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Phala Network PHA Price

$0.153

-7.6%

$0.148

24h Range

$0.167

Market Cap

$119,184,117.8

Fully Diluted Valuation

$153,174,539.6

24 Hour Trading Vol

$32,847,442.9

Circulating Supply

778,093,527.6

Total Supply

1,000,000,000.0

Max Supply

Info

PHA Price Statistics

Phala Network Price

$0.153

24h Range

$0.148 - $0.167

Percent Change 1h

2.42%

Percent Change 24h

-7.6%

Percent Change 7d

-17.7%

All-time high

$1.39

All-time low

$0.065

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About Phala Network

What is Phala Network (PHA)?

Phala Network (PHA) is a decentralized cloud computing platform built on the Polkadot ecosystem. It aims to provide a secure, privacy-preserving environment for applications utilizing confidential computing. The network leverages Trusted Execution Environments (TEEs) to ensure data privacy during processing. Phala enables developers to deploy applications that can handle sensitive data without exposing it to the public, thus addressing concerns related to data privacy and security in cloud computing. As of early 2024, Phala Network has made significant strides in enhancing its infrastructure and expanding its user base.

Who are the Founders of Phala Network?

Phala Network was co-founded by a group of talented individuals, including Dr. Yifan He, who serves as the CEO, and Dr. Jianxiong Wang, the CTO. Dr. He has a background in computer science with a focus on blockchain technology, while Dr. Wang specializes in cryptography and secure computing. Together, they have brought extensive expertise to the project, aiming to push the boundaries of privacy in the blockchain space.

How does Phala Network Work?

Phala Network operates by utilizing a combination of blockchain technology and TEEs. The primary components include:

  • Confidential Smart Contracts: Phala allows the execution of smart contracts in a confidential manner, meaning that the data processed within these contracts remains hidden from all parties, including the network validators.
  • Secure Nodes: The network consists of a decentralized network of secure nodes that run the TEEs. These nodes are responsible for processing confidential computations and ensuring that data is processed in a secure environment.
  • Phala Tokens (PHA): PHA is the native utility token used within the Phala ecosystem. It is used for incentivizing secure node operators and for paying for computation resources.

Phala Network employs a unique consensus mechanism that combines Proof of Stake (PoS) and a specialized version of Proof of Authority (PoA) to maintain security and efficiency. The overall architecture allows developers to create decentralized applications (dApps) that require privacy and security, thus broadening the scope of blockchain use cases.

Top Use Cases of Phala Network

Phala Network supports various use cases, including:

  • Data Privacy for dApps: Developers can build decentralized applications that process sensitive user data without compromising privacy.
  • Confidential DeFi Solutions: Phala enables decentralized financial applications where user transactions and financial data remain confidential, protecting users' financial privacy.
  • Secure Data Sharing: Organizations can share sensitive data without exposing it to unauthorized access, making it suitable for industries like healthcare and finance.
  • Privacy-Preserving AI: Developers can create AI applications that process sensitive datasets while ensuring that the data remains private, thus enabling ethical AI development.
  • Identity Verification: Phala Network can facilitate secure identity verification processes that protect user identities during transactions.

How to Keep your Phala Network Safe?

Ensuring the safety of your Phala Network experience involves several best practices:

  • Secure Wallets: Always use secure wallets for storing your PHA tokens. Hardware wallets provide an additional layer of security against hacks.
  • Enable Two-Factor Authentication (2FA): Use 2FA for any platforms that support it to enhance your account security.
  • Stay Updated: Keep your software and wallets updated to the latest versions to protect against known vulnerabilities.
  • Be Cautious of Phishing: Always verify URLs and sources before entering sensitive information to avoid phishing scams.
  • Engage with the Community: Stay connected with the Phala community through official channels to receive updates and support.

How to Invest in Phala Network (PHA)?

Investing in Phala Network (PHA) or any other cryptocurrency involves several steps:

1Choose a Reliable Exchange: Select a reputable cryptocurrency exchange platform like Coinbase, Binance, or Okx. These platforms allow you to buy, sell, and trade cryptocurrencies.

2Create an Account: Sign up for an account on your chosen exchange by providing the necessary personal information and completing the verification process.

3Fund Your Account: Deposit funds into your exchange account using various methods like bank transfers, credit/debit cards, or wire transfers.

4Buy Phala Network: Once your account is funded, you can purchase Phala Network directly from the exchange. Choose the desired amount and complete the transaction.

Investing in Phala Network (PHA) Using Botsfolio:

Botsfolio is a platform that automates cryptocurrency investments using trading bots. To invest in Phala Network using Botsfolio, follow these steps:

  • Create a Botsfolio Account: Sign up for a free account on the Botsfolio platform.
  • Create Portfolio: Select an investment type from available options such as Premade crypto portfolios OR Custom crypto portfolio.
  • Connect Your Exchange: Link your chosen cryptocurrency exchange account to Botsfolio through fast connect or API key to enable seamless investing.

Botsfolio allows you to automate your cryptocurrency investments, potentially saving time and effort while optimizing your trading strategies.

What is the Price Prediction for Phala Network (PHA) in the Long Term?

Phala Network (PHA) is currently trading at $0.153 and exhibits good potential for future growth. Check the latest Phala Network (PHA) price prediction.

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