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 the decentralized cloud for secure, trustless and generic computation, which tackles the issue of trust in the computation cloud.
PHA is the native utility token of the platform and has the following use cases:
Phala Computing Service: under Phala's stake-to-compute model, the PHA corresponds to the amount of computing power a user can rent. For example, users can stake PHA to rent miners to form clusters, developers pay PHA to cluster owners to deploy the contracts.
Governance: Phala community members can use PHA for governance and vote for decisions on Phala.
Pay gas fee: PHA acts as the gas fee when users claim spirit NFT in Phala World or transfer assets on SubBridge.
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%.