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Phala Network (PHA) is the 250th largest cryptocurrency in the world by market cap, valued at $153,500,000. The current price of Phala Network is $0.1535, which is 2.265% higher than yesterday. Prices have ranged between $0.187296 and $0.142914 over the past 24 hours. All prices are listed in US dollars and accurate as of January 26, 2023 08:01 UTC.
The Phala blockchain is a privacy-focused crypto project for data protection and smart contracts. The network is one of a few crypto projects looking to make the crypto space truly private.
According to Phala’s website, the Phala network was built on Substrate and is, therefore, interoperable with the Polkadot ecosystem. It also runs as a Parachain within the Polkadot ecosystem, making it an interoperable blockchain in its own right. However, it takes interoperability to the next level by allowing all interoperable smart contracts to be completely confidential. Working on Polkadot, Phala provides privacy-preserving smart contracts via its Trusted Execution Environment (TEE) hardware. All those with TEE supported devices can support the Phala network as a TEE node. Phala is also the name given to the native utility token, also known as PHA. Token holders can use PHA to buy trusted computing resources in the Phala network or data exchanges. By holding a particular amount of PHA tokens, a user can also join the Phala Decentralized Autonomous Organisation (DAO) and participate in community governance.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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