PHALA NETWORK (PHA)
I have started to build up my portfolio with crypto investments within the polkadot ecosystem.
I have stumbled apon PHA. I want to start a discussion about this gem and see if other people have picked up on this and what are there opinions on the coin.
I have been researching this gem coin for about 3 weeks now in depth. I have to say i have never seen anything like it before. it is one of the most advanced gems i have ever seen. I see this coin as having extreme potential with x100 returns (what coin backed by web3 hasnt had a x100 return)
Phala is the first confidential smart contract network built on Substrate, aiming to provide confidential computation and data protection services for enterprises and users. Phala Network would serve the whole Polkadot ecosystem as one of the Polkadot parachains.
The reason why thus parachain is different is because phala applies TEE (Trusted Environment Execution) which allows confidential data to run in an isolated and private environment and outputs results alone with authorization.
An example: Google wants the DAU (Daily Active User) data in the recent 100 days on Facebook. Facebook is willing to share yet worrying about user data leak. Here’s how they could perfectly solve the problem with Phala Network:
Google developers write their requests into codes on Phala Network and send them to Facebook;
Facebook developers receive the requests and started to run the codes locally in Facebook’s nodes;
Only results are outputted and sent to Google, instead of all activity information containing sensitive user data.
The world is trying to put a price on privacy. Security coins like these for blockchains are the future, as crypto grows to new heights the need for security grows.
Links for further research:
One of the best analysis videos
There white paper (easy to understand) https://files.phala.network/phala-token-economics-en.pdf
Easy to understand questions and answers https://medium.com/phala-network/phala-network-faq-5cd99bf1d152#:~:text=What%20is%20Phala%20Network%3F,one%20of%20the%20Polkadot%20parachains.
https://medium.com/phala-network/phala-roadmap-of-mainnet-and-parachain-auction-d85066306d60