Phala Network (PHA) Feed: Events, News & Roadmap

What is Phala Network?

Phala Network is a confidential platform built on the Polkadot Substrate for data processing. The platform was created with the aim of ensuring privacy and security in the decentralized world, enabling users to control and protect their data.

Phala Network employs unique encryption technologies to safeguard data, and its structure ensures maximum confidentiality in data processing. The protocol processes data in such a way that no party has complete control over the information. This makes it an ideal solution for privacy in decentralized finance (DeFi), personal data processing, and other applications that require a high level of confidentiality.

Phala Network operates on two types of nodes: TEE (Trusted Execution Environment) workers and Gatekeepers. TEE workers, operating on tamper-proof processors, execute confidential contracts and ensure decentralization, robust operation, and censorship resistance. On the other hand, Gatekeepers maintain the Phala blockchain, managing the keys for miners essential for confidential contracts, verifying the security of workers’ hardware and software, and managing the state by recording transactions. Both contribute to a secure and efficient network operation.

The platform’s native token, PHA, plays a key role in the ecosystem. The token can be used for staking and voting in the decentralized autonomous organization (DAO) governance system, providing users with the opportunity to participate in decision-making about the project’s future. PHA is also used to reward network participants for their contributions to the security and stability of the network.