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What is Phala (PHA)?

Phala is an innovative blockchain-based cloud computing protocol that provides decentralized services, allowing users to access powerful computing resources without the need to rely on centralized servers. It provides a secure and confidential approach to cloud computing and storage, as well as scalability for performance. By utilizing excess capacity from everyday computers, Phala creates a distributed cloud platform that offers greater security, privacy, and decentralization than traditional cloud services such as Amazon AWS or Google Cloud.

 The technique behind Phala

Phala’s technology enables users to access high-performance computing on demand with just a few clicks. The network utilizes distributed ledger technology (DLT) like smart contracts, which enhances data integrity, reduces latency, and improves transaction speeds. This DLT also helps protect data privacy through its built-in encryption techniques and complete system transparency. Furthermore, Phala’s consensus algorithm is also designed to be energy efficient compared to traditional PoW algorithms used by many other blockchain applications.

In addition to its core functions of providing cloud computing resources, Phala also has several important features such as its Tokenized Network Access Control System (TNACS), which allows users to securely purchase services within the platform using tokens. TNACS additionally provides users with additional incentives for providing their resources to the network and encourages them to become part of this new economy of computing power sharing.

Overall, Phala offers a unique solution for decentralizing the cloud; it provides powerful tools for managing data storage and processing while simultaneously protecting user privacy and security across the entire platform. Its use of DLT further ensures robustness in terms of scalability and reliability while minimizing transaction costs compared to traditional blockchains. All in all, Phala is an exciting development in the world of revolutionizing how we access the power of cloud computing today.

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Additional information about Phala Network

The team behind Phala PHA

The team behind Phala Network is characterized by a balanced combination of expertise from both the traditional business world and the blockchain sector. This diversity of skills enables them to lead the project successfully. The team has its origins in China, which is considered an asset rather than a disadvantage. Indeed, the Chinese members are very active and knowledgeable when it comes to blockchain developments.

Co-Founder and Technical Leader - Hang Yin: Formerly senior software engineer at Google for three years, and co-founder of Bitcoin Gold. From the beginning of Bitcoin Gold, Hang Yin pursued completely anonymous transactions within the Bitcoin ecosystem. This vision resulted in a fork of Bitcoin with the Equihash mining algorithm, specifically designed for CPU mining. In addition, Hang Yin is applying its expertise in anonymity to the Polkadot network.

Co-founder and CEO - Marvin Tong: Former senior product manager at Tencent & Didi, specializing in strategy development and business planning. Tencent, one of China's leading Internet and mobile services companies.

Co-founder and COO - Zhe Wang: Previously CEO & CTO of Xiaohei AI Games & Haha AI Vending Machine. He holds about 20 patents, including three blockchain-related patents.

Co-founder and CTO - Jun Jiang: Experience as webmaster at RubyChina, CTO at KnewOne and software architect at DJI.

In addition to the core team, Phala Network includes consultants with Ph.D.'s in security, systems software and economics. In addition, there are three blockchain developers, including one with experience within EOS and Tron.

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