How To Buy Phala Network (PHA)?
A common question you often see on social media from crypto beginners is “Where can I buy Phala Network?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Phala Network (PHA)
First, you will need to open an account on a cryptocurrency exchange that supports Phala Network (PHA).
We recommend the following based on functionality, reputation, security, support and fees:
1
Binance
Fees (Maker/Taker) 0.075%*-0.1%*
Cryptocurrencies
Available for Trade 500+
Sign-up bonus
10% reduced trading fees*
Available in
Europe, Asia, Oceania, Africa
2
MEXC
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1500+
Sign-up bonus
10% reduced trading fees & up to $170 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
3
Gate.io
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1000+
Sign-up bonus
Up to $100 in USDT vouchers*
Available in
Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Phala Network (PHA) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Phala Network (PHA)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Phala Network (PHA) or Phala Network (PHA) trading pairs. Look for the section that will allow you to buy Phala Network (PHA), and enter the amount of the cryptocurrency that you want to spend for Phala Network (PHA) or the amount of fiat currency that you want to spend towards buying Phala Network (PHA). The exchange will then calculate the equivalent amount of Phala Network (PHA) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Phala Network (PHA) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
How to create a Binance account
Step 1: Go to the Binance website.
Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.
Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.
Step 3: Complete the Security Verification.
Step 4: The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How to complete KYC (ID Verification) on Binance
Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
Step 2: click “Start Now” to verify your account.
Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.
Step 5: Enter your personal information and click “Continue.”
You won’t be able to change it once confirmed.
Refer to the respective options offered for your country.
Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
Once your application has been verified, you will receive an email notification.
How to buy cryptocurrency on Binance
Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”.
Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.
Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.
How to Conduct Spot Trading on Binance
Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.
How to create a Gate.io account
Step 1: Go to the Gate.io website.
Step 2: Choose your username, your email address and your password. Then check “I certify that I am 18 years of age or older, and I agree to the Gate.io User Agreement Privacy Policy” and click “NEXT”.
Step 3: Set your fund password and click “Create account”.
Note: Your fund password must contain at least 6 characters and can not be the same as your login password.
Step 4: An activation email will be sent to your email address. Complete the rest of the registration process by following the instructions in the email to activate your account. Once this is done done, click “Email activated, please log in”.
How to complete KYC (ID Verification) on Gate.io
In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.
Step 1: Log in to your Gate.io account.
Place your cursor on the top-right profile icon and go to “KYC (ID Verification)”
Step 2: Click “Individual (Verify now)”
Step 3: Select your country, input your full legal name (twice), fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID (UID) for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on “Confirm and Submit”.
Step 4: After you have submitted all the requested information, you will see the pending approval.
Approval can take anywhere from a few hours to a few days to complete.
Once the KYC is approved, you’re ready to make your first cryptocurrency purchase.
How to buy cryptocurrency on Gate.io
Step 1: Log in to your Gate.io account.
Then in the Menu Bar at the top of the page, click “Buy Crypto” and select “Credit Card”.
Step 2: Enter the amount you wish to spend in the “Buy with Fiat Currency” tab and select the cryptocurrency that you want to buy under the “Currency Purchased” field. Then select one of the “Service Providers” below and click the “Place Order” button to enter the confirmation page.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: On the confirmation page, select “Buy Crypto” or the “Create Order” button to complete the payment.
Note: To ensure a quick and secure way of receiving the order, users might need to conduct an additional Identity Verification (KYC) with a third-party service provider. Once successfully verified, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.
How to Conduct Spot Trading on Gate.io
Step 1: Log in to your Gate.io account.
Click on “Spot Trading” under “Trade” on the top navigation bar.
You can either choose “standard” or “professional” version. This tutorial uses the standard version.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can click on the last prices on the order book to set the buying/selling price automatically.
Step 5: Confirm the price and amount. Then click on “Place Order” to place the order, followed by “Confirm Order” to confirm it.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
Simplecryptoguide.com
What Is Phala Network (PHA)?
Phala Network is a Web 3.0 computing cloud that supports data privacy while remaining trustless. Unlike a 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.
A blockchain is a kind of distributed ledger which indelibly records transactions in an ever-growing list of blocks. The basis of the trust in the blockchain is the fact that the execution of every transaction can be verified by any user of the blockchain. Existing blockchains, such as Bitcoin and Ethereum, live up to this promise in an intuitive way: they make everything public, including the transactions and the internal states of smart contracts. This brings us to the problem: confidential data cannot be processed by these blockchains.
