What is Phala Network? $PHA
Phala Network is a decentralized cloud computing platform that provides secure, private and scalable computing services to users. It is built on the Polkadot network and functions as a canary network for the Phala network.
This article provides a comprehensive guide to Phala Network, covering its background, features and functions.
Background
Phala Network was launched in September 2021 and functions as the technical and economic test platform for the Phala Network. The economic models of both Phala and Khala networks have since been merged following the Gemini upgrade. Phala Network aims to provide decentralized cloud computing capabilities and is responsible for overall network operations.
What is Phala Network
Phala Network is a decentralized cloud computing platform that enables users to securely store, process and manage their data. The platform operates on the Kusama network and uses a management mechanism that is similar to Polkadot and Kusama. This mechanism ensures that the majority of the stake can always control the network and allows for seamless evolution over time.
The Phala network uses a state transition function stored on-chain and defined in a platform-neutral intermediate language (WebAssembly) and various on-chain voting mechanisms, such as referenda with adjustable supermajority thresholds and batch approval voting. All changes to the protocol must be agreed by interest-weighted referendum.
Phala Network recently became a corporate gold member of the Blender Developer Fund, joining other companies such as Intel, Microsoft and Nvidia in supporting the development of Blender’s 3D modeling platform. This partnership will enable Phala to offer high-performance delivery services at a lower cost and will play a role in building Phala World, the company’s original Metaverse. Using Blender’s 3D technology, Phala aims to provide workstation-level computing power to 3D artists in building the Metaverse.
$PHA token
The native token of the Phala Network platform is PHA, a utility token that has various functions. Its main purpose is to reward the miners and gatekeepers of the network, as the operation and security of the network falls on them. The total supply of PHA tokens is 1,000 billion, with 30% of the tokens distributed through private token sales, airdrops and rewards for network testers, and the remaining 70% reserved for the reward system of the network’s miners.
Management
Phala and Khala adopt the same governance mechanism as Kusama and Polkadot, where the majority of the stake can always control the network. The governance mechanism includes a council, referenda and various voting mechanisms such as referenda with adjustable supermajority thresholds and lot approval voting. All changes to the protocol must be agreed by interest-weighted referendum.
Phala Network operates under the governance mechanism of Khala, which corresponds to Polkadot and Kusama. The governance mechanism brings together active token holders and a board to administer network upgrade decisions. Proposals for changes to the network can be submitted by the public or the council and must go through a referendum where all holders, weighted by interest, make the decision.
Referendums are interest-based voting schemes that take the form of privileged function calls. These are discrete events with a fixed time period where voting occurs, and the function call is made if the voting is approved. Referendums can be initiated in a number of ways, including proposals submitted in public, proposals submitted by the council, proposals submitted as part of a previous referendum, and emergency proposals submitted by the Technical Committee and by the Council has been approved.
Voting on a referendum requires PHA tokens to be locked up for a minimum period of time after the end of the referendum. This ensures that there is an economic buy-in to the result and discourages vote-selling. Voting is possible without locking tokens, but the vote is worth a small fraction of a normal vote based on the voter’s interest.
Metaverse: The Future of Phala Network
Phala Network has set its sights on becoming a standard decentralized computing cloud in the Web 3.0 era. With its focus on trustless computing and sharing economy models, Phala aims to provide a versatile and reliable decentralized computing network. The founder and CEO of Phala Network, Marvin Tong, strongly believes in the potential of Web 3.0 and the role that Phala will play in this new world.
One of Phala’s key products, Phat Contract, is a smart contract product that serves Web 3.0 back-end function-level services. It offers low latency, asynchronous interoperability, high performance computing, a mature developer ecology, trustless security and data confidentiality. Phat Contract is expected to be used in low-latency applications such as multiplayer online games, off-chain interoperation scenarios, and large-scale real-time computing applications such as Metaverse, games and artificial intelligence.
Phala Network is also making moves to support and encourage the development of the Metaverse ecosystem. The Khala Board has established relationships with various Metaverse platforms and provides financial support to developers building Metaverse infrastructure on Phat contract. Phala is working on the development of a Web 3.0 rendering farm, a Web3 game server, Phala World, and a Universal Game Engine.
Khala x RMRK Partnership
Phala Network has announced a strategic partnership with RMRK.app through a collaboration between RMRK’s fundraiser for the RMRK Association, Kanaria, and Khala Network. Kanaria is a fundraiser for the RMRK Association that distributes unique non-fungible token (NFT) eggs that will hatch into limited edition NFT birds (canaries) with special upgradeable properties. Phala and RMRK have partnered to extend Khala’s bonuses to existing and new Canary bird owners, so anyone who participates in Khala’s crowdloan can claim a special Canary trait that will give the owner Khala perks.
In addition, Khala plans to have an NFT incentive program for community contributors that uses RMRK standards to create unique and user-customizable achievement badges. RMRK is an association registered in Zug, Switzerland, responsible for developing the RMRK protocol for creating highly composable NFTs on Kusama using the system.comment extrinsically. RMRK offers a wide range of features for NFTs, including the ability for NFTs to own NFTs, conditional delivery, slots for upgrades, multi-resources and governance as DAOs.
Closure
Phala Network is a decentralized cloud computing platform that provides secure, private and scalable computing services to users. The platform operates on the Kusama network and uses a governance mechanism that matches Polkadot and Kusama to ensure that the majority of the stake can always control the network. The native token of the Phala network is PHA, a utility token that serves as a reward system for the network’s miners and gatekeepers.
This article provides a comprehensive overview of Phala Network, covering its background, features and functions. Whether you are a potential user or an investor, this guide will help you understand the inner workings of Phala Network and its potential
