Phala FAQ
a smart contract born for privacy protection on blockchains
1. What is Phala?
Phala is the first confidential smart contract network built on Substrate, aiming to provide confidential computation and data protection services for enterprises and users. Phala Network would serve the whole Polkadot ecosystem as one of the Polkadot parachains.
2. Who founded Phala?
Our core team members came from famous Internet companies such as Google, Tencent, etc. Hang Yin, Co-founder and Chief Scientist of Phala Network, was the head developer for the new Equihash mining algorithm of Bitcoin Gold.
3. Any case or application?
pLIBRA: a confidential computation component built for Libra granted by Web3 foundation
Web3 Analytics: a cutting-edge data analysis tool for next-generation, able to analyze user data and output results without invading personal privacy.
As Phala Network grows, there would be more amazing applications and services based on Phala to serve people and our communities.
4. How does Phala confidential smart contract work?
Phala combined hardware and blockchain and constructed a TEE—Blockchain Hybrid Architecture to protect the computing of confidential data from attacks and falsification.
Applied in analytics, such design allows only the analysis results to be output without the collected raw data, achieving privacy protection and preventing possible data breach or exposure that might happen during the transfer of raw data.
5. What’s the difference between Phala and projects of the same kind?
Might be the-easiest-to-interoperate privacy-protecting blockchain solution in the world.
Built on Substrate, Phala is empowered by with-born interoperability and is developer-friendly to any contracts or blockchains, with a mature technical plan which has been discussed and improved jointly by Phala developers and Parity tech team for months.
6. Is it complicated to integrate Phala’s technology?
Not at all. There are 2 options:
To integrate Phala Network through ETH bridges
To develop on Phala Network with WASM languages (try automatic transfer with a Solidity-WASM complier!)
For Phala-built apps such as Web3 Analytics, 10 seconds. :)
7. What’s the total supply of PHA?
1 billion.
8. Where can I learn about Phala’s Token Economics?
The whitepaper: https://files.phala.network/phala-token-economics-en.pdf
An easier version: https://medium.com/phala-network/everyones-phala-token-economics-whitepaper-e64919085617
9. When will Phala’s testnet and mainnet be ready?
Testnet: click to check the 4 stages of Phala testnet.
Mainnet: we will try to make it by the end of 2020. :P
Key functions such as mining, NPoS staking will be live after the mainnet launches.