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Phala Network, operating within the Polkadot ecosystem, has launched a new Layer 2 network on Ethereum 
$2,495. The Phala (PHA) network was developed in collaboration with infrastructure providers Succinct Labs and Conduit. This new rollup utilizes “OP Succinct” technology, which combines optimistic and zero-knowledge proofs, marking Phala’s entry into the rapidly growing Layer 2 ecosystem of Ethereum.
A New Step Towards Integration with the Ethereum Ecosystem
Though recognized as a parachain on Polkadot, Phala Network aims to reach Ethereum users through this initiative. In recent years, Ethereum’s Layer 2 solutions have made significant strides, with over 100 rollup chains expected by 2024.
With its transition to the Ethereum ecosystem, Phala Network plans to offer cryptographic computing solutions to a broader audience. The project’s statement highlighted that “this expansion onto Ethereum allows us to bring our innovative solutions to the largest smart contract platform,” emphasizing the performance and security benefits for Ethereum users.
Introducing TEE Technology for Secure and Private Smart Contracts
Phala Network is known for its use of Trusted Execution Environments (TEE) technology for secure decentralized computing solutions and AI applications. TEEs provide a secure and private environment for running code, enabling developers to create smart contracts that handle sensitive data safely.
Lastly, Phala has collaborated with the AI agent development platform ai16z to create a TEE system named Eliza. This system ensures reliable and private interactions for AI agents. With its transition to Ethereum, Phala aims to present its innovative technologies to a wider user base.
