What is Phala Network (PHA)

Phala Network or PHA is a decentralized cloud solution for the Web 3 Ecosystem. At their platform, users can experience secure and scalable computing. Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (PHA/USDT – Trade it here) on our Innovation Zone! Check it out now!

What is Phala Network (PHA)
What is Phala Network (PHA)

What is the Aim of Phala Network?

Phala Network is here to take on traditional cloud computing services. It is a decentralized computing protocol that provides secure and scalable solutions similar to Amazon AWS or Google Cloud. With Phala, you can utilize the unused capacity of everyday computers for a more distributed approach to cloud computing and storage, creating large-scale data repositories for users to access computing resources like data storage and processing power on the web.

How Does Phala Network Function?

The Phala Network protocol involves several key roles, including:

  • Users: These individuals utilize the blockchain and worker nodes to deploy, query, and interact with smart contracts. Verification of the blockchain and cryptographic evidence can be done using a light client or full node, without requiring specialized hardware like TEEs for confidential contracts.
  • Worker Nodes: These off-chain nodes use TEE-compatible hardware to execute confidential contracts. Each node runs a special program called pRuntime, which has a built-in VM to run contracts and cooperates with the blockchain for full contract lifecycle support. Worker nodes can be divided into three roles: Genesis Node, Gatekeepers, and Miners.
  • Remote Attestation Service: A public service that validates whether a worker node has correctly deployed pRuntime, providing cryptographic evidence to prove that output is produced by pRuntime running inside a TEE. Intel SGX’s Remote Attestation Service is used for this purpose.
  • Blockchain: The backbone of Phala Network, storing the identities of worker nodes, published confidential contracts, encrypted contract states, and invocation transactions from users and other blockchains. It can interoperate with other blockchains through the Polkadot relay chain when connected to a Polkadot parachain slot.

Gatekeepers, which are dynamically elected on the blockchain and stake a large amount of Phala tokens, play a vital role in ensuring network security and availability. Miners, on the other hand, get paid for providing computing resources to users and need only stake a small amount of the Phala token. With this network, you can confidently deploy confidential contracts without relying on traditional cloud computing services.

Is Phala Network a Good Investment?

Technically, Phala Network is a platform that could provide users with a ton of benefits. However, many people find it complicated and can sometimes be confusing. Overall, it has the potential for a good long-term investment if you know what is happening. However, as with any investment, there are certain risks, and it’s important to weigh these risks against the potential rewards before making any decisions. This is not financial advice.

Where to buy PHA Token

You can find PHA Token here at MEXC! We are listing PHA/USDT in our Innovation Zone!

What is the Price of PHA Tokens?

The price of the PHA token is $0.1756 per unit. It has a market cap of $88,733,066 and a fully diluted market cap of $172,914,853. It also has a 24-hour trading volume of $10,461,124. You can check the live price of their token right here!

How to buy PHA Tokens

You can buy PHA Tokens on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “PHA” using the search bar to see the available trading pairs. Take PHA/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of NMR you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy PHA] to confirm your order. You will find the purchased PHA in your Spot Wallet.

You can find a detailed guide on how to buy PHA Tokens here.

Keep Yourself Updated With The Crypto Trend

Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshots and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!

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