What is Phala Network ( $PHA )?

Phala Network is a cryptocurrency project established to expand the potential of Web3 applications by providing an innovative solution for developers in blockchain technology. Phala Network offers developers a proprietary structure that can handle the complex calculations and data processing tasks required to develop their applications and smart contracts.

“Phat Contracts”, that is, “Rich Contracts” offered by Phala Network, have the capacity to perform off-chain transactions, thus allowing developers' dApps to seamlessly integrate across multiple chains and internet resources.

With these, Phat Contracts significantly expands the capabilities of standard smart contracts. For example, using these contracts, a developer can integrate his application with real-world data, run complex algorithms, and perform these operations at a much lower cost as opposed to performing them on the blockchain. This feature of the network provides a great advantage, especially for developers working in fields such as data-intensive applications and artificial intelligence.

Phala Network, on the other hand, functions as a decentralized computing network and is supported by computing units called “Workers” that can be used by anyone participating in this network. These Workers provide the reliable and verifiable computing power of the Phala Network. Every computational operation on the network is protected using strict security protocols and cryptographic authentication methods, ensuring high security standards for developers and users.