Phala Network (PHA) is a coprocessor platform for blockchain that offers decentralized cloud computing services. PHA has a secure public computing platform as a solution to Web3 limitations through decentralization in 3D modeling.
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About Phala Network (PHA)
PHA was established by Phala Network Foundation in 2018. The goal of creating this platform is to provide decentralized off chain computing services as an innovation of Web3 through optimization of security and data privacy.
By connecting smart contracts to off chain programs called Phat Contracts, users can accelerate the performance of decentralized applications (dApps) through cross chain integration to address Web3 limitations.
Phala Network Operation Mechanism (PHA)
PHA is developed as a Polkadot parachain or specialized blockchain that is incorporated into the relay chain, also known as the main Polkadot blockchain.
Relay Chain plays a role in maintaining security, completing transactions, and forming consensus for the entire Polkadot ecosystem (DOT). By connecting to the relay chain, PHA can leverage the available features of Polkadot.
PHA involves worker nodes acting as mining nodes to run software and have access to the Trusted Execution Environment (TEE). TEE functions by maintaining the confidentiality of the mining node’s CPU operations.
These nodes are responsible for processing and validating transactions and providing high level computing services.
In the context of TEE mining, worker nodes on the Phala Network can earn PHA tokens as a reward for the services they run.
PHA provides decentralized Web3 computing services, allowing users to benefit from high security and privacy on the blockchain platform.
In addition to mining nodes, there are Phala gatekeeper nodes that act as brokers to encrypt communication between miners and users to keep transactions private.
Information will be encrypted and executed when it arrives at the secure enclave. As a result, the information will be re-encrypted before leaving the enclave.
The Uniqueness of Phala Network (PHA)
This blockchain-based computing platform enables cloud processing with TEE based privacy technology embedded in modern processors. PHA allows users to process data in a scalable manner by separating consensus mechanisms from computing.
PHA can also leverage its advantages as a para chain in the Polkadot ecosystem with access to Polkadot’s basic features. This allows PHA to interact effectively with other chains in the ecosystem.
On-chain services, including Web3 analysis in PHA, enable massive data analysis with high privacy.
Advantages and Disadvantages of Phala Network (PHA)
The advantage of PHA is providing decentralized privacy, allowing users to control and protect their own personal data.
As a parachain in the Polkadot ecosystem, Phala Network also benefits from Polkadot’s basic features, contributing to shared security and transaction resolution.
Phala Network also has disadvantages, as with most crypto tokens, PHA may experience high price volatility, affecting the value and stability of the Phala ecosystem.
In addition to providing benefits, the Polkadot ecosystem can also pose challenges for PHA, as fluctuations or issues within it can impact the performance and stability of Phala due to its dependence on the Polkadot ecosystem.
Features of Phala Network (PHA)
TEE Mining: Mining using a Trusted Execution Environment to ensure security and privacy.
Tokenomics: Design of the Phala network’s token economy that facilitates incentives and distribution in the cloud based economy.
Phala Apps: This includes smart contracts that can be integrated with various external applications within the Phala ecosystem.
Key Figures in Phala Network
Phala Network Foundation was founded in 2018 by former Google software engineer Hang Yin and former Tencent product manager Marvin Tong.
Hang Yin brought his technical experience from Google to Phala, while Marvin Tong brought his strategic insights from Tencent. The combination of their technical skills and expertise created a strong foundation for the development of Phala Network.
Since its founding, the Phala Network Foundation has been dedicated to creating a blockchain ecosystem that excels in security and privacy, with the vision of bringing this innovative solution to the ever growing blockchain world.
History and Development of Phala Network (PHA)
Phala Network Foundation was established in 2018. After one year, PHA raised $1.68 million in two private token sale rounds. This amounted to a 15% increase from the initial token supply allocated to investors.
In September 2020, the PHA crypto token was initially released as an Ethereum token and later as a Kusama token in 2021.
The latest price of the PHA token as of February 26, 2024, is $0.127, with a 24-hour trading volume of $6,731,506. The token reached its highest price of $1.39 on May 15, 2021.
How to Buy Phala Network (PHA)
Interested in purchasing this particular crypto asset? You can buy Phala Network (PHA) by following these steps:
- Install Nanovest app on the App Store or Play Store.
- Register according to the instructions.
- Verify your identity for security and convenience when buying crypto through the KYC feature which you can do in just 1 minute.
- Top Up your balance to your Nanovest account.
- Go to the Crypto menu, search and select Phala Network (PHA).
- Click the Buy button and confirm the purchase with your desired amount. You can start with only IDR 5,000.
Before investing in the crypto asset, be sure to conduct research and analysis first. You can do this by checking the crypto asset profile, industry conditions, monitoring price movement trends, and observing its liquidity and trading volume. Performing this analysis is crucial so you can formulate an accurate investment strategy and minimize losses.
Is it Safe to Buy Phala Network (PHA) on Nanovest?
Absolutely. Nanovest is supported by a number of professional partners with a strong reputation for providing quality services. One of these includes the technology backing of the S-Quantum Engine by Sinarmas Financial Services.
For global and US stocks, Nanovest collaborates with brokers registered with the Financial Industry Regulatory Authority (FINRA) in the United States – which ensures Nanovest users’ broker accounts up to US$500k by the Securities Investor Protection Corporation (SIPC) in the United States.
As for crypto assets, Nanovest is an Indonesian crypto exchange registered with the Commodity Futures Trading Regulatory Agency (Bappebti). The Nanovest platform itself is also insured through a partnership with Sinarmas Insurance.
Disclaimer
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