Phala Network update: PHA Live price, price chart, news and markets

The PHA price update as of now is $0.04162. In the previous 24 hours, its trading volume was $4,239,775, and its value has decreased by -3.41%. As of now, PHA's live market cap is $41,620,416, and it is ranked as the #491 on the Coincu. PHA has a circulating supply of 1,000,000,000 and a maximum supply of 1,000,000,000.

Secure and Interoperable Blockchain Solutions with Phala Network

The advent of blockchain technology has revolutionized transaction recording by providing a tamper-proof distributed ledger. However, traditional blockchains present challenges in terms of data security and privacy. To address these issues, the Phala Network (PHA) project was developed, offering a powerful security solution while maintaining interoperability between contracts.

What Makes Phala Network Stand Out?

Phala Network, built on Polkadot's Substrate, is a smart contract platform that utilizes secure technology based on Trusted Execution Environment (TEE). This ensures that crucial data for users and businesses remains securely stored on the Phala Network.

Unveiling the Objectives of Phala Network

To enhance network stability, Phala Network employs a consensus mechanism called Nominated Proof-of-Stake (NPoS). It consists of three integral components:

• Phala Network Blockchain: Serving as the core component of the Phala Network system, this is where important data from nodes is stored, and transaction processing requests are handled. As a Parachain on Polkadot, it seamlessly interacts with other blockchains through Polkadot's Relay Chain.
• Gatekeeper: The Gatekeeper is responsible for managing and organizing information and data in a specific order to maintain network stability. Users must stake a significant amount of PHA on the Phala Network system to become a Gatekeeper.
• Miners: These individuals execute smart contracts, validate transactions, and record them on the blockchain. Becoming a Miner only requires staking a small amount of PHA on the Phala Network system.

Distinctive Features of Phala Network

Phala Network offers a range of exceptional features that set it apart:

• Isolated, Trustless & Decentralized: By storing and processing user data in a private and independent space, Phala Network ensures privacy and security. The network only exports data with the user's permission.
• Compatibility: Phala Network's smart contracts are compatible with various standards, such as Intel SGX and AMD SEV, enabling seamless integration with existing technologies.
• Absolute Data Security: Through the combination of TEE and blockchain security technology, Phala Network creates a distributed cloud that securely stores user data. The NPoS consensus algorithm further enhances the platform's stability, safety, and security.

The Primary Products of Phala Network

Phala Network has developed three main products:

• pLIBRA: Acting as a bridge between Polkadot and Libra, this product facilitates interaction between decentralized financial applications on Polkadot and Libra, a digital asset built on Facebook's blockchain technology.
• Web3 Analytics (W3A): Currently under development, W3A is an on-chain data analysis tool similar to Google Analytics. It will analyze users' information and data without compromising their personal privacy.
• Phala Dark Wallet: Serving as a storage wallet for ERC-20 cryptocurrencies, this product enables users to securely store, send, and receive cryptocurrencies.