What is Phala Network? Information about PHA Token

What is Phala Network? What makes this project special? Is PHA Token worth investing in? Let's find out with AZCNews!

What Is Phala Network Information About Pha Token

What is Phala Network?

Phala Network is a pioneering execution layer for Web3 AI, enabling AI to comprehend and interact with blockchains. This innovation allows billions of non-technical users to enter the Web3 world seamlessly.

AI can significantly enhance the Web3 user experience, performing research and executing tasks on your behalf with just simple instructions. However, there is currently no AI Agent focused on smart contracts. These agents can’t execute smart contract operations safely and automatically as they operate off-chain.

What Is Phala Network
What Is Phala Network

Phala Network addresses AI execution challenges with a multi-layer proof system. On Phala’s platform, you can effortlessly build tamper-proof AI Agents tightly integrated with on-chain smart contracts.

Phala provides a comprehensive suite of tools for building, deploying, and monetizing smart contract-focused AI Agents.

Related: What are AI Projects? Top 5 AI Investment Projects to Consider in 2024

What Are Phala Network’s Products?

What is an AI Agent Contract?

The AI Agent Contract is a platform where developers and AI users can collaboratively create, own, and profit from AI agents, fostering a new era of innovation and enhanced utility in blockchain applications.

There are two main components of the AI Agent Contract:

  1. Agent Script: This is code written in TypeScript/JavaScript that defines the AI Agent running on Phala Network.
  2. Agent DAO: This manages access keys, tokenomics, access control, and the market for the Agent Script. The Agent DAO is deployed on EVM-compatible smart contract chains.

The AI-Agent Contract merges AI capabilities with the decentralization of blockchain, offering a powerful platform for autonomous AI agents to operate and create value within the ecosystem.

Ai Agent Contract
Ai Agent Contract
  • Seamless AI Integration: AI-Agent Contracts allow for smooth integration of AI technologies into blockchain applications, promoting the development of more intelligent and data-driven functionalities.
  • Decentralized Ownership: Developers and AI experts are empowered with tools to own and monetize their AI agents, driving a decentralized ecosystem full of AI innovations.
  • Expanded Application Range: AI-based services can be integrated into blockchain for diverse applications, from data analysis to decision-making processes and automated agents interacting across and within blockchain networks.

What is Agent Wars?

Agent Wars
Agent Wars

Agent Wars is a game developed by Phala Network, introducing a novel experiment where tokenomics is combined with AI agent technology. This user-friendly game allows anyone to create an AI agent without needing technical knowledge of AI or Web3.

While the profits from selling “keys” belong to the agent creator, the control over the agent is not absolute. Each agent operates autonomously under the governance of a DAO comprising all key holders. DAO members manage the agent from setting characteristics to deciding its personality through a voting process.

This tokenomics model encourages all key holders to enhance the quality of the agent. The more appealing the agent, the higher the value of the keys, increasing the profit potential for holders. This creates a strong incentive for continuous improvement and active participation in the Agent Wars ecosystem.

Team

Phala Network was founded in 2018 by:

  • Marvin Tong: Senior product manager, formerly with Tencent and Didi.
  • Hang Yin: The lead developer of Bitcoin Gold with around 10 years of experience in cryptography.

Additionally, the team includes members from prestigious companies like Google and Tencent.

Investors

Phala Network has successfully raised over $11 million from major investors such as Candaq Group, InfiChain, and Blue Mountain Labs.

Investor
Investor

What is the PHA Token?

Having understood what Phala Network is, let’s delve into its token, PHA.

Basic Information About PHA Token

  • Token Name: Phala Network
  • Token Symbol: PHA
  • Blockchain: Ethereum, Phala Chain
  • Smart Contract: 0x6c5bA91642F10282b576d91922Ae6448C9d52f4E (ETH)
  • Total Supply: 1,000,000,000 PHA
  • Circulating Supply: 733,729,534 PHA

PHA Token Allocation

  • TEE Mining: 70%
  • Private Sale: 15%
  • Stakedrop and IPO: 9%
  • Development Incentives: 5%
  • Testnet Incentives: 1%

PHA Token Release Schedule

Vesting
Vesting
  • Stakedrop and IPO: 9% – Unlocked.
  • Testnet Incentives: 1% – Unlocked.
  • Private Sale: 15% – 20% unlocked every 6 months after mainnet launch.
  • Development Incentives: 5% – 5% unlocked each month after mainnet launch.
  • TEE Mining: Distributed monthly, decreasing by 25% every 6 months.

Use Cases of PHA Token

  • Transaction Fees: Used to pay for transactions and resource exchanges on the network. PHA serves as TCPU (Trusted Computing Power Unit) for on-chain computation, resource storage, and other tasks.
  • Governance: Participate in the governance of the Phala Network.

Where to Trade PHA Token?

PHA Token is currently traded on major exchanges such as Binance, OKX, and BingX.

Open a Binance Account and Receive USDT Here

Market

Roadmap

The AI products – Agent Contract and Agent Wars – are the most notable innovations recently introduced by Phala Network.

Similar Projects

Phala Network falls into the AI category, similar to other prominent projects like Worldcoin and Fetch.ai.

Project Information Channels

Conclusion

This article has provided an overview of what Phala Network is and the PHA Token. If you have any questions, please leave them in the comments section for immediate answers!

5.0/5

(8 votes)
  1. Avatar of Samuel
    Samuel

    How to partake in the phala network

  2. Avatar of Hydro
    Hydro

    Pls is it mineable

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Azcnews Elon Musk Joe Biden

News | Editor Choice | Policy & Regulations

Elon Musk Ends X Feature Amid Trump vs. Biden Saga

Elon Musk has recently stated that he asked to end a special feature on his social media platform X amid the ongoing Trump vs. Biden chronicles in the U.S. elections.

Binance Announces Listing Of Banana Gun (banana)

News | Altcoin | Editor Choice

Binance Announces Listing of Banana Gun (BANANA)

The Binance exchange has announced the listing of Banana Gun (BANANA), and this is also the first project on the Binance Airdrops Portal!

Azcnews Whales Accumulate Dogecoin Amid Price Recovery

News | Altcoin | Editor Choice

Whales Accumulate Dogecoin Amid Price Recovery

Recently, Dogecoin investors have accumulated over 60 million tokens. Some analysts believe the current price drop is only temporary.

Pixelverse Officially Announces Pixfi Token Airdrop

Editor Choice | Altcoin | News

Pixelverse Officially Announces PIXFI Token Airdrop

The renowned game Pixelverse, which has attracted close to 80 million users, has finally announced an airdrop for the community through PixelTap and the Dashboard.

Azcnews Bitcoin Drops To $64,000 Amid Us Stock Market Plunge

News | Bitcoin | Editor Choice

Bitcoin Drops to $64,000 Amid U.S. Stock Market Plunge

Bitcoin has corrected back below $64,000 as the U.S. stock market experiences a sharp decline.