Phala Network is a privacy-preserving cloud computing service, which offers computing power comparable to existing cloud services and protects the privacy of managed programs. Based on TEE-Blockchain Hybrid Architecture, developers can deploy confidential smart contracts running inside the TEE Enclaves in the CPU. Phala is also based on Substrate, and will run as a parachain of Polkadot ecosystem.
$PHA is the only platform token of the Phala Network. The amount of $PHA corresponds with the amount of computing power that a cloud user can rent. Through collateral and reward/penalty mechanisms, miners are incentivized to provide stable computing services and network connectivity.
