaychain stays away from supporting smart contracts by design. Due to such functionality, application builders need to select a Parachian capable of supporting smart contracts.
Moreover, Plasm Network proves to be effective because of features such as fast transactions, Layer2 technology, and WebAssembly substrate.
More About Phala Network
It is a cross chained, interoperable, and substrate-based smart contract platform that aims to resolve the privacy dilemma the companies and users face on blockchains. The aim is to achieve this goal through incentivized and decentralized TEE confidential networks.
Phala Network is going to be a Polkadot parachain that is empowered by TEE’s computing power. The network will be serving data service and DeFi companies by utilizing the most advanced privacy protection technology.
Phala Network utilizes features such as hardware-level isolation, trustless execution, and the use of multi-hardware standards. Additionally, confidential smart contracts implemented on the network are privacy-preserving, verifiable, interoperable, composable, and offer cross-chain computation.