Phala Network: the crypto service of the future?

Updated on Oct. 21, 2022 at 11:25 a.m.

Phala Network is a popular project at the moment but still remains very little known. A shame when you understand the multiplicity of applications of this project.

Focused on the future and the Web3, Does Phala Network have as much potential as it claims? Are we heading towards a mass adoption of this crypto service?

Phala Network: what is it?

Phala Network is a pioneer in the crypto universe. He assigns himself 3 main roles.

Firstly, this network allows the creation of smart contractscalled “phat contracts”, anonymous, decentralized, cross-chain and secure.

Phala Network the crypto service of the future

Secondly, Phala Network offers a cloud service permissionless, ultra secure and very low latency.

It relies on significant computing power to revolutionize the Internet network and cloud services and thus offer more efficient alternative solutions for businesses and individuals.

Finally, like MoneroPhala Network allows its users totransact anonymously and at very low cost.

The project is therefore in direct competition with services such as Google clouds, Monero or Oasis Network. However, it has many advantages over its competitors.

To operate, the Phala network uses an architecture combining TEE (Trusted Execution Environment) and blockchain.

Thanks to this particularity, he obtains a level of maximum securitybrought by the TEE part, and an excellent level of robustness provided by technology blockchain.

Based on also Substrate, the network acts as a para-chain of Polkadot and has many use cases:

  • Secure data sharing;
  • Protection of user data;
  • Management of sensitive documents such as commercial documents, confidential contracts, etc.;
  • Protection of information on orders placed on the decentralized exchanges.

Phala Network also develops tools borrowed from Web2 to transpose them to the vision of confidentiality specific to the Web3 :

  • Web3 Analyticsan analysis tool that competes directly with Google Analytics;
  • Darkpoola exchange decentralized with the particularity of being completely anonymous;
  • Other projects are under development and tend to become essential tools for the Web3.

PHA crypto: Phala Network’s utility token

Launched in September 2020, the AHP is the native token of Phala Network. He acts like a utility token in the project ecosystem.

It offers interesting use cases for the network and its users.

It allows users to purchase computing resources like cloud system access. In the case of data exchanges, the sending and receiving users use the PHA as a currency to pay the costs inherent in this service.

It is also a governance token. PHA crypto holders can join the Phala CAD to participate in community governance.

The PHA also plays a role in the operation and security of the network. Phala Network is based on 2 types of nodes.

On one side we have TEE miners who are responsible for validate transactions through computing power.

This mission is open to any individual equipped with a powerful computer and ready to make its computing power available to the network. However, it requires a (low) amount of token to be staked.

TEE miners do not have access to the data they process. Confidentiality is therefore not jeopardized.

On the other side we find the Gatekeepersthe validators responsible for maintaining and securing the blockchain. The latter operate as a relay between users and TEE miners.

They are selected and a large amount of PHA token must be staked in order to encourage them to act for the good of the community. blockchain.

A penalty system is also set up following fouls committed by the Gatekeepers.

Penalty for malicious Phala Network nodes
Penalty for malicious Phala Network nodes. V equals the amount staked by the Gatekeepers.
Source : docs Phala Network

The PHA token therefore represents the token to be staked for the nodes but also their reward when the task is correctly accomplished.

Phala crypto review: a crypto service with great potential

To begin with, it is important to remember that the Phala Network project is supported by serious founders: Hang Yin, Marvin Tong, Zhe Wang and Jun Jiang. All have interesting and recognized backgrounds from GoogleTencent, Didi or even Bitcoin Gold.

Added to a tokenomics interesting, it is therefore easy to think that the project is based on a solid structure and that it has the ambition to continue over the long term.

During October, theexchange decided to list the PHA token on its platform.

This news had a more than beneficial effect for the token which saw its value explode by nearly 500% in 24 hours. It had been oscillating since May between $0.14 and $0.065. The volumes exchanges have also skyrocketed.

PHA Courses - Phala Network
PHA course. Its value has exploded by 500% in recent days.
Source : TradingView

However, during a bear market like the one we are currently experiencing, services such as Phala Network have tendency at take a back seat for investors and users. Especially since the Web3 has not yet received general approval and is still in its infancy.

The missions of Phala Network remain all the same innovative and diversified.

the Web3 develops whatever one says about it and Phala tends to establish itself as a project to be reckoned within such a way that the request to access its service can only grow in the coming years.

It outperforms its competitors as Google, Monero or Oasis Network on many aspects.

In this sense, Phala Network responds to an essential problem in recent times: non-consensual sharing of personal data. By combining interesting resources, this network promises to develop the Web3 and propose safer solutions than can be offered by Google Where Amazon for example.

To note

In June 2021, Google had leaked 8 billion of its users’ passwords. Phala Network decentralizes and secures this kind of data to make it inviolable.

The success of the past few days deserves special attention on Phala Network’s PHA.

Although these services are still timid to impose themselves, it has significant supports such as Garvin Wood, co-founder ofEthereum and creator of Polkadot and Kusama.

The future therefore seems promising for this project.

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Phala Network: the crypto service of the future?

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