Phala Network
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Phala Network

Recap: Phala’s AMA with Binance France

The AMA with Binance France featured Phala’s Co-Founder Marvin Tong. Let’s take a look at what Phala has been up to.

Khala Network is a parachain of Kusama based on Substrate, and is the “canary chain” for Phala Network. Khala went live after winning a Kusama slot auction in mid-July. Phala team made a detailed description for Khala Network Launch Evolution, which is separated into 4 stages.

Missions we have completed are:

-1) Released Phala wallet and distributed 24,961,006 K-PHA to Crowdloan contributors and early miners.

-2) Launched Ethereum >> Khala one-way bridge for PHA on August 6th, users can transfer ERC-20 PHA to K-PHA in a decentralized way with no fee beyond an Ethereum transaction fee. It’s the first official parachain-Ethereum bridge on the Substrate ecosystem. The bridge has passed an audit by CertiK, the world’s top blockchain security company.

-3) We are currently in the 3rd stage. We just finished the 1st council member election and voting for the 1st proposal of the new eco model and TEE(Secure) mining is going on right now.

The network’s Economic White Paper was prepared by a PhD in Economics who studied under Nobel prize winner Jean Tirole. Phala utilizes both cutting edge economic theory and well-established tools to ensure that the network sustainably attracts real-world utility without sacrificing its decentralized nature and exponential growth in value.

We detach Consensus from Computation to make Servers “Behave”. The “TEE worker” which is also called “secure worker” will work on Computation in order to secure the cloud of Workers and the jobs they are assigned. The network will set Confidence Level for each worker’s CPU and will require Staking to enable mining. Each worker can earn value V only if he/she first stakes a number of PHA tokens based on its CPU score and enters the mining system and starts TEE Mining afterwards.

We are under the testing phase of TEE mining now which is very easy for people who have little dev knowledge background to attend. Khala, which is Phala’s pre-mainnet launched on Kusama, will start to mine soon. A total of 700 million PHA are to be used as total mining rewards (Khala+Phala). The Phala team will transfer 10 million (1% of the total initial coin supply) from this address to serve as the Khala Mining reward subsidy pool (the remaining 690 million PHA to be future Phala Mining reward subsidy pool).

You will need a little knowledge of development but no need to go too deep. If you’re familiar with hardware then it will be perfect. We have a special tutorial to teach you how to attend a mining test. On the Para-2 testnet, you can experience every facet of secure worker mining which simulates the real mining environment. In the Console, you can even set staking parameters and check profits.

🚀 Try Para-2 now 👉

🚀 Guidance:

🚀 Console:

How to update your worker from Para-1 to Para-2?

Before participating, please read the economic model carefully to avoid punishments.

We are under the testing phase of TEE mining now. We just updated our test net from Para-1 to Para-2 on Sep. 8th. The development team fixed some tech issues which happened in the para-1 test net. We have an official forum and TG channel just for miners. There are more than 5,000 miners in the community who are distributed in different countries. We will launch a dashboard for miners soon then you can check the data online. We also want more members to join Khala as our secure mining workers in order for the whole Khala network to come to a balance where everyone will get their reward from mining. The pic shows the budget for mining.

According to the stats of PoC2 and PoC3, we believe it’s probable to break the peak of 3,000 workers on Para-2.

Yes! We announced the Khala democratic governance mechanism. And the first 5 council members were elected. All of the members are very experienced in Web 3.0 build and have extensive knowledge on blockchain. Some of them have worked for the Polkadot ecosystem for a long time and will guide Phala DAO to a brighter future.

The council member election brings Khala Network to the third stage which we call the “Cretaceous Age”. The first proposal “Khala Runtime Upgrade- Launch Secure Worker Mining and Token Staking” was submitted last week, which means Khala/Phala are gradually moving towards a stage of democratization. All community members can attend our DAO governance and submit their proposals.

Also Khala Secure Worker Mining will be launched September 17! On September 3, Khala Network released the 1st Khala democratic governance referendum, passed the Voting Period, and entered the Enactment Period. The referendum will become officially passed during the Enactment Period on September 17. After passing, the Khala network will officially launch Secure Worker Mining and Staking.

The official launch of mining means that Secure Workers can obtain Khala rewards by registering and working online. At the same time, all users can use the decentralized application Phala App to join StakePools to begin staking and participate in the distribution of income to the set of miners associated with the StakePools.

We will add more support for mining cpu models. Next, we will focus on ecological development, including DeFi, NFT, and some Dapps. We are already listed on PancakeSwap, Alpaca Finance, and Binance Bridge in the BSC ecosystem.Everyone is welcomed to experience. We will open the transfer function soon as well. At the same time, we are also actively recruiting developers so if you have any friends who are interested, they are more than welcome to communicate with us. Referrals will be rewarded.

About Phala

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.

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