#crypto #metaverse #blockchain #smart #contrats #NFTs #DeFi #DAO #apps #miners #knightsbridge
“Smart contracts limit the metaverse, fat contracts enable it“– Paul Ebeling
Smart contracts are apps deployed on the blockchain and executed by miners. Compared with today’s internet applications, the most distinguishing characteristic of the smart contract is the irreversibility of its execution.
Since all historical input is stored and witnessed on the blockchain execution results are therefore immutable. This makes smart contracts the perfect choice for implementing financial crypto tokens or NFTs (non-fungible tokens).
Smart contracts do have limitations and with the metaverse those limitations are becoming clear.
The metaverse introduces complicated computation tasks like game server logic and rendering beyond only account balance and NFT ownership management. For now, although your in-game token or characters can be stored on the blockchain, the decentralized world itself is still backed by centralized servers.
Fat contracts behave like traditional internet applications.
Along with the decentralized and trustless nature of blockchain technology and support for real-time compute-intensive tasks, fat contracts add access to all services, even if they are not operating on a blockchain. Such capabilities come from Phala Network’s design of off-chain contract execution and make fat contracts the perfect complement of smart contracts.
Phala World is a metaverse based on the Phala Network blockchain and is one of the best application cases. Only fat contracts have the ability to solve storage and high-speed processing of massive data, connect AR and distributed storage solutions, provide low-latency responses for user requests and truly realize the vision of the web 3.0 metaverse.
Bridging smart contracts and web 2.0 services. Phala believes web 3.0 should be an open and free world, and there is no reason to close its door to all the existing web 2.0 infrastructures. Fat contracts allow access to off-chain internet services by safely delegating complicated asynchronous requests for fat contracts.
Editor’s Note: Phala Network tackles the issue of trust in the computation clouds. By organizing a decentralized network of computation nodes around the world, it offers high-performance services without relying on any cloud vendor. Phala’s workers run their programs in ‘secure enclaves,’ a privacy technology already embedded into modern processors, which enables versatile and confidential execution. Together, Phala creates the infrastructure for a powerful, secure and scalable trustless computing cloud.
Have a prosperous day, Keep the Faith!