Read Our New Project Report About Bitcoin (BTC) - The World's Largest Cryptocurrency
Phala Network (PHA)
A Privacy-Preserving Cloud Computing Service.
Share this article
Phala Network is a privacy-preserving cloud computing service, which offers computing power comparable to existing cloud services and protects the privacy of managed programs.
PHA is the native utility token of the platform and has the following use cases:
Trusted Computing Resources: Purchase trusted computing resources in the network and the data exchanges (e.g. trusted computing power, on-chain computing and storage resources, and off-chain storage) using PHA tokens.
Data Exchange Fee: Phala provides a contract-based data exchange infrastructure for standardized data collection, analysis, and trading protocols. With Phala’s protocol, a confidential but trusted exchange ecosystem is built for both buyers and sellers.
Security Guarantee: Gatekeepers must stake a certain amount of PHA tokens, which may be slashed for misbehavior.
Governance: Stakeholders who own a certain amount of PHA are able to join the Phala DAO to participate in community governance.
Phala Network consists of two types of nodes:
TEE (Trusted Execution Environment) workers are responsible for executing confidential contracts. The TEEs, and tamper-proof processors are connected in a permissionless way. Most retail personal computers are capable of connecting to Phala and running a TEE node. This is an important property to maintain decentralization, and to ensure that Phala remains operationally robust and censorship-resistant.
Gatekeepersrun nodes that maintain the Phala blockchain. They must always be online to manage the keys for miners, as a key manager is required to run the confidential contracts. Gatekeepers verify that workers’ hardware and software are unmodified and secure, handle rotation of workers and replication factoring, and manage their state by recording inputs and outputs to maintain the order without revealing the contents.
The project has raised 1.68MM USD from two rounds of private token sales, where 15.00% of the PHA total token supply has been sold at 0.01 USD / PHA (140MM PHA) and 0.0028 USD / PHA (10MM PHA) respectively.
As of February 25th 2021, the total supply of PHA is 1,000,000,000 and the current circulating supply is ~14.3%.