Phala Network is a cloud computing service offering computational power comparable to existing cloud services while preserving the privacy of managed programs. Developers can deploy confidential smart contracts running within TEE Enclaves on the CPU, based on the TEE-Blockchain Hybrid Architecture.
Phala also relies on Substrate and will operate as a parachain in the Polkadot ecosystem.
What is Phala Network (PHA)?
PHA, the native cryptocurrency of Phala Network, is the native utility token used for:
- Trusted Computing Resources: Trusted computing resources and data exchanges (e.g., trusted computing power, on-chain computing and storage resources, and off-chain storage) can be purchased using PHA tokens.
- Data Exchange Fee: Phala provides a contract-based data exchange infrastructure for standardized data collection, analysis, and processing protocols. Phala’s protocol creates a confidential yet reliable exchange ecosystem for both buyers and sellers.
- Security Guarantee: Gatekeepers must deposit a certain amount of PHA tokens, which can be slashed for faulty behavior.
- Governance: Stakeholders holding a certain amount of PHA can join the Phala DAO to participate in community governance.
On the other hand, Phala Network solves the trust issue in the computing cloud. This blockchain is defined as a trusted computing platform enabling extensive cloud processing without compromising data privacy. Built around TEE-based privacy technology already embedded in modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures high scalability of computing power. This forms the infrastructure for a strong, secure, and scalable computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala enables possibilities like privacy-protected DeFi trading positions and transaction histories, confidential DID data computations, and the development of lightweight node-based cross-chain bridges while maintaining the data layer.
PHA Coin Review
PHA coin, especially with its surge in February, has made a name for itself and attracted investor attention. As a project that maintains privacy on DeFi platforms, Phala Network draws attention, though investors are somewhat cautious due to its relative newness.
How to Buy Phala Network Coin?
Phala Network Coin can be quickly and securely purchased through Binance, the world’s largest cryptocurrency trading platform by transaction volume.
To buy Phala Network Coin, one must first register with Binance and then send fiat currency. Following the sending of a fiat currency like Turkish Lira or US Dollar, Phala Network Coin can be bought by purchasing BUSD and Binance Coin (BNB) and trading in the PHA pair.
Additionally, on Binance, users can place an order to buy at a lower price than the market value by using the Limit tab. Simply enter the amount you want to buy and the price you want to pay.
