Phala PHA

Phala is a decentralized cloud network based on Substrate and operates as a parachain in the Polkadot ecosystem. It provides secure and scalable computing power comparable to existing cloud services. Phala Network aims to bridge the gap between the off-chain world and smart contracts by allowing direct HTTP/HTTPS requests from smart contracts and integrating Web3 protocols and Web2 APIs. Additionally, Phala Network has introduced a novel tokenomics model called Stake-to-Compute, which allows developers to rent computing power from Phala for free by staking their PHA tokens.

Phala Network distinguishes itself from other cryptocurrencies through its decentralized and innovative approach. It offers utility and stronger security guarantees with its multi-layered security system, including decentralized workers and staked tokens. One unique feature is the Phat Contracts, which extend the capabilities of smart contracts without the need for a bridge or an extra layer. Additionally, Phala Network bridges the gap between the off-chain world and smart contracts, allowing for direct HTTP/HTTPS requests from smart contracts and integration with cutting-edge Web3 protocols and Web2 APIs. This fusion of old and new, on-chain and off-chain, sets Phala Network apart from other cryptocurrencies.