Following the Research series and hot coins and tokens, GocTienAo would like to introduce to you a project: Phala Network
In this article, we have 3 main parts:
- Phala Network (PHA) What is it and was born to solve what problem?
- PHASE and information related to coin
- Should you invest in? Phala Network are not?
What is Phala Network (PHA)?
Phala Network is the first secret smart contract network built on Substrate, to provide computing services and confidential data protection for businesses and users.
Phala Network will serve the entire ecosystem Polkadot as one of Polkadot’s parachains.
You may be wondering: What is Polkadot (DOT)? Things to know about DOT token
What problem does Phala Network solve?
Today, the security of Blockchains is often ensured by scaling the state across consensus algorithms.
While this approach works well for blockchain, it also means that everything on the blockchain is public, which presents a problem: confidential information cannot be handled well by the blockchain.
The lack of security limits the use of blockchain in handling sensitive business and user data.
Stock traders often do not want to reveal their position or order history.
Bob does not want to disclose his expenses for the past month.
Furthermore, all privacy-related DApps on Ethereum cannot comply with the General Data Protection Regulation and will therefore be blocked in the EU (European Union).
From there, Phala Network was born, applying TEE (Trusted Environment Execution) to allow confidential data to run in a private and isolated environment and only output results when authorized.
Google wants DAU (Daily Active Users) data for the last 100 days on Facebook. Facebook is willing to share but is worried about leaking user data. Here is how they were able to perfectly solve the problem with Phala Network:
1. Google developers write their requests into code on Phala Network and send them to Facebook;
2. The Facebook developers receive the request and start running the code locally in the Facebook nodes;
3. Only results are exported and sent to Google, rather than all activity information containing sensitive user data.
What is the difference between Phala Network and similar projects?
Phala Network allows different contracts to call each other before performing computations, which is difficult to realize for many other projects.
Besides, compared to other cryptographic projects, Phala Network focuses more on cross-chain data, not just deposits and assets. Phala Network’s vision is to enable ANY BLOCKCHAIN to be served using Phala Network’s secret computing technology.
Phala Network’s outstanding features
Isolated – Isolation
Your sensitive data is only processed in hardware secure areas that are isolated from the rest of the world.
Code and data integrity is guaranteed. Only authorized actions are allowed.
Compatible – Compatibility
Phala Confidential Contracts are compatible with many standards including Intel SGX and AMD SEV, etc.
Decentralized – Decentralization
Secure, reliable data storage and processing based on Phala Network’s decentralized storage and random scheduling algorithm.
Some roles in Phala Network
All data in a secret contract is end-to-end encrypted. To ensure the availability of link states, the Gatekeeper is responsible for key management and therefore should always be online.
Gatekeeper manages contract keys and generates new block candidates.
Nomination is one of the main ways to join Phala Network for rewards. Every Gatekeeper candidate must be nominated to become a Gatekeeper. The Nominator (nominator) stakes their coin in Gatekeeper which they claim and shares the Gatekeeper block reward.
Information about coins
What is PHA?
PHA is the original utility coin of Phala Network
Coin Use Cases
- Stake to become Gatekeeper
- Ticker: PHASE
- Blockchain: Ethereum
- Circulating supply: 133,117,262 PHA
- Total supply: 1,000,000,000 PHA
What exchange is PHA currently on?
Present, PHASE has been traded on exchanges such as Huobi Global, MXC.COM, Hotbit, Uniswap..
Monero, Dash, Zcash, DigiByte….
Teams, Partners, Advisors and Contributors
Network type: Mainnet as parachain
- Kusama and Polkadot’s Parachain positions have been reached
- Acting as a Kusama parachain for the first year
- Gradual conversion of POA to decentralized network within 30 days after mainnet launch
Network type: Mainnet as parachain
- Polkadot Parachain Positions Accomplished
- Run as a Polkadot parachain
- Migrating from Kusama Network to Polkadot . Network
Should you invest in the project?
Through what GocTienAo shared with you, I hope that you have grasped a part of the project and can make your own investment decisions!
The above article has provided you with an overview to details of the Phala Network project. Hope GocTienAo has given you useful information about the project. If you find it interesting, please share the article with your friends!
All investment statements above are personal. All investment decisions are made by you and you are responsible for your assets. Good luck!
Virtual Currency Corner