It has become a common practice for websites and apps to collect user footprints and data. This information is stored on a centralized server. Online platforms force users to accept their privacy policies to access their services. They promise to offer unbreachable security features, but such claims fail when a breach occurs.
There are many instances where web portals and apps have leaked user data. It is one of the most concerning issues for internet users across the globe. Phala promises to deliver the best solution for this problem.
It is providing the PHA coin to investors and users, who want to use Phala’s services. Continue reading to learn more about Phala Network and its PHA token.
What is the Phala Network “PHA” coin?
Phala has been introduced as the world’s first confidential smart contract network. Being based on Substrate, Phala can offer support for confidential computation and data protection for users and enterprises.
It has launched Web3 Analyst or W3A flagship product, which is a great alternative to Google Analytics. It is going to provide support for the entire Polkadot ecosystem. Many experts believe it to be a Polkadot Parachain.
Phala’s flagship product is going to be the first choice of users, who want to store their information in personal data warehouses. It will be up to the user, whether he wants to share, monetize, lend, or revoke the access to the stored data.
Developers can use the W3A smart contract to access the owner approved data. It improves data security and prevents the risk of data breach.
Technology used by the Phala Network to meet its goals
Phala is using the TEE or Trusted Environment Execution. It helps in running confidential information in a private and isolated environment. Only authorized entities can gain access to results.
Suppose a company wants to access daily active user data on a social platform for the last 100 days. The data provider wants to share the requested information, but the organization is also worried about leaks!
So, the first users (the company) will send the request in coded form on the Phala Network. The recipient will run the request cod on its local nodes. Now, only results will be produced and sent directly to the company.
Phala Network products
The two popular products offered by Phala, include the following:
- pLIBRA: Being developed for Libra and granted by Web3 foundation, pLIBRA is a confidential computation component.
- Web3 Analytics: It is a top-notch and highly advanced data analysis tool. This next-generation tool has the potential to study the user data and output results without breaching personal privacy.
This network can be helpful in developing many cutting-edge applications and services. Those apps and platform will serve growing privacy needs of common people and business enterprises.
Phala Network token “PHA”
Phala has launched its native token PHA. It is going to be used for trusted computing resources, as data exchange fee, security guarantee, and also for governance. There will be 1 billion PHA coins in total. The circulating supply is around 137 million.
How to buy the Phala Network Coin “PHA”?
Phala Network is promises to offer solution for executing smart contracts in a reliable way without risking data breach. It has two amazing products and many upcoming applications.
Its native token PHA fuels the entire Phala ecosystem. Therefore, it is a valuable crypto asset for every Phala user. You can also buy it and use it to gain rewards and make profit. Follow the below-given steps to buy the PHA coin.
Create an account on a cryptocurrency exchange
Even though you have a lot of money in your bank account, it can be used to buy limited cryptocurrencies. For example, you can use the USD to buy BTC, ETH, LTC, etc. Exchanges do not offer USD to PHA trading facility. Therefore, you have to buy a popular cryptocurrency in order to acquire the PHA coin.
Begin by joining a crypto exchange. Make sure the exchange offers fiat-to-crypto trading service. Complete the registration process and then deposit your funds. Modern crypto exchanges offer various money deposit methods. So, choose a convenient method and then follow the next step.
Buy crypto assets
You will get many crypto assets in option to choose from. Pick Bitcoin, Ethereum, Litecoin, or another crypto asset. Complete the buying process and it will be sent to your wallet within a few minutes.
Although crypto exchanges are decentralized platforms, you have to pay some fees for every trade you make. That’s how exchanges make money by offering crypto trading solutions.
Go to an altcoin exchange
There are many altcoin exchanges. Binance is a popular one, which has listed the PHA coin. You should join it and transfer your cryptocurrency to this exchange. Now, find the PHA coin there. It will show the current price, exchange rates, etc. Check all the details and trade your cryptocurrency for the PHA coin.
Phala Network also offers its native wallet for storing the PHA token. You can download it and use it to store your PHA coins securely.
What problem does Phala Network (PHA) coin solve, and what are the coin’s investment prospects?
Phala Network is providing solutions for one of the most challenging issues of this age, which is data security. Every user and organization is feeling unsafe because websites, apps, and other online services gain unauthorized access to their data.
Phala Network offers products to protect the user’s confidential data. It is a platform that can empower many future apps, which won’t breach your personal space. Data is going to be one of the most valuable digital assets in the future. Phala is offering solutions to protect it and use it in a safer way.