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What is Phala Network? Commonly known in the community as, "The PRIVACY project on Polkadot", but it's so much more than that.
Built on Substrate and getting a parachain on Kusama and Polkadot, this was built for multiple blockchains, dApps & cross-chain functionality, with their main focus on confidential cloud computing on Web 3.0
What is cloud computing? Cloud Computing is storing and accessing data and programs, and the delivery of different services over the internet. These resources include tools and applications like data storage, servers, databases, networking, and software.
Who are some of the players in this sector?
AWS (the biggest) - Microsoft - Google - Alibaba Cloud
How big is this market?
The worldwide public cloud computing market continues to grow and is expected to reach an estimated 397 billion U.S. dollars in 2022. 70% of companies using the cloud plan to increase their budgets in the future. 61% of businesses migrated their workloads to the cloud in 2020. 67% of enterprise infrastructure became cloud-based in 2020. (i.e. This is a massive sector with room for more companies to take market share. Making it very easy for companies to increase in value by billions of dollars).
Where does Phala Network fit in (value)?
Phala Network is positioned well to grab a good percentage of market share for cloud computing services because it serves as an infrastructure for huge amounts of data to be exchanged with all of these added benefits:
When we look at real world use cases for blockchain, cloud computing could be adopted even faster than DeFi.
Phala Network already has the foundation, tech and network to be a leader in cloud computing services and privacy. The value of this company has huge potential.