Phala Network ($PHA) Surprise Pump 200%. The Strongest Project Of The Polkadot System?

Phala Network ($PHA) pumped 200% after reporting on the project. Combined with the recent return of PolkaDot, the project in particular and the PolkaDot ecosystem in general has grown very hot. Let's find out and evaluate the potential of Phala Network's project with Holdstation.

Project overview

Phala Network ($PHA) - Web Cloud Computing 3 Phala Network is a privacy smart contract Platform built on top of Polkadot's Substrate framework and serves the entire Polkadot ecosystem as one of the Parachains. Easy to understand Phala Network will solve the security problem of data on cloud computing.

Highlights of Phala Network

• Built on Polkadot's Substrate, Phala inherits cross-chain interoperability with other parachains.
• Blockchain + Secure Loop structure, allows data to run in an independent environment and outputs to be verified and segregated. Understandably, the transmission is extremely secure and cannot be leaked.

Phala Network's main products

Phat Contract

Phat Contract is a decentralized Lambda algorithm. Allows users to develop 100% decentralized controlled applications by combining multiple protocols or smart contracts at the same time.

What is special about Phat Contract?

• Zero gas fee: Customers using the chain do not need to pay gas fees. Users or product development by Phat Contract off-chain, Phala will not charge gas fee.
• Allows users to integrate everything from Web 2 into their original contract thanks to the strong compatibility of Phat Contract.
• Besides, Phat Contract is applied in the most popular decentralized storage protocols such as ArweaveTeam or Filecoin.
• There is no combination limit between smart contracts in any blockchain. So developers can take advantage to connect Web 2 and Web 3 services.

Phat Contract has completed 32/39 items and is intended to be launched in the near future. It is expected to be born to execute all off-chain services in a simple and easy way for everyone but bring efficiency. large fruit. Phat Contract can build a Defi synthesizer or create an MMO (interactive online game). In the future, it's even possible to create an entire Metaverse with Phat.

Subbridge

SubBridge is a cross chain of parachains, a bridge between Dotsama and Ethereum and assets in other ecosystems. Instead of building a cross-chain on its own, SubBridge is meant to bridge existing bridge solutions and forward assets across multiple blockchains. By integrating SubBridge, users can take advantage of all the cross chain solutions supported therein. Users can experience subbridge through subbridge.io

PhalaWorld

A Metaverse based on the Phala Network blockchain. PhalaWorld applies Soulbound NFT to map users' offchain activities to the blockchain world.

Tokenomic

• Token Name: PHA token
• Ticker: PHA
• Blockchain: Ethereum, Phala chain.
• Token Standard: ERC-20, native token trên Phala chain.
• Contract: 0x6c5ba91642f10282b576d91922ae6448c9d52f4e (ERC20)
• Token type: Governance & Utility
• Total Supply: 1,000,000,000 PHA
• Circulating Supply: 409,250,000 PHA

Allocation

Usecase

• Transaction Fee: $PHA is used as transaction fee on Phala Network's network, for on-chain computation and other on-chain tasks.
• Administration: Owners can participate in the administration of Phala Network.

Backer & Partnership

Phala Network is backed by many parties such as IOSG Ventures, Web3 Foundation and developed by the pLIBRA team (the team that develops many projects on the Polkadot ecosystem).

$PHA Pump 200%?

On October 16, when Phala Network released good news about the $PHA mining report and the progress of upgrading utilities in Phala. Besides, Phala has added functions of withdrawing and depositing $PHA on Gate.io.

Combined with the entire Polkadot ecosystem, which is exploding and showing signs of inflows, the tokens of projects in this ecosystem have also skyrocketed.

Conclusion

It can be said that this is just a phase to pull the market to the Polkadot trend when there is money flow into this ecosystem. In the short term, Polkadot could still see some new gains. About Phala Network in particular, the project is highly appreciated for its security or called "Privacy Defi".

However Phala is still in the completion stage, but has long-term potential when the Web 3 trend is gradually forming.