What is Phala Network? Information about Phala Network and coin PHA

• Phala Network project overview
• Overview of the PHA
• summary

Phala Network project overview

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

• Phala Network launches Parachain auction for Khala Network on Kusama
• The project will launch the pre-mainnet version of Phala Network
• Phala Network issues K-PHA tokens for Khala Network
• The project will launch the TEE Mining and Staking PHA system on Phala Network
• Phala Network develops wallet to store assets in Polkadot . ecosystem

3rd quarter of 2021

• Phala Network launches Private DeFi and NFT applications
• The project develops more bridges such as pBTC, pDiem, pBTG...
• Phala Network will launch Parachain auction on Polkadot

Quarter 4 of 2021

• Phala Network project officially came into operation

Development roadmap of Phala Network

Overview of the PHA

What are PHAs used for?

PHA is the native token of the Phala Network platform, it is used to: 

• Payment of transaction fees : Investors use PHA to pay transaction costs and exchange network resources such as trusted computers, data storage and other services.
• Staking : Investors who want to become Miner or Gatekeeper must stake a certain amount of PHA. In addition, PHA is also used as a reward for staking participants on Phala Network's system.
• Participation in governance (Governance) : PHA owners have the right to propose and contribute ideas to help developers build Phala Network projects.

Basic information about PHA

• Token Name : Phala Network
• Ticker : PHA
• Blockchain : Ethereum
• Token Standard : ERC-20
• Contract Address :   0x6c5bA…9d52f4E
• Total  Supply : 1,000,000,000 PHA
• Circulating Supply : 272,000,000 PHA

Allocate PHA

• Team Reward : 5%
• Token Sale : 15%
• Reward for Testnet : 1%
• Airdrop : 9%
• Matrix mining : 70%

Allocate PHA

Wallets & Exchanges PHA

Investors can earn PHA through several ways:

• Become a TEE miner
• Become a Gatekeeper
• Buy PHA on exchanges like  Binance , Gate.io, KuCoin , Huobi , Uniswap , OKEx…

In addition, investors can store PHA in wallets like Metamask , Trust Wallet , Phala Dark Wallet and crypto exchange wallets.

summary

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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