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What is Phala Network?
Phala Network is yet another Gem built on the Polkadot blockchain, as it serves the entire Polkadot network being on its one of the Parachains. Phala mainstream in Confidential smart contract platform deployed on the substrate. It aims to offer a privacy-preserving protocol for confidential could computing and data security services for various enterprises and users.
Phala has two main product that includes pLibra and Web3 Analytics, where pLibra confidential computation component for Libra. under web3 analytics, the network will serve next-generation data analysis for user data and output. Phala utilizes TEE i.e., Trusted Environment Execution which will help users to keep data private and confidential. TEE simply runs data in isolated and private and outputs display with authorization. The TEE-powered system will be protected from the system-level attack and solve problems like lack of time source and availability issues.
As per the latest report, Phala continues to work on powerful computing power which is comparable with existing cloud services. the network also combines peer to peer network of a number of trusted hardware, which is verified by phala runtime i.e., an open-source platform. however, all computing processes will be following a decentralized approach and there I no centralized executor and data controller.
Phala Network Price Prediction
|Month & Year||PHA Price Prediction|
Phala Network Overview
|Project name||Phala Network|
|All-time high||$1.19 USD|
|Exchange Platform||Binance, OKEx, gate.io, Bilaxy, MXC, Huobi Global, Hotbit|
|Partner||Polkadot, Bluezelle, Reef Finance, Bondly, IOSG Venture, Bifrost, Crust, Mask, Acala, Kusama, Parity, Candaq|
PHA Price Analysis
Following the listing of PHA on CMC, it makes progressive gains in prices and market cap volume. PHA climbed by 9x since November 2020 i.e., in 3 months, as it already crosses the $1 USD mark after the announcement of the Binance listing. PHA is mining friendly as the blockchain will verify execution on own computer. In the utility, PHALA Token will be used in buying computing resources, and t-chain & off-chain storage. Data execution or processing will require PHA as transaction fees, as tokens can be staked to earn rewards. In DAO token holders can participate in community governance
Phala network is not just a smart contract platform but it has some better features to serve individuals and users in terms of data preservation. Phala will be changing data security with decentralized technology integration, as it aims to eliminate centralized executors. Phala serves the Polkadot parachain which is currently one of the most demanded platforms, where most the projects making deployment on it. Phala seeing a huge market cap gained in recent weeks, as it makes an entry into the top 300 project list and in the future, it could secure a position in the top 200 lists.
Will PHA Token hit $10 USD?
PHA has great uses in the future and as its demand increases following listing on top trading platform, PHA could reach this milestone before 2023.
Is Phala Network a Good Investment?
Polka project continue to roar in the year 2021 and it will remain a favorite in the future too.