Home / Parachains / Phala Network

Phala Parachain
The Beginner's Guide

Phala Network (PHA) is a project focused on offering a secure and private distributed computing platform, which uses the TEEs available on many CPUs to achieve the construction of a blockchain network with advanced smart contract and privacy capabilities.

1. PROJECT

What is Phala Crypto?
Privacy-Enhanced Permissionless Computing Protocol

The Phala network is a decentralized cloud computing protocol that aims to rival traditional (web2) cloud computing services such as Amazon AWS or Google Cloud.

In other more specific words, 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.

Introduction to Phala Parachain

Privacy

Data

Parachain first block: 2022/04/01 20:35:24 (+UTC)

Phala Network is a privacy-preserving cloud computing service based on Substrate that provides computational power comparable to existing cloud services and protects the privacy of managed programs.

Based on the hybrid TEE-Blockchain architecture, developers can deploy confidential smart contracts executed inside TEE enclaves on the CPU.

2. TOKEN

What is Phala Token (PHA)?

PHA is the native token of the Phala Network platform and it is a utility token that has different functions. Its main function is to reward the miners and Gatekeepers of the network, since they are responsible for the operation and security of the network. The total supply is 1 billion tokens.

The exit of the PHA token was done through a private token sale at a price of $0.01, which was allocated 15% of the total supply of PHA (150 million PHA tokens). Beyond that, no ICO took place, nor any other sale.