Phala Network tackles this challenging problem. It 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.
Phala Network is committed to providing a universal decentralized computing network that can be freely combined with decentralized smart contracts, storage protocols, and data indexing services. What they have achieved is a trustless cloud of more than 20,000 workers. These computing nodes are organized under a framework that enables the decoupling of execution and consensus: Unlike existing platforms where all the contracts are executed by a single miner during the block production process (with other miners doing duplicated execution for validation), Phala enforces the faithful execution in each worker without (or only with a small factor of) duplication, thus its computing power increases linearly to the number of workers. This is the prerequisite towards a decentralized computing cloud with the power to carry the Web3 world.
What is the PHA token?
PHA is the native utility token of Phala Network that is used for:
- Trusted Computing Resources: Purchase trusted computing resources in the network and the data exchanges (e.g. trusted computing power, on-chain computing and storage resources, and off-chain storage) using PHA tokens.
- Data Exchange Fee: Phala provides a contract-based data exchange infrastructure for standardized data collection, analysis, and trading protocols. With Phala’s protocol, a confidential but trusted exchange ecosystem is built for both buyers and sellers.
- Security Guarantee: Gatekeepers must stake a certain amount of PHA tokens, which may be slashed for misbehavior.
- Governance: Stakeholders who own a certain amount of PHA are able to join the Phala DAO to participate in community governance.
Who Are the Founders of Phala Network?
- Hang Yin: Founder and Lead Developer of Bitcoin Gold. Senior Developer of Google. 10 years of coding experience.
- Marvin Tong: Senior Product Manager with 3 years of experience. Worked in Tencent and Didi which are both the biggest Internet companies in China. Good at Product Design and Business Development.
- Zhe Wang: Hardware Engineer. A core member of Bitcoin Gold in China.
- Jun Jiang: CTO of KnewOne and Senior Software Architect in Dji. The lead of the RubyChina community.
- Shunfan Zhou: Blockchain Security Research Scientist. Ph.D. candidate in Fudan University.
Phala Network development updates in 2023
In 2023, Phala Network has been advancing its blockchain technology with several key developments focused on enhancing its decentralized cloud computing capabilities. Here’s a summary of the most significant updates:
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Phat Contract Developments: Phala Network has been focusing on establishing Phat Contract as a core component of the Web 3 builders stack. This includes the launch of Phat Contract 1.0 on the mainnet, introducing a “Stake to Compute” model that eliminates gas fees. The network is also developing “Phat Bricks,” a no-code toolkit for configuring Phat Contracts for specific use cases like Oracles. Further advancements include expanding multi-chain support and the introduction of Phat Contract 2.0, which will offer asynchronous Phat Bricks, opening up new possibilities in blockchain applications.
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Next-Generation Phala Compute: The network is working on the next generations of Phala Compute. The 2nd Gen, expected in Q1, lays the foundation for Phat Contract 1.0 and introduces the first “Public Good” cluster. The 3rd Gen, expected in Q3/Q4, will implement full Layer 1 tokenomics to enable anyone to run a Phat Contract capable cluster. Additionally, the 4th Gen, expected in 2024, will introduce the “SideVM” release, enabling long-running Phat Contract processes.
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PhalaWorld Expansion: Phala Network is building out its NFT Marketplace experience. The initial phase supports the trade and transfer of Shell NFT and StakePoolV2 NFT. Future updates will include Shell Equipment NFT Trading and the release of PhalaWorld’s first game feature, allowing users to challenge other players.
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Super Secret Product for DeFi: Phala Network is working on a DeFi engine leveraging Phat Contract’s cross-chain capability. This product is expected to demonstrate the true power and functionality of Phat Contract in an industry-defining offering.
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Elevating Presence and Message: The network plans to release a Phala Rebrand and a new phala.network website in Q2. They are also investing in research and development, with updates to their technical and tokenomics whitepapers expected in Q3/Q4.
These updates represent Phala Network’s commitment to enhancing its decentralized cloud computing services, focusing on innovation, scalability, and user experience. The network is positioning itself as a key player in the Web 3 space, particularly in the areas of off-chain computation and decentralized applications.
Official website: https://phala.network/en/
Best cryptocurrency wallet for Phala Network (PHA)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Phala Network (PHA)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).
Market Overview
Coinmarketcap.com
Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:
Market Capitalization And Daily Trading Volume
Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
Circulating And Total Supply
Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
