Project Background

Website Details

Phala Network is a decentralized cloud computing platform designed for Web3 applications. It leverages secure and scalable computing solutions through Phat Contracts, which enable trustless off-chain computation. This allows developers to create a wide range of Web3 use cases, including secure data processing and AI integrations.

Key features of Phala Network include:

1. Phat Contracts: Smart contracts enable developers to securely and trustlessly perform off-chain computation using both no-code and native code toolkits.
2. Compute to Earn: Users can provide hardware to the network and earn rewards in the form of PHA tokens.
3. Staking and Governance: Users can stake PHA tokens to help secure the network and participate in governance to influence the direction of the network’s development.
4. SubBridge: This feature enables the transfer of tokens between the Phala Blockchain and other blockchains, enhancing interoperability within the Polkadot ecosystem.
5. Community Engagement: Phala Network has incorporated AwesomeQA, an AI-powered chatbot, to enhance community support on their Discord server and website, providing 24/7 multilingual assistance and accurate responses.

Website: phala.network

Code Details

• The `TokenImplementation` contract is an advanced ERC20 token implementation with several additional features. 
• It is based on the OpenZeppelin ERC20 implementation and includes support for EIP-712 (typed structured data hashing and signing) and EIP-2612 (permit function to approve spending via signatures). The contract also uses the Beacon Proxy pattern for upgradeability and includes custom initialization logic.
• This contract is suitable for creating a customized ERC20 token with advanced features like off-chain approvals and metadata updates, managed by the token owner.

Audit Summary

• We observed no issue in the smart contracts.
• The security state of the reviewed smart contract, based on standard audit procedure scope, is “Well Secured”.

Executive Audit Summary

• According to the standard audit assessment, the Customer`s solidity smart contracts are “Well Secured”. Also, these contracts contain owner control, which does not make them fully decentralized.
  
• We used various tools like Slither, Solhint and Remix IDE. At the same time this finding is based on critical analysis of the manual audit.

Audit Report in PDF

Audit Report Flip book