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Phala Network is a privacy-focused protocol aimed at securing blockchain smart contracts.
What is Phala Network (PHA)?
Phala Network (PHA) is a protocol that addresses the security issues of cloud computing operations. The Phala blockchain provides a platform that enables cloud computing operations in a secure environment, driven by a mission of data privacy. By separating the consensus mechanism from computation, PHA allows for highly scalable processing power. Phala is also based on Substrate and operates as a parachain in the Polkadot ecosystem.
Phala Network continues its operations with the mission indicated by its native token:
- Reliable Computing Resources: You can purchase trusted computing resources and data transfers in the network with PHA tokens.
- Data Transfer: Phala provides a data transfer infrastructure based on standardized data collection, analysis, and trading protocols. The Phala protocol creates a confidential and secure trading ecosystem for both buyers and sellers.
- Security: Gatekeepers must deposit a certain amount of PHA tokens, which can be slashed due to misconduct.
- Governance: Stakeholders owning a certain amount of PHA Coin can join the Phala DAO to participate in community governance.
Bitcoin Gold founder, senior developer at Google, and Chinese professor Hang Yin, with 10 years of coding experience, stands out as the leading figure of the project. Starting with an ambitious team, Hang Yin has expressed that their goals are much bigger.
Where to Buy PHA Coin?
Phala Network Coin can be securely purchased from Binance, the world’s largest exchange by trading volume. To perform this transaction, it is primarily necessary to register with the Binance exchange and then send fiat currency or cryptocurrency to the account wallet.
After completing the membership and account funding processes, one of the PHA/BTC or PHA/BUSD trading pairs can be selected on the Binance interface, and the amount of PHA Coin to be purchased can be specified from the limit screen. After specifying the amount, a purchase order can be placed. At the time of writing this guide, PHA Coin is trading at $0.61.
