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Phala Network (PHA)ETH

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Phala Network (PHA) Price Statistics

  • price

    Price (USD)

    $ 0.1585
  • supply

    Circulating Supply

    PHA 729.67997M
  • volume

    Volume (24h)

    $ 4.75881M
  • marketcap

    Market Cap

    $ 115.63095M
  • dry

    Low/High 24h

    $ 0.1566 - $ 0.1637
  • change

    Change (24h)

    $ 0.001548

Phala Network (PHA): Privacy-Preserving Cloud Computing Web3 Service

One of the leading crypto projects in the field of Web3 computation is Phala Network. It is a confidential smart contract network using a hybrid TEE (trusted execution environment) and blockchain architecture. Phala aims to create a blockchain that can handle confidential and non-public data and represents a cross-chain interoperable smart contract network running as a Polkadot parachain. PHA is used to buy computing resources on the network, as an incentive to keep participants honest, and as a governance mechanism. Let’s take a closer look at PHA Network and find out more about this project.

What Is Phala Network?

In its essence, Phala Network is a decentralized cloud computing system that intends to compete with established cloud computing services like Amazon AWS and Google Cloud. Here are some quick facts about the project:

  1. Phala Network is a blockchain-based decentralized cloud computing service provider. It is the blockchain equivalent of big cloud service providers like Amazon Web Services (AWS), Oracle, and Google Cloud.
  2. Phala Network is very focused on privacy and security. Using the network's services without anyone knowing is a big selling point.
  3. Phala Network allows anyone to join the network and rent their computer's computing power and storage space to those who need them at a fee.
  4. Phala Network runs on the Polkadot blockchain as one of its several parachains.

The term ‘cloud computing’ describes the upkeep of massive, web-based data repositories that offer end users computing capabilities including data storage and processing capacity. Phala Network enables a more distributed approach to cloud computing and storage while putting extra computational power from regular computers to use.

Through a decentralized, global network of computer resources that can scale for performance while simultaneously optimizing for anonymity and security, Phala seeks to offer these services.

To accomplish this, Phala uses two types of ‘worker node’ participants that enable the network to operate:

  1. Gatekeeper nodes organize interactions between Phala network users, as well as interactions with other blockchains. Gatekeeper nodes are responsible for maintaining the blockchain state and consensus rules. 
  2. Miner nodes run a CPU network and fulfill various computation responsibilities by renting their computer power to the network. 

What Does Phala Network Do?

Phala is being developed as a Polkadot parachain, which is a unique blockchain that connects to the Relay Chain, the primary Polkadot blockchain. Polkadot's consensus, transaction settlements, and shared security are all handled via the Relay Chain. The base functionality of Polkadot is made available to Phala through connection with the Relay Chain. The computations required to guarantee transaction validity and network integrity are carried out by Phala participants, who include the miner nodes and participants who transmit requests to the network as transactions.

Work on the CPUs of the miner node is done in a safe area known as a Trusted Execution Environment (TEE) to maintain secrecy. Even the owner of the mining device is prevented from seeing or altering the data kept inside the enclaves of their computer thanks to this encrypted space within the processors of most modern computers.

In order to establish end-to-end encryption between users and CPU miners and guarantee that all transactions are kept private at all times, Phala gatekeeper nodes serve as a broker. When the data enters the secure enclave, it is decrypted and put to use. Before leaving the enclave, the results of this information request are re-encrypted.

The PHA token is used to pay for all transactions carried out on Phala Network. Users who want to use the network's cloud computing capabilities pay for the services they receive in PHA tokens. While the miners who put up their computer hardware capabilities for use on the network get paid in PHA tokens when users make use of their hardware capabilities.

Phala Network: Who Stands Behind the Project?

Phala Network was launched in 2018 by Marvin Tong, Zhe Wang, Jun Jiang, and Hang Yin. The network's development is overseen by the Phala Network Foundation as well as users participating in the network's governance. The core team members came from famous Internet companies such as Google, Tencent, etc. Hang Yin, Co-founder and Chief Scientist of Phala Network, was the head developer for the new Equihash mining algorithm of Bitcoin Gold.

PHA: Native Token of the System

The PHA token is the native token of Phala Network. It has a maximum circulating supply of 1 billion PHA tokens after which no more PHA tokens will be created or entered into circulation. 

Unlike a lot of crypto projects, the PHA token did not have an initial coin offering (ICO) event where the sale of the token was officially opened to the public. The Phala team sold some PHA tokens privately to raise money for the development of the network but other than that the public gets access to PHA tokens through the token mining process. According to the project's tokenomics whitepaper, this is how the tokens are distributed:

  1. Private sale – 15%.
  2. Mining rewards – 70%.
  3. Team incentives – 5%.
  4. Community incentives – 1%.
  5. Polkadot ecosystem development – 9%.

The value of the PHA token is due to its wide range of uses on the Phala Network. Anyone who wants to use the services of the network has to own some PHA tokens to pay for the services rendered. Likewise, those who want to provide services on Phala whether as Miner nodes or as Gatekeeper nodes need to have some PHA to be allowed to provide services on the network. 

Phala Network News

To raise money to develop Phala Network properly, the founders raised money from investors by having a private token sale. The network held two rounds of private token sales and raised a total of $1.68 million over both rounds. The investors in the rounds received 15% of the total amount of PHA tokens in exchange for their investments. 

The network also received grants from the Web3 Foundation an organization founded by Ethereum co-founder Gavin Wood to support the development of innovative blockchain-based projects. Phala Network has also entered into partnerships with other blockchain-based organizations to enhance its platform and product offerings. Phala Network's partnerships include those with Chainlink, SubQuery, and Amara Finance. In September 2023, Phala Network partnered with Brushfam, a company that provides services to empower Web3 businesses.

What Will Phala Coin Be Worth in 2030?

According to various sources, for instance, PricePrediction, by 2030 PHA crypto may rise in price and cost around $1.53-$1.80. Some crypto analysts believe that Phala Network crypto can cost at least $0.837425 based on market sentiment. Failing to gain this support could see Phala Network average around $0.808876 and bottom out $0.780328.

Is Phala Built on Polkadot?

Phala Network is built on the Polkadot ecosystem. It is a privacy-preserving, blockchain-based platform designed to offer secure and confidential computation capabilities. By being part of the Polkadot ecosystem, Phala Network can interact and integrate with other blockchains in the Polkadot network, benefiting from the interoperability and scalability features that Polkadot provides. Phala Network aims to enable private and secure decentralized applications and facilitate confidential data exchange and analysis.

Is Phala Network a Good Investment?

Based on the direction Phala Network is heading, this crypto may be a good investment. Always consider the volatility of the cryptocurrency markets and conduct your own research or consult a financial advisor before making investment decisions as past performance is not indicative of future performance.

How to Buy Phala Network (PHA) Coin?

StealthEX is here to help you buy PHA coin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1400 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

  1. Choose the pair and the amount you want to exchange — for instance, BTC to PHA. 
  2. Press the “Start exchange” button.
  3. Provide the recipient address to transfer your crypto to.
  4. Process the transaction.
  5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.

Phala Network Price Chart

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