Phala Network (PHA) price, marketcap, chart, and fundamentals info
Phala Network is a cross-chain confidential smart contract network for decentralized applications and services that protect privacy.
Phala provides a secret computation service for all blockchains in the Polkadot ecosystem based on a secret smart contract built by Substrate applying the TEE-Blockchain combination structure.
Watch now: Polkadot (DOT)?[Thông tin chi tiết về đồng tiền ảo DOT]
The project is developing a product called Web3 Analytics. This is a decentralized data analysis tool. To present a vision of Web3 that Phala wants to give back the value of data to everyone and increase liquidity in the data marketplace.
What’s so special about Phala Network?
Phala applies TEE (Trusted Environment Execution) which allows confidential data to run in a private and isolated environment and only output results with permission.
For example: Google wants DAU (Daily Active Users) data for the last 100 days on Facebook. Facebook is willing to share but is concerned about user data leakage. Here is how they can solve the problem with Phala Network:
- 1) Google developers write their requests into code on Phala Network and send them to Facebook.
- 2) Facebook devs receive the request and start running the code locally in Facebook nodes.
- 3) Only results are exported and sent to Google, instead of all activity information containing sensitive user data.
What is a PHA token?
PHA is the platform’s native unility token and is used to purchase trusted computing resources, administer the community, staking, and pay transaction fees.
Basic information about copper PHA
|Token Standard||Unility token|
|Total Supply||1,000,000,000 PHA|
|Circulation supply||143.423.416 PHA|
PHA copper distribution
Token issuance schedule
Details of TEE mining:
- Any TEE device can be registered to become a Phala miner
- Rewards: Gradual 25% every 6 months
- 20% treasury endowment
PHA Token Sale
- Seed Round Price: Completed in September 2019. With price 1PHA = 0.0028 USD
- Private Round Price: Completed in Q2-Q3 2020. With price 1PHA = 0.008-0.01 USD
What is PHA copper used for?
PHA copper is used for the following main purposes:
- Governance: Stakeholders with a certain amount of PHA will be able to join the Phala DAO to get deeper into community governance.
Network Utility: For trading or exchanging network resources such as: Trusted computing resources, data transaction resolution, security, and other services. Specifically, the PHA primarily works for TCPU (Trusted Computer Processing Unit), on-chain compute and storage resources, off-chain storage resources, and other data values collected by a series of standardized protocols.
How to earn PHA?
- Contribute TEE computing power: Requirements (Computer supports Intel SGX, A certain amount of PHA staking, public IP or join Phala mining pool)
- Become GateKeeper: Inquire (Intel SGX-enabled PC, High-quality network, and high-availability power)
- Becoming Nominator: Requires hold of PHA
- And finally, you buy them on listed exchanges.
What exchange is PHA traded on?
Currently you can register for an account and buy PHA at the following exchanges:
PHA copper wallet securely
This is an ERC-20 token so it’s pretty easy to find a suitable wallet for example: Trustwallet, Ledger Nano X, MyEtherWallet, MetaMask.. Or you can store it directly on an exchange, where you bought that token. Remember to turn on full security.
Potential Assessment of Phala Network (PHA)
The core members of Phala’s team come from famous Internet companies such as Google, Tencent, …
- Hang Yin: Co-founder and Principal Scientist of Phala Network. The lead developer for Bitcoin Gold’s new Equihash mining algorithm. Details are below
- Sandro Gorduladze: Sandro Gorduladze is an angle investor and partner at HASH CIB, a digital asset investment firm that covers most of the EMEA and Asia regions.
- Dr. Shunfan Zhou (Phala Whitepaper Co-author): Ph.D. Candidate in System Software and Security Laboratory, University of Fudan.
Investor & Partner
For investors and partners is a strong project. Phala Network is rapidly evolving and under development.
Phala’s roadmap takes place in many stages. Includes major updates like Vendetta’s new testnet launch, pre-mainnet and support for Polkadot parachain consensus.
You can see the post “Phala Roadmap of Mainnet and Parachain Auction” of the project here.
Should invest in PHA coin?
What’s so special about Phala Network (PHA) compared to other projects?
Best Interoperability: Phala allows different contracts to call each other before performing calculations. This is difficult to realize for many other projects. The project discussed related solutions with Parity and came up with a finalization plan.
In addition, compared to other secret calculation projects, Phala focuses more on cross-chain data, not only deposits and assets. Their vision is to allow any blockchain to be served with Phala’s secret computing technology.
As mentioned about Web3 Analytics. Then, as Phala Network develops, there will be more great applications and services based on Phala to serve everyone and the community of interested users.
Hope the above reviews are useful for your PHA investment review and decision.
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