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Frequently Asked Questions
Bitvavo makes Phala Network as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is Phala Network?
Phala Network is a confidential smart contract network using a a hybrid TEE (trusted execution environment) and blockchain architecture. Phala aims to create a blockchain that can handle confidential and non-public data by executing the smart contracts inside a CPU's TEE. Phala Network is a cross-chain interoperable smart contract network running as a Polkadot parachain. PHA is used to buy computing resources on the network, as an incentive to keep participants honest, and as a governance mechanish.
How to buy Phala Network?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Phala Network. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store Phala Network?
Storing Phala Network and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Phala Network without any technical knowledge. Here is a brief overview of the existing wallet options to store your Phala Network:
Hosted wallets are wallets where the private keys to your Phala Network are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Phala Network online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Phala Network. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Phala Network, and if malicious parties have access to your device, your private keys (and therefore your Phala Network) can be stolen.
A hardware wallet is a physical device on which you can store your Phala Network offline. It is one of the safest ways to store your Phala Network, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Phala Network is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Phala Network. Once you have purchased Phala Network on Bitvavo, you can choose to send your Phala Network from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.