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What is Phala Network (PHA)?

Phala Network basic info

Name:Phala Network
Ticker:
Introduction:

What Is Phala Network?

Phala Network is a decentralized cloud computing platform that is transforming the Web3 landscape. It empowers developers to create decentralized apps (dApps) with enhanced capabilities by providing a secure and trustless off-chain computing infrastructure. This is achieved through Phala's Phat Contracts, which are off-chain programs that extend the functionality of smart contracts. These contracts enable seamless cross-chain integrations, internet connectivity, and heavy computation, all while maintaining the decentralized ethos of Web3.

At its core, Phala Network is built with robust security measures, offering fully verifiable computation. It operates on a network of "Workers" — nodes with the correct hardware that perform computations and are rewarded for their contributions. The network's design incorporates tokenomics incentives, hardware-based assurances, and cryptographic proofs, all verified on the Phala blockchain, to extend blockchain security into the off-chain world.

Resources

Whitepaper: https://files.phala.network/phala-paper.pdf

Official Website: https://phala.network/

How Does Phala Network Work?

Phala Network operates by leveraging the unused computational power of computers worldwide, offering a decentralized alternative to traditional cloud services like AWS and Google Cloud. It uses a dual-node system to manage its operations: Gatekeeper nodes handle the network's interactions and maintain blockchain consensus, while Miner nodes contribute CPU power for computation tasks. This separation of duties ensures a scalable and secure network infrastructure.

The network's privacy-centric approach is powered by Trusted Execution Environment (TEE) technology, which ensures computations are secure and private, even from the hardware owners. This is crucial for maintaining data confidentiality in a world where privacy is increasingly valued. Phala Network's integration with Polkadot as a parachain allows for interoperability with various blockchains, further enhancing its utility and reach.

What Is PHA Token?

PHA is the native utility token of the Phala Network, playing a pivotal role in its ecosystem. It is used for transaction payments, staking by nodes for network participation, and governance, allowing token holders to vote on proposals and influence the network's future direction. The tokenomics of PHA are designed to incentivize network security and participation, with a maximum supply cap of 1,000,000,000 tokens, ensuring scarcity and value retention over time. As the network grows and more users adopt Phala for their cloud computing needs, the demand for PHA is expected to rise, potentially increasing its value for holders and users alike.

What Determines Phala Network's Price?

The price of Phala Network's native token, PHA, is influenced by a complex interplay of factors, much like other assets in the cryptocurrency and blockchain space. Market sentiment plays a significant role, often driven by the perceived value of Phala Network's decentralized cloud computing solutions and its potential to disrupt traditional cloud services. As the network demonstrates its ability to provide secure, private, and scalable computing power, it attracts more attention from developers and users, which can positively impact PHA's price.

Another key determinant is the network's adoption rate within the broader blockchain ecosystem. Integration with Polkadot as a parachain enhances Phala Network's interoperability, allowing it to connect with multiple blockchains and potentially increasing its utility. The more partnerships and collaborations Phala secures, the greater its network effect, potentially leading to increased demand for PHA tokens. This demand is further compounded by the token's utility in transaction payments, staking, and governance on the network, making it an integral part of the Phala ecosystem.

Furthermore, the overall market dynamics of the cryptocurrency sector, including regulatory news, technological advancements, and shifts in investor sentiment, can also affect PHA's price. As investors and users become more knowledgeable about the benefits of decentralized cloud computing and the unique features of Phala Network, such as its trustless off-chain computation and TEE technology, investment could increase, potentially driving up the price. However, it's important to note that the volatile nature of the crypto market means that prices can fluctuate widely, and investors should always perform due diligence before participating.

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Current price:
All-time high:$1.41
All-time low:$0.07072

PHA supply and tokenomics

Circulating supply:761,863,230 PHA
Total supply:1,000,000,000 PHA
Max supply:0 PHA
Market cap:$82.80M
Fully diluted market cap:$108.68M

Links

Buy Phala Network for $1Buy PHA now

What is the development prospect and future value of PHA?

The market value of PHA currently stands at $82.80M, and its market ranking is #429. The value of PHA is not widely recognized by the market. When the bull market comes, the market value of PHA may have great growth potential.

As a new type of currency with innovative technology and unique use cases, PHA has broad market potential and significant room for development. The distinctiveness and appeal of PHA may attract the interest of specific groups, thereby driving up its market value.

What will the price of PHA be in 2025?
Based on PHA's historical price performance prediction model, the price of PHA is projected to reach $0.1450 in 2025.
What will the price of PHA be in 2030?
In 2030, the PHA price is expected to change by -15.00%. By the end of 2030, the PHA price is projected to reach $0.1486, with a cumulative ROI of +48.84%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of PHA and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is PHA worth investing or holding? How to buy PHA from a crypto exchange?

If you want to buy PHA, the following information may be helpful for your investment decisions:
In the last 7 days, the price of PHA has fallen by -3.54%, leading to negative returns for most PHA investors. The market is currently pessimistic about the price trend of PHA.
It is important to note that the current price of PHA has retreated by -92.29% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether PHA is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in PHA or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of PHA, if you want to buy or sell PHA, you can consider Bitget for your trading needs. The best place to buy PHA is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Phala Network has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Phala Network. Here's a step-by-step guide on how to buy Phala Network on Bitget.

How to get Phala Network through other methods?

Using cash to buy Phala Network is not the only way to obtain Phala Network. If you have the time to spare, you can get Phala Network for free.
Learn how to earn Phala Network for free through the Learn2Earn promotion.
Earn free Phala Network by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Phala Network airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Phala Network through Bitget Convert, Bitget Swap, or spot trading.

What is Phala Network used for and how to use Phala Network?

The use case of Phala Network may expand as the crypto market and the project itself develop. Currently, you can use PHA to achieve the following goals:
Arbitrage by trading PHA: Since PHA is a frequently traded cryptocurrency, the price of PHA is always fluctuating. Earn more PHA by buying low and selling high on the exchange. Bitget spot market provides a variety of PHA trading pairs to fully meet your needs.
Earn by staking PHA: You can also generate income through financial management methods such as staking PHA or lending PHA. Bitget Earn offers a variety of financial products designed to help you earn more income from your PHA.
Send or pay PHA: If you want to give PHA to your friends, a charity, or a fundraiser, or you want to pay someone with PHA, you can quickly and easily send PHA to the recipient through their payment address.
You can also go to the official website of the Phala Network project to learn more about the use cases of PHA. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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