Phala Network (PHA) provides a privacy-focused blockchain platform with confidential smart contracts, using Trusted Execution Environments for secure and scalable decentralized applications in Web3.0. More
| Fully Diluted Valuation | $101.61M |
|---|---|
| 24H Trading Volume | $12.57M |
| 24H Low / High | $0.10 / $ 0.10 |
| Circulating Supply | 809.03M |
| Total Supply | 1.00B |
| Max Supply | 1.00B |
| Categories | Interoperability 15 more |
|---|---|
| Founder | Hang Yin 1 more |
| Website | phala.network Whitepaper 1 more |
| Socials | 3 more |
| Chains | Ethereum Ecosystem 1 more |
| Explorer | Subscan 3 more |
| Contracts |
0x6c5....52f4e
1 more
|
| Name | Pair | OG Score |
|---|
Unveiling Phala Network: Powering Web3.0 with Privacy and Security
In the ever-evolving landscape of blockchain technology, Phala Network emerges as a beacon of privacy and security within the Web3.0 ecosystem. Designed to provide confidential smart contracts and verifiable computation, Phala leverages Trusted Execution Environments (TEEs) in CPUs to safeguard sensitive data and code, ensuring the execution of smart contracts remains private and secure.
Privacy-Focused Architecture
At the core of Phala Network lies its innovative off-chain programming model known as the "Phat Contract." Developers can harness this model to create advanced and privacy-preserving smart contracts. Secure Enclaves, a crucial component of Phala's architecture, provide a secure environment for executing these contracts while preserving data privacy.
Verifiable Computation and Web3 Integration
Phala Network offers verifiable computation capabilities, allowing users to verify the correctness of computations performed within TEEs. This not only enhances transparency but also fosters trust in the network. Positioned as a parachain on the Polkadot network, Phala seamlessly integrates with the broader Polkadot ecosystem, promoting interoperability and collaboration with other projects.
The Founders and Launch History
The driving force behind Phala Network includes individuals with substantial expertise in the technology industry. Hang Yin, the Co-founder and Chief Scientist, brings experience from notable companies like Google. The project gained momentum with the deployment of the "Vendetta" testnet in November 2020, distributing PHA tokens to participants.
Utility of PHA Coin
PHA serves as the native utility token within the Phala Network ecosystem, facilitating various functions. It is used for transaction fees, accessing privacy services, incentivizing network use, and can be staked on the network for rewards. Additionally, PHA plays a crucial role in governance, allowing stakeholders to participate in the Phala DAO for community governance.
Trustless Computation Cloud
Phala Network addresses the issue of trust in the computation cloud by providing a trustless computation platform. The network enables massive cloud processing without compromising data confidentiality, utilizing TEE-based privacy technology embedded in modern processors. By separating the consensus mechanism from computation, Phala ensures highly scalable processing power, creating a foundation for a secure and scalable trustless computing cloud.
Future Possibilities
As a member parachain of the Polkadot ecosystem, Phala is poised to provide computing power to other blockchain applications while safeguarding data privacy. This opens up possibilities like privacy-protected DeFi trading positions, confidential data co-computing for decentralized identities (DIDs), development of light-node cross-chain bridges, and more.
On-Chain Services and Web3 Analytics
Phala Network is actively developing on-chain services, including Web3 Analytics. High-performance smart contracts from Phala enable highly concurrent mass data analytics with privacy, offering an alternative to centralized analytics solutions like Google Analytics that inherently respects individual confidentiality.
In conclusion, Phala Network stands at the forefront of Web3.0 infrastructure, championing privacy protection through confidential smart contracts. With its commitment to secure and scalable computing, Phala is set to play a pivotal role in shaping the future of decentralized applications within the Polkadot ecosystem.
Phala Network stands out for its innovative use of Trusted Execution Environments (TEEs) in CPUs, ensuring confidential smart contracts and verifiable computations for unparalleled privacy and security in the Web3.0 ecosystem.
Founded by tech industry experts, Phala Network is led by key figures such as Hang Yin, the Co-founder and Chief Scientist, renowned for his background at Google, and Marvin Tong, a Senior Product Manager with experience at Tencent and Didi.
You can buy PHALA (PHA) on Binance, BitgetMEXCGate.ioOKX cryptocurrency exchanges.
Join
OGAudit
