Hotbit AMA🎉 HOTBIT Polkadot 2nd丨Slot Auction = New Opportunity for Defi?

Daisy Lee: Hello, everyone, let’s welcome Marvin Tong, Phala Network CEO to introduce 【Slot Auction = New Opportunity for Defi?】to us in AMA. Could you introduce yourself to the community firstly, Marvin?

Marvin Tong: Hi guys! I am Marvin Tong, the co-founder & CEO of Phala Network. I am also a consultant of PAKA , a DAO venture who focusing on Polkadot startups. I was Senior Product Manager at Tencent & Didi. I used to lead the million-users-level trading strategy design with profound experience in strategy design, data-driven decision, and business model design.

Daisy Lee: Thanks for the introduction, Marvin Tong. Let’s start my questions. Can you briefly describe what is Phala Network?

Marvin Tong: Sure! Phala Network is a Substrate-based confidential smart contract blockchain on which you can develop confidentiality-preserving and privacy-first blockchain apps.

Daisy Lee: How do you think the slot auction = a new opportunity for DeFi?

Marvin Tong: Totally agree with it. As we know,Layer 2 is indispensable when Ethereum DeFi involves acceleration, mass, and cross-chain. In addition, there are also problems such as poor sharing and safety confirmation time, which greatly affects the upper limit of DeFi. Another issue is STO. The ability of swapping is currently limited to smart contracts and ERC standards in the Ethereum world.

Daisy Lee: How’s your preparation for getting a Polkadot Parachain?

Marvin Tong: Phala’s preparations are comprehensive. First, the pre-mainnet and mainnet of Phala Network are ready for Kusama & Polkadot slot auction. It’s a huge expense and a big challenge. We have faith in our business ability, funds, market management, and auction strategy. Of course, it is also inseparable from the support and recognition of the Polkadot community.

Daisy Lee: How does Phala compare to other privacy platforms?

Marvin Tong: Phala is a TEE-blockchain hybrid architecture based on Substrate. But so far, all the TEE protocols lack the foundation