Phala Network (PHA) is a privacy-preserving computing service built on substrate, aiming to offer computing power comparable to existing cloud services. It aims to protect the privacy of managed users and enterprises. A main concern for public blockchains is privacy, and it prevents many individuals and businesses from using them. Phala Network aims to resolve this issue by providing confidential smart contracts and data protection services.
Phala is based on TEE-Blockchain Architecture where developers can deploy smart contracts. TEE refers to Trusted Environment Execution which allows confidential data to run in a private environment and outputs results alone with authorization.
PHA is a utility token that can be used for the following cases:
Swyftx Cryptocurrency Exchange has small spreads and low trading fees when you buy Phala Network.
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