What Is Phala Network (PHA)?
Phala Network is a Web3.0 community-driven, confidential smart contract network that is enabled by a TEE-Blockchain Hybrid Architecture. TEE or Trust Execution Environment is a special hardware component that is isolated from the rest of the system. With the help of Web3.0 tools, Phala aims to make blockchain confidential eliminating third-party intermediaries. Web 3.0 represents the next phase of the evolution of the Internet/web.
According to the whitepaper, Phala supports cross-chain integration as a native blockchainbuilt on Substrate. This empowers Phala to become the infrastructure of confidentiality for any blockchain across the world. Substrate is an open-source framework that makes building a blockchain fast, cheap, and easy. Phala Network decouples the computation from the chain to miners or off-chain secure workers. The secure workers of the network leverage TEE to ensure the performance of blockchain’s computation, confidentiality, and security.
PHA is the native token of Phala Network. The team of Phala seeks to distribute tokens via ERC20. One of the main features of the Phala Network includes a security guarantee. The network guarantees security by fining the users who betray the Gatekeeper rules. In the Phala network, Gatekeeper orTEE miner is the core role that maintains the stability of the consensus. To be a Gatekeeper in the Phala Network, one must stake a certain amount of PHA. Miners who stake more PHA would be consideredmore trustful.
PHA token is the core of Phala governance. PHA token holders participate in community proposals by initiating proposals, voting on valid proposals, and changing the order of proposals.
History of Phala Network (PHA)
Hang Yin is one of the co-founders of Phala Network. He is the former senior software engineer at Google. Moreover, he has profound experience in artificial intelligence. Marvin Tong, the investment advisor of PAKA Fund, is also a Co-founder of Phala. Jun Jiang is the CTO of Phala Network. The maximum supply of the PHA token is one billion.
