Phala.Network (PHA) is a cryptocurrency of the Phala Network, a privacy-focused blockchain platform that emphasizes confidential smart contracts and data privacy.
Phala Network
Phala Network is built to enable developers to build privacy-preserving decentralized applications (dApps) and to ensure data security and privacy within blockchain transactions.
Phala Network specializes in confidential smart contracts, which allow developers to build dApps that can handle sensitive data without exposing it on the blockchain. This is particularly important for industries like healthcare and finance.
The network utilizes Trusted Execution Environments (TEEs) to provide privacy and security for data processing within smart contracts. TEEs ensure that data remains confidential and tamper-resistant.
PHA Token (PHA)
PHA is the native utility token of the Phala Network. PHA tokens can be used to pay transaction fees on the Phala Network when users interact with smart contracts or conduct other activities.
PHA token holders can participate in staking to support the network’s Proof-of-Stake (PoS) consensus mechanism. Stakers help secure the network and are rewarded with additional PHA tokens.
Disclaimer. This article is for informational purposes only and should not be viewed as an endorsement by CoinIdol. They are not a recommendation to buy or sell cryptocurrency. Readers should do their research before investing in funds.
