What is Phala Network?
Phala Network is a smart contract platform built on Polkadot's Substrate. In addition, Phala Network also provides distributed cloud computing services using secure technology based on TEE (Trusted execution environment). With this technology, the important data of users or businesses will be stored securely on Phala Network.
Explanation of words : Trusted execution environment (TEE) is an environment in which to execute code, which will have a high level of trust.
Important components of Phala Network
Phala Network uses a consensus mechanism called NPoS (Nominated-proof-of-stake) to make the network more stable and has 3 important components as follows:
Phala Network Blockchain is the main component of Phala Network's system. This is where the important data of the nodes are stored, transaction processing requests from users, etc. When becoming a Parachain on Polkadot, it has the ability to interact with other blockchains through Polkadot's Relay Chain.
Gatekeeper is responsible for managing and arranging information and data in a certain order to ensure the stability of the network. To become a Gatekeeper, users must stake a large amount of PHA on Phala Network's system.
Miners are people who execute smart contracts, confirm transactions, and record it on the blockchain. To become a Miner, users only need to stake a small amount of PHA on Phala Network's system.
Important components of Phala Network
Some outstanding features of Phala Network
Isolated, Trustless & Decentralized : Phala Network stores and processes important user data in a private, independent space, and the network only exports this data with the user's permission.
Compatible : Phala Network's smart contracts are compatible with many standards including Intel SGX and AMD SEV…
Absolute data security : Phala Network combines TEE and blockchain security technology to form a distributed cloud with the goal of securely storing users' data. Phala Network uses the NPoS (Nominated-proof-of-stake) consensus algorithm to make the platform's system more stable, safe and secure.
Some main products of Phala Network
Phala Network develops 3 main products which are pLIBRA, Web3 Analytics (W3A) and Phala Dark Wallet.
pLIBRA : This product will create a bridge between Polkadot and Libra (a digital asset built on Facebook's blockchain technology). This makes it easier for Polkadot's decentralized financial applications to interact with Libra.
Products pLIBRA
Web3 Analytics : Phala Network is currently developing an On-chain data analysis tool, Web3 Analytics, similar to the Google Analytics tool. This tool will analyze the user's information and data without infringing on their personal privacy.
Web3 Analytics
Phala Dark Wallet : This product of Phala Network is similar to today's cryptocurrency storage wallets. Phala Dark Wallet will support storing, sending and receiving cryptocurrencies according to ERC-20 standard.
Phala Dark Wallet interface
Phala Network's development team, investors and partners
Phala Network's development team
The Phala Network development team comes from famous companies like Google, Tencent including: Hang Yin, Marvin Tong, Zhe Wang and some other engineers with many years of experience in the field of blockchain technology.
Phala Network's development team
Investor of Phala Network
Phala Network has attracted many large investment funds such as KR1, IOSG Ventures, Candaq, Incuba Alpha, Paka, SNZ Holding, WEB3 Venture Capital...
Investor of Phala Network
Partner of Phala Network
Phala Network has attracted many prominent partners such as Polkadot , Kusama , Bifrost Finance , Crust Network, Acala...
Partner of Phala Network
Development roadmap of Phala Network
2nd quarter of 2021
3rd quarter of 2021
Quarter 4 of 2021
Development roadmap of Phala Network
What are PHAs used for?
PHA is the native token of the Phala Network platform, it is used to:
Basic information about PHA
Allocate PHA
Allocate PHA
Wallets & Exchanges PHA
Investors can earn PHA through several ways:
In addition, investors can store PHA in wallets like Metamask , Trust Wallet , Phala Dark Wallet and crypto exchange wallets.
Above is all information of Phala Network project and co-PHA. Phala Network is one of the first projects to provide a distributed cloud computing service that helps users secure important information and data. In addition, the project is in the process of implementing a Parachain auction on Polkadot . In addition, Phala Network also owns a team that has worked at famous Internet companies such as Google, Tencent. With the above information, hopefully you have had some comments about the Phala Network project and can consider it carefully before making an investment decision for yourself.
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