Phala Network

Halal Rating :
Comfortable
Last Price $0.16 Last updated:
Rank 325
1D Change 3.43 %
Market Cap $125.13m
Circulating supply 778,931,726
Maximum supply None

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.

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