1. Project introduction

Phala Network is a Web 3.0 computing cloud that supports data privacy while remaining trustless. Unlike centralized cloud service, Phala doesn’t own any server or data center. Anyone can provide permissionless servers into Phala Network, and because of a clever combination of blockchain and trusted execution environments (TEE), we can make sure the servers can’t be evil even when they are in an edge network situation. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.

Phala Network seeks to provide strong guarantees of confidentiality without sacrificing cross-contract interoperability, which means the confidential contracts in Phala Network can interact with other confidential contracts freely. Further, as a Polkadot parachain, Phala Network enables cross-chain interoperability of smart contracts to confidentially operate assets on another blockchain.

2. Team introduction

Co-Founder & Lead Developer: Hang Yin

Council memeber. Former Senior Software Engineer at Google, leading projects of Mandarin speech recognition, voice search, and Gmail intelligent semantic assistant, with profound experience in artificial intelligence; B.S., Computer Science and Technology, Fudan University.

Co-Founder: Marvin Tong

Council memeber. Investment Advisor of PAKA Fund, Co-organizer of Privacy Computing In China. Former Senior Product Manager at Tencent & Didi. PhalaWorld initiator.

Co-Founder: Zhe Wang

Serial entrepreneur. Former CEO & CTO of Xiaohei AI Games & Haha AI Vending Mechine. Initial owner of 20+ patents including 3 blockchain patents. M.S., Computer Science and Technology, Huazhong University of Science and Technology.

3. Investment institution

IOSG, SNZ, Alameda Research

4. Application and distribution

Token application:

PHA is the native utility token of Phala Network. Phala provides a wide-ranged infrastructure including cross-chain confidential widgets, and trustless general-purpose computing platform. All these features are accessible with PHA. To be a Gatekeeper one must stake a certain amount of PHA. The stake would be fined and took if he betrayed Gatekeeper rules. Stakeholders who owns a certain amount of PHA would be able to join Phala DAO to further participate in community governance.

Token distribution:

TEE Mining: 70%

Stakedrop and IPO (Initial Parachain Offering): 9%

Testnet Incentive: 1%

Private Sale: 15%.

Developer: 5%