Phala Network

Halal Rating :
Comfortable
Last Price $0.29 Last updated:
Rank 277
1D Change -4.42 %
Market Cap $221.83m
Circulating supply 775,027,300
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • AI & Big Data
  • Distributed Computing
  • Privacy
  • Zero Knowledge Proofs
  • Interoperability
  • Oracles
  • Scaling
  • Smart Contracts
  • Ethereum Ecosystem
  • Substrate
  • Polkadot
  • Polkadot Ecosystem
  • Rollups
  • Metaverse
  • Polygon Ecosystem
  • Web3
  • Generative AI
  • DWF Labs Portfolio
  • Account Abstraction
  • Data Availability
  • DePIN
  • AI Agents

Purpose and Utility

Phala Network is a privacy-preserving cloud computing service built on Polkadot. It aims to provide confidential smart contract execution and secure cloud computing services using Trusted Execution Environment (TEE) technology.

Business Model Analysis

The platform enables developers and businesses to run confidential smart contracts and perform secure computations while maintaining data privacy. PHA tokens are used for governance, staking to secure the network, and as payment for computing services.

Development and Adoption

The project maintains active development with regular GitHub commits and updates. The team has established partnerships with several blockchain projects and continues to expand its ecosystem. The network currently has active nodes providing computational resources.

Token Distribution and Governance

PHA tokens were distributed through multiple rounds including public sales and ecosystem development. The project maintains transparency regarding token allocation and vesting schedules. A significant portion is allocated for network operations and community incentives.

Technology Assessment

The core technology revolves around legitimate computing services and network security. The platform does not involve interest-based lending or gambling mechanisms. The primary revenue model is based on providing computing services, which aligns with Islamic principles of fair exchange of value.

Crypto Impact

To assign a comfort level investing in Phala Network from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Phala Network.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

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