Blockchain News

Phala Network & DEGO partner to provide NFT and Privacy

Phala Network, a privacy-enabling protocol supported by the Polkadot system, has joined forces with DEGO.Finance, a cross-chain platform enabling cross-functionality of Non-FungibleToken (NFT) and Decentralized Finance (DeFi). Phala Network reportedly took to its Twitter account to make a public announcement of its strategic alliance. On Twitter, it mentioned that it is thrilled to cooperate with DEGO.Finance, which is known for supporting the cross-functionality of the NFT and DeFi ecosystem using Polkadot technology.

Phala Network, while shedding more light on the strategic collaboration, stated through its blog post that its partner would leverage Phala Network’s confidentiality enabling ecosystem. It further mentioned that this well-thought collaboration would unlock new opportunities in the NFT space. The team will empower the Polkadot ecosystem through NFT solutions dedicated to bringing a transformation through its random or encrypted content.

Phala Network is a trustless platform based on the cloud network. Phala Network’s blockchain technology ensures data privacy through its specially designed computation platform, which supports large-scale cloud networks. Since Phala Network is a member parachain of the Polkadot ecosystem that supports interoperability between multiple platforms, it is able to support several blockchain systems and still maintain data confidentiality across multiple applications.

Phala Network, a cross-chain enabler, functions by disassociating consensus systems from the computation, which unlocks new levels of scalability, making the platform more secure and enabling privacy for cloud computing.  Phala Network’s upcoming projects include on-chain services that revolve around the data privacy of the users, and this solution is similar to Google Analytics that places great emphasis on user privacy.

The blog further clarified the partnership would prove to be a game-changer in providing confidentiality that will benefit the wider Polkadot ecosystem by providing NFT products and gameplay that support mystery boxes. Both parties will also share products and exchange resources in the fields of privacy, NFT, and Polkadot communities in the future.

Phala Network’s partner DeGo.Finance is a DeFi reactor of NFT and DeFi cross chains. DEGO.Finance offers its user base an opportunity to generate revenue through its liquidity mining feature. Currently, DEGO.Finance is developing a Polkadot para-chain intending to create an integrated cross-functioning  DeFi platform.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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