Learn Phala Network (PHA)? Phala Network project information and PHA coin

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2021-05-15 05:35:50

What is Phala Network project?

Phala is a protocol to protect the privacy of data and smart contracts on the blockchain. Phala Network is built on the combined architecture of TEE-Blockchain.

*Trusted Execution Environment (TEE –trusted execution environment) is a safe area of ​​the main processor of the CPU. It ensures the code and data loaded inside are protected for security and integrity.

TEE (Trusted Execution Environment) is a special hardware component that is isolated from the rest of the system. With independent registers, cache and encrypted memory area, its operation is completely independent of the operating system, virtual machine display (VMM), BIOS, and other core components. Separate TEE has limited functionalities, but Phala combines TEE and blockchain to complement the advantages of TEE and blockchain to form a secure and efficient distributed computing cloud.

The structure of the TEE blockchain allows to run contracts within it, ensuring utility, stability, security, and scalability. Especially

  • Phala Network enables interaction between smart contracts and each chain by Layered Design and Event Sourcing.
  • Mining Phala tokens is easy, everyone can start with their personal computer.

At the same time, Phala integrates as a native Blockchain allowing cross-chain with other chains built on Polkadot’s Subtrate.

How Phala works

Phala builds TEE network through full-time trusted communication between “TEE – Blockchain – User”. All TEE Workers are registered on the blockchain and verified using a remote attestation protocol. The built-in GRANDPA lightweight client in TEE ensures communication between blockchain and TEE. Finally, the communication between the user and the TEE is encrypted end-to-en using the Diffie-Hellman algorithm.

Phala applies a distributed computing architecture that separates computation and consensus. Thanks to the flexibility of the TEE network, Phala achieves capable scalability for confidential cloud computing. Phala adopts NPoS consensus mechanism consistent with Polkadot. The NPoS (Nominated Proof of Stake) consensus algorithm is used to select validators that can make the system more secure and efficient. The Phragmén algorithm prevents any groups from being over- or under-represented. Phala’s compute layer through permissionless node registration, staking economic model and random selection. Computational tasks are randomly sent to TEEs around the world. The design of the secret contract ensures data availability.

Phala is built on Substrate. Therefore, it interacts naturally with the Polkadot ecosystem. With the plan to become Parachain, it is possible to serve the entire Prachain ecosystem of Polkadot, as well as other blockchain developers. The highlight of Phala Network’s heterogeneous architecture is that Phala’s secret contracts are designed with interoperability in mind. It is based on XCMP to achieve interoperability and composability between contract and blockchain.

Phala Network’s outstanding features

  • Your sensitive data is only processed in hardware secure areas that are isolated from the rest of the world.
  • Code and data integrity is guaranteed. Only authorized actions are allowed.
  • Phala Confidential Contracts are compatible with many standards including Intel SGX and AMD SEV, etc.
  • Safe and reliable data storage and processing based on our decentralized storage and random scheduling algorithm.

Phala Network needs to be powered up by Miners

The highly secure and scalable TEE network is the backbone of Phala Network’s secret contracts. That is why the computing power of worker nodes with CPU through TEE capability is so important to the network. Thus, like PoW blockchains, Phala miners need to run a “mining client” to rent their computing power to the network in order to receive rewards.

Therefore, Phala Network encourages tech-savvy miners to run support nodes for the Phala Network.

PHA rewards are allocated 70% of the initial supply (i.e. 700 million PHA) to be spent on Mining. At first it had a fixed daily supply, 720,000 PHA. Out of that, 144,000 PHA is transferred to the treasury, and all the rest is prorated among miners.

Phala Digging Reward

Phala has two types of miner rewards: online rewards and compute rewards.

Requirements for setting up a compute node

  • Hardware: Computer with CPU that supports Intel SGX
  • Software: Linux supports SGX (REC. Ubuntu 18.04)
  • Public IP to mine alone or join Phala . support mining pool

In addition, Phala’s economic model allows Node Workers to borrow PHA to stake PHA. Phala implements a risk-free lending protocol similar to Polkadot’s NPoS. PHA holders can lend tokens to worker miners at an interest rate agreed upon by both parties, resulting in the creation of an interest rate market.

Roadmap

2018 Established PHALA Team

Q2/2019 Building a large community in China

Q3/2019 Launching Whitepaper. pDiem (formerly Libra won Web3 Foundation Grant

Q4/20219 Hang out with Ambassador Polkadot in China

Q1/2020

  • Token Economics
  • W3A wins the Web3 Foundation Grant

Q2/2020

  • Testnet PoC-1
  • KSM x PHA Stakedrop

Q4/2020

  • Testnet Vendetta
  • Completing the PC Module task test plan for the PoC3 . third phase

Q1/2021

  • PHA listed on Binance、OKEx、KuCoin

Q2/201

  • Become Kusama’s Parachain, Before Going Cool and K-PHA
  • Mining TEE and PHA staking system for TEE starts working
  • Invisible Wallet for all Polkadot cross-chain asstest
  • Phala Governance admin and council start working

Q3/2021

  • DEFI security and the NFT . App
  • Secure bridges, such as pDiem, pBTC, pBTG…
  • Phala becomes Polkadot parachain after winning Polkadot . position

Q4/2021

  • Secure cloud starts serving nodes and developers và
  • Secure smart contract ready to use

What is a PHA token?

PHA is the token of the Phala Network platform, the token has the following main functions:

  • Tokens used to buy trusted resources: Computer resources, on-chain, off-chain data, etc.
  • In-network exchange fees: Provides basic data exchange structure, exchange protocol, and data analysis, etc..
  • Tokens used to stake in the network: miners must stake a certain amount of PHA to maintain network operation and ensure network security, will be burned when breaking protocol rules
  • Stake to earn rewards
  • Protocol Administration: Stake PHA tokens to join the governance community.

Some basic information about the PHA token token

Testnet on Ethereum:

  • Token name: Phala token
  • Ticker: PHASE
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Contract Address: 0x6c5bA91642F10282b576d91922Ae6448C9d52f4E
  • Estimated supply of circulation: 177,634,380 PHA
  • Total Initialization Supply: 1,000,000,000 PHA

Mainet on Phala Network

  • Token name: Phala token
  • Ticker: PHASE
  • Blockchain: updating
  • Token Standard: updating
  • Contract address: updating
  • Estimated supply of circulation: updating
  • Total Initialization Supply: 1,000,000,000 PHA

PHA Token Allocation

  • Mining through TEE: 70%
  • Separate sale round: 15%
  • Stakedrop and IPO: (Initial Parachain Offering): 9%
  • Encourage programmers (For core development teams): 5%
  • Tesnet Program: first%
PHA coin allocation chart

Project development team

Team:

Project team

Adviser

Project advisor

Partner

Phala project partner

How to earn and own PHA tokens

PHA token has been listed on Binance exchange, you can trade in most exchanges today.

PHA Token storage wallet

As an ERC20 token, you can store it in your wallet Metamask Wallet , Trust Wallet, SafePal Wallet, CHK Wallet or directly on Binance exchange.

The future of Phala Network, should I invest in PHA coin?

Phala Network (PHA) is a decentralized cloud platform that enables data security and smart contracts built on Polkadot’s Substrate. The Phala Network structure is strongly built on top of the TEE and Blokchain architecture that creates an efficient cloud. Phala Network is considered as the security layer of Web3 in the future. All information in the article is information compiled by CHK and does not constitute investment advice. CHK is not responsible for any direct and indirect risks. Good luck!

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