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Short About: PHALA NETWORK

Website, Medium, Twitter, Telegram.

Type: Privacy

Phala is the first confidential smart contract network built on Substrate, aiming to provide confidential computation and data protection services for enterprises and users.

First implemented Stakedrop technology for Kusama token holders.

What problem solves: privacy protection of blockchain.

Evolution stage: Testnet. In September 2020 testnet PoC-3 (plus PHA mining test) is planned.

Mainnet is planned to be launched in 2020 Q3: first testnet PoC-4, then mainnet.

What product does Phala have?

  • Web3 Analytics: a cutting-edge data analysis tool for next-generation, able to analyze user data and output results without invading personal privacy.
  • Recently Phala Network introduced Phala Dark Wallet: next-generation privacy-protecting wallet where you can hide your private assets and data, anytime, anywhere as you wish.

Phala Dark Wallet consists of two modules:

  • Normal Wallet: simple and the same as other wallets
  • Dark Wallet: secret assets converted into “invisible” on-chain.

Where can be stored and transferred 2 type of assets:

  • PHA — Phala Network native token
  • Secret PHA — Self-issued private tokensFunction

What can be Phala Wallet can be used for: convert assets from public (visible) to private; secret transfer dark asset to a recipient, which will not be identified as a “transfer” in block explorers but a phalamodule; issue secret token (issue your own secret assets whose balance and transfer records will be invisible)

Turtotial

Token: PHA. Total supply of PHA: 1 billion. Main functions: network utility and governance.

Mining would be available as the mainnet launched.

How to mine: Phala will distribute 700 million PHA through Matrix Mining. Participants can attend Matrix mining in 5 different ways:

  • to keep node online
  • to contribute data to Phala Network
  • to develop on Phala
  • to trade data at Phala data market
  • to complete computation missions

How to buy/which exchange/when to buy? $PHA is not listed yet. Listing will be at the end of this year.

Another ways to get $PHA:

Disclaimer: some information like testnet/mainnet stage, bounties, and other actions is valid at the moment of creating this article (September 2020) and can be invalid later.

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