Phala Network is cloud computing service that offers computational power comparable to existing cloud services and protects the privacy of managed programs. Phala coin is the token of this platform. Detailed information about what is Phala Network coin PHA, how does it work, how much it costs, where to buy, etc. is in the continuation of the content. You can browse here for information about HIVE coin.
What is Phala Network coin (PHA) and how does it work?
Phala Network is cloud computing service that offers computational power comparable to existing cloud services and protects the privacy of managed programs. Based on the TEE-Blockchain Hybrid Architecture, developers can deploy secret smart contracts running inside TEE Enclaves on the CPU. Phala is also based on Substrate and will work as a parachain of the Polkadot ecosystem.
Phala Network’s native cryptocurrency and native utility token is PHA and is used for:
- Trusted Computing Resources: Using PHA tokens, trusted computing resources and data exchanges on the network can be purchased (e.g., trusted computing power, on-chain computing and storage resources, and off-chain storage).
- Data Exchange Fee: Phala provides a contractual data exchange infrastructure for standardized data collection, analysis and transaction protocols. With Phala’s protocol, a confidential but reliable exchange ecosystem has been created for both buyers and sellers.
- Security Guaranteed: Gatekeepers must deposit a certain amount of PHA tokens, which may be deducted due to misconduct.
- Governance: Stakeholders with a certain amount of PHA can join Phala DAO to participate in community governance.
Where to buy Phala coin (PHA)? How much is the PHA token price?
PHA coin can be purchased from crypto exchanges where it is listed. But it is necessary to make sure that the exchange is “reliable”. As of September 14, 2021, the price of 1 PHA coin is around $ 0.86. The circulating supply of the Phala Network coin is 272,000,000 units, and the total and maximum supply is 1,000,000,000.
Caution: The information contained in this content is for informational purposes only. It is not investment advice.
For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency