What is Phala Network ( $PHA )?

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

Phala Network's "Phat Contracts", or "Rich Contracts", have the capacity to perform off-chain transactions, allowing developers to seamlessly integrate their dApps between multiple chains and internet resources.

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