ANN | Para-1 Testnet Goes Live, TEE Mining Test Starts
We are thrilled to announce that the Para-1 testnet is now live! In this phase, we’ll simulate and verify the proper function for the new token economics and TEE Mining mechanisms in an online environment.
Para-1 is a testnet based on parachain mechanisms, replacing the original PoC series of testnets for Phala. Para-1 introduces the new Token Economics and the TEE mining mechanism for TEE Workers so that all miners can experience and test StakePool functions by using test coins. (The tokens mined by the testnet have no value. Participating in the test will not generate any income.)
Khala, the pre-mainnet of Phala Network, has been running on Kusama for a while. To save your time for the syncing of blocks when mining is officially live on the pre-mainnet, we will start the synchronization of nodes for Khala in the script of the para-1 testnet.
Since the nodes may occupy certain system resources, your performance score may be undermined by about 2 cores of the CPU, which is quite normal.
Full details are below.
1. New Token Economics
Value Promise is being introduced for the first time. The virtual score (V) of the Worker node is determined by a combination of a stake multiplier, the miner’s SGX capabilities (ConfidenceScore), the miner stake (S), and the estimated cost of the miner rigs ( C ).
The formula for the initial virtual score is:
For more details, please read New Token Economics
2. TEE Mining StakePool
To secure the cloud of Workers and the jobs they are assigned, the network will set Confidence Levels for each worker’s CPU and will require Staking to enable mining. Each worker can only earn value V if it first Stakes a number of PHA tokens based on its CPU score, after which it can enter the mining system and start TEE Mining.
StakePool is a pool of Stake from a group of parties backing a group of Workers. This provides a middle layer of fund flow between Workers and Stakers and provides for on-chain management of TEE Mining stake.
If a worker misbehaves or fails to respond, it will be punished by slashing the V, which strongly incentivizes participants to ensure their workers are running properly and disincentivizes attempts to cheat.
The Console is mainly for miners and owners of mining pools; it provides on-chain operations and data display of mining machines and StakePools.
Through this panel, users can:
- create and set up personal StakePool
- bind machines or pools
- participate in staking
- suspend/exit TEE Mining
- withdraw staking funds or rewards
4. Participate in TEE Mining Now
Read the Para-1 Testnet Mining Guide to get access to start your mining.
Phala Network tackles the issue of trust in the computation cloud.
This blockchain is a trustless computation platform that enables massive cloud processing without sacrificing data confidentiality. Built around TEE-based privacy technology already embedded into modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures processing power is highly scalable but not wasteful. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.
On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala to enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.