Buy Phala Network

Phala Network is a decentralized cloud solution that offers secure and scalable options for decentralized data storage. It is comparable to large cloud services such as Amazon AWS or Google Cloud, but Phala Network distinguishes itself from these services by being decentralized and protecting user privacy through a Trusted Execution Environment (TEE).

Users of Phala Network have access to large scalable data storage and processing power, allowing them to store data and execute smart contracts confidentially. Phala Network combines the power of Web 2.0 with the security and privacy of Web 3.0 and the benefits of the Polkadot blockchain.

PHA is the native token of Phala Network and plays an important role within the ecosystem. The PHA token is used for creating and executing smart contracts on Phala Network, for staking and mining, and for participating in governance, through the Phala DAO.

Who founded Phala Network (PHA)?

Phala Network was founded by a team of experts, including Hang Yin, the founder and lead developer of Bitcoin Gold, and former senior developer at Google. Marvin Tong, former senior product manager at major Chinese internet companies such as Tencent, is also one of the founders, as is Zhe Wang, a hardware engineer and core member of Bitcoin Gold in China. Together with Jun Jiang, CTO of KnewOne and senior software architect at Dji, and Shunfan Zhou, who has extensive experience in blockchain security, they form the core team behind Phala Network.

Phala Network can be used for various applications, including:

• Trusted cloud computing: Phala Network offers an alternative to traditional cloud services by deploying decentralized and secure computing resources.
• Privacy-protected DeFi transactions: Phala Network enables privacy-protected DeFi transactions.
• Data storage and processing: Users can use Phala Network for secure data storage and processing.
• Cross-chain bridge development: Phala Network supports cross-chain bridges that enable communication with other blockchains.

Technically, Phala Network is a complex blockchain. It uses a combination of TEE (Trusted Execution Environment) and blockchain technology to provide a secure environment for data storage. TEE is a security technique built into modern processors, such as Intel SGX and AMD SEV, which allows Phala Network to execute smart contracts in a secure environment.

Within Phala Network there are a number of important roles:

• Users: Every user can create and use smart contracts on Phala Network. This is facilitated by the ‘worker nodes’, so that users themselves do not need special hardware.
• Worker nodes: The worker nodes execute the contracts on TEE hardware and work off-chain. Each of these nodes runs a special program called pRuntime, which has a built-in Virtual Machine (VM) for executing smart contracts and collaborating with the blockchain. The worker nodes can have three functions:
• Genesis node: There is one genesis node that set up the network and determined the cryptographic settings.
• Gatekeepers: Gatekeepers stake PHA tokens to be selected and store the secret keys, thus ensuring the availability and security of the network.
• Miners: Miners stake only a small number of PHA tokens and can enter or leave the network at any time. Miners execute confidential contracts on the network.
• Remote Attestation Service: This public service verifies that a worker node has implemented pRuntime correctly and provides cryptographic proof that the output was produced by pRuntime within a TEE.
• Blockchain: The Phala blockchain is the backbone of the network and is where smart contracts run, worker nodes operate, and all transactions are stored.

The Phala Network blockchain is a parachain within the Polkadot network, allowing Phala Network to seamlessly communicate and interoperate with other parachains within the Polkadot network.

PHA is the native utility token of Phala Network and plays a crucial role in the ecosystem. It is used to purchase trusted data storage, pay for data exchanges, for staking by gatekeepers, and for participating in the governance of Phala Network via the Phala DAO. PHA thus has governance functions and users can vote on future upgrades or submit proposals.

There is a maximum supply of 10 billion PHA tokens, of which 14.7% are in circulation. The price of PHA is subject to market volatility, just like other cryptocurrencies.

You can stake and mine PHA within Phala Network. Miners provide computing power by using their CPU, but must stake at least 1,620 PHA tokens to be allowed to mine. In return for providing computing power, miners receive rewards in the form of PHA tokens.

Gatekeepers must stake a larger amount of PHA tokens and are selected in advance. You can also stake Phala Network at Bitvavo. To do this, log in to your Bitvavo account or create a new account, after which you can purchase Phala Network tokens on the buy page. From your Bitvavo wallet, you can then use PHA for staking.

Phala Network is a unique project for several reasons:

• Privacy protection: Phala Network uses TEE technology in CPUs to execute smart contracts in a secure environment, ensuring data privacy.
• Decentralization: Unlike traditional cloud solutions, Phala Network offers decentralized and scalable cloud storage for Web 3.0.
• Interoperability with Polkadot: As a parachain within the Polkadot ecosystem, Phala Network can interoperate with other blockchains within Polkadot.
• Trusted execution environment: By integrating TEE, Phala offers a unique combination of security and efficiency for executing smart contracts.

What is the difference between Phala Network and Ethereum?

Phala Network and Ethereum are both cryptocurrencies and decentralized networks. However, both projects are fundamentally and technically different from each other. Phala Network focuses on privacy protection and decentralized cloud computing, with a unique integration of TEE technology for secure data processing.

Ethereum, on the other hand, is primarily focused on facilitating smart contracts and decentralized applications (dApps) with no specific focus on privacy and decentralized cloud services that Phala Network provides.

Buy Phala Network coins at Bitvavo. Our Dutch exchange is accessible to both beginners and advanced traders. Follow these steps to buy PHA:

1. Log in to your Bitvavo account or create an account.
2. Deposit money into your account via "Deposit".
3. Go to the Phala Network (PHA) purchase page.
4. Enter the amount in euros or the number of PHA you wish to purchase and click "Buy".

After purchase, your Phala Network tokens will be automatically added to your Bitvavo account. Selling Phala Network is just as easy from your Bitvavo account, allowing you to quickly respond to price changes.

Phala Network is stored safely in your Bitvavo account. Bitvavo stores the majority of customers' digital currencies in cold wallets that are managed offline, which provides a high level of security. We recommend activating two-factor authentication (2FA) as an additional layer of security for your account.

Users also have the option to store their PHA tokens in personal software or hardware wallets that support ERC-20 tokens. Simply add your external wallet address to your Bitvavo account to securely transfer your PHA tokens.