1st Halving Period Will Happen on #2,763,069 Khala Block Height Since Gemini Upgrade
Phala (Phala&Khala) launched the Gemini Tokenomics at Khala block height #1,467,069 (04/08/2022, UTC+0). This means that the calculation of compute rewards (CR) does not distinguish between Phala or Khala Networks, sharing 70% of the reward pool.
As discussed in Gemini tokenomics, the supply of $PHA rewards will be reduced each 1,296,000 blocks (1,296,000 blocks =180 days x 7200 blocks/day). It’s the 1st halving after the Gemini update.
The 1st halving, will take place 1,296,000 blocks later at Khala block height #2,763,069. As of writing, we are on #2,668,414 (publish time), and the average block length is around 13s, the next halving will happen on Monday 21st November at about 2 pm UTC+0. The actual time is based on on-chain data. At that point rewards will reduce by 25%.
Increasing $PHA’s utility
Phala’s native token, $PHA, is currently the only token in the Phala Network. It is widely utilized as an incentive within the compute resources suppliers, which we call workers. It will also be available for consumption in the future for the use of Phala Network computing resources.
The recent launch of PhalaWorld NFTs, marks $PHA’s first application within the Phala ecosystem, NFT transactions. Phala is continuously expanding the utility of $PHA amongst our other applications, such as Phat Contract. This is also in the pre-launch phase and adding its economic model; more and more ecosystems are accessing SubBridge, allowing $PHA to flow in different chains and adding more and more usage scenarios.
No matter the use of Phala cloud computing resources, PhalaWorld, Phat Contract, SubBridge, and future products will increase the $PHA’s utility and create a perfect closed loop for building Phala’s ecosystem.
Phala team is working hard to build more application scenarios and also encourage and support other teams to assist Phala to expand more ecologies.
📖 Reference
- Must Read Before Gemini Upgrade: https://medium.com/phala-network/must-read-before-gemini-upgrade-580e0ea4b56b
- Phala Tokenomics: https://wiki.phala.network/en-us/learn/tokenomics/tokenomics
About Phala
Phala Network tackles the issue of trust in the computation cloud.
By organizing a decentralized network of computation nodes around the world, it offers high-performance services without relying on any cloud vendor. Phala workers run the programs in Secure Enclaves, a privacy technology already embedded into modern processors, enabling versatile and confidential execution. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
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