PHALA (PHA)$0.10
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PHALA current price is $0.10 with a marketcap of $76.83 M. Its price is -0.26% down in last 24 hours.
Phala Network serves as a specialized Coprocessor for Blockchain, enabling developers to deploy Phat Contract powerful off-chain programs that enhance Dapps. These contracts offer expanded functionalities like internet connectivity and heavy computation, effectively overcoming the limitations of WEB3 platforms.
⚠️ The concept of coprocessors in computing arose as a response to the constraints of CPU in managing tasks of growing complexity. This allocation of tasks between the CPU and diverse coprocessors substantially enhanced overall computational performance and efficiency.
✍️ Phala Network has one of the largest Trusted Execution Environments (TEE) on Intel Software Guard Extensions (SGX) hardware, which means that any code or data on Phala Network is protected from unauthorized access by users. Phala addresses developer concerns with expanded developer language support such as JavaScript and ready to deploy Templates for seamless Phat Contract integration, streamlining the experience for WEB3 Developer.
⚠️ In such a powerful technical system, the $PHA token has also found a worthy application, and it indeed plays a crucial role in facilitating proper interaction within the ecosystem.
What is $PHA Used For ❓
$PHA is the utility token of the Phala Network. It is used for:
1️⃣ Trusted Computing: Users spend $PHA to utilize TEE resources for off-chain computations, enabling secure deployment of Phat Contract across various Blockchain.
2️⃣ Security: Gatekeepers, responsible for ensuring network integrity, must stake $PHA, risking its loss for misconduct.
3️⃣ Governance: $PHA holders with sufficient tokens can join the Phala DAO and actively participate in shaping the network future through voting.
💬 As you may have already noticed, much has already changed in the Phala ecosystem, and more changes are yet to come in the future. The new year 2024 marks a year of significant transformations. The specialized use of autonomous computing infrastructure, such as Phala Network, represents a new and long term stage in revolutionizing the operation of Blockchains, aiming to enhance their efficiency and scalability in the digital community.
🧩 Phala Network opts for the optimal path of development within the vast WEB3 ecosystem, prioritizing these technologies due to their significant advantages. As Blockchain technology advances, transforming into a more intricate, interconnected, and multi chain Ecosystem, the demand for processing power is set to rise substantially. This underscores the essential role of Coprocessor as a fundamental component for future DApps.
💻 One crucial element of Phala is their native token, $PHA, which plays in functionality of entire Phala Ecosystem. The $PHA token can be used in various scenarios. For instance, the token serves as a means of exchange within the Phala Network, allowing users to pay transaction fees, storage fees, and other services on the Phala platform. It is also utilized for gas payments in the Blockchain and for managing and staking $PHA tokens within the Phala ecosystem
🤝 For successful interaction with $PHA tokens, all users have the option to use four available wallets for Phala tokens, namely Polkadot {.js} extension, Talisman Wallet, SubWallet and Nova Wallet. You can easily use any of them to interact with the $PHA token and your DApps on Phala Network. These wallets can successfully interact with SubBridge, another essential component for interacting with $PHA tokens. Additionally, you can use EVM wallets, for example, one of the most popular ones is MetaMask.