What is Phala Network (PHA)?
Phala Network is a decentralized platform providing secure computing capabilities for Web3 applications. By using Trusted Execution Environment (TEE), Phala Network ensures privacy and allows users to verify computation results without disclosing data. Serving as a blockchain co-processor, Phala Network and Phat Contracts help dApps improve connectivity, internet access, and execute complex tasks, overcoming the limitations of Web3.
PHA is the native utility token of Phala Network. It is used for:
Payment for computing services: Users pay PHA to use TEE resources for off-chain computations, allowing secure deployment of Phat Contracts across different blockchains. This is the primary utility of PHA, driving the network's economy.
Staking and securing the network: Users can stake PHA to become part of the network and earn rewards. This staking helps secure the network and ensures system stability.
Governance: PHA tokens are used to participate in the governance process of Phala Network by voting on proposals and decisions regarding the project's future.
Incentivizing participants: PHA is used to reward those who contribute to the network, such as hardware providers (miners) or application developers on the platform.
Highlights of Phala Network
Privacy protection: Phala Network uses Trusted Execution Environment (TEE) technology to create a secure and private environment for processing sensitive data. The data is encrypted and can only be accessed by authorized parties.
Scalability: Phala Network has high scalability due to its distributed computing architecture, separating computation from consensus. This allows the network to handle a large number of transactions without impacting performance.
Interoperability: Built on Substrate, Phala Network can interact with other blockchains in the Polkadot ecosystem. This opens up many collaboration and integration possibilities for applications.
Decentralization: Phala Network is a decentralized network, operated by a community of node operators. This ensures transparency and censorship resistance.
NPoS consensus mechanism: Phala Network uses the Nominated Proof-of-Stake (NPoS) consensus mechanism, similar to Polkadot. This mechanism encourages users to participate in securing the network by staking PHA tokens.
Who created Phala Network (PHA)?
Phala Network was established in 2018 by Marvin Tong and Hang Yin.
Marvin Tong is a senior product director and a former employee of Tencent and Didi. He is currently the CEO of Hash Forest Technologies.
Hang Yin is the CTO of Hash Forest Technologies, the lead developer of Bitcoin Gold, and a senior developer with around 10 years of coding experience.
What issues does Phala Network aim to solve?
1. Privacy Issues:
In many current blockchains, data and transactions are often public and transparent. This raises privacy concerns for users, especially in applications that require the security of personal information or sensitive data.
Phala Network addresses this issue by providing a decentralized cloud computing platform that allows for private and secure computation and data processing. TEE (Trusted Execution Environment) technology is used to ensure that data is encrypted and only authorized individuals can access it.
2. Security Issues:
Attacks and intrusions into blockchain systems are increasing, threatening users' assets and data.
Phala Network enhances security by using TEE and other security mechanisms, helping to protect data and computations from external attacks.
3. Scalability Issues:
Some blockchains struggle to handle a large volume of transactions, leading to network congestion and high transaction fees.
Phala Network is built on Polkadot's Substrate, enabling interoperability with other blockchains and expanding transaction processing capabilities.
Tokenomics
Basic information about Phala Network:
Name: Phala Network
Ticker: PHA
Type: Utility Token
Platform: Ethereum
Contract: 0x6c5bA91642F10282b576d91922Ae6448C9d52f4E
Total Supply: 1,000,000,000 PHA
PHA Token Allocation:
Private Sale: 15%
Incentives for developers: 5%
Incentives for Testnet: 1%
TEE Mining: 70%
Stakedrop and IPO (Initial Parachain Offering): 9%
Roadmap
2018: Formation of the Phala team.
2019: Building the community, launching the whitepaper, receiving a grant from the Web3 Foundation.
2020: Testnet development, integration with Kusama, token economic design.
2021: Listing on major exchanges, becoming a parachain of Kusama, launching DeFi and privacy services.
Future: Develop security cloud, provide secure smart contracts.
Current exchange rate of PHA Token
Where can PHA Token be bought and sold? How to buy and sell?
You can buy PHA Token on the exchange Binance.com. Here’s how to buy PHA on this exchange:
Deposit funds (BTC or USDT).
Search for 'PHA' on the trading interface with the PHA/USDT or PHA/BTC pair.
Proceed to place buy or sell orders.
Conclusion
Phala Network emerges as a pioneering solution in the evolving blockchain landscape, where data privacy and security are prioritized. By leveraging TEE technology and Polkadot's parachain architecture, Phala not only provides a powerful decentralized cloud computing platform but also guarantees absolute security for sensitive data. With the ability to support confidential smart contracts and interact with other blockchains, Phala Network promises to unlock new possibilities for blockchain applications in the future, especially in high-security fields such as finance, healthcare, and identity management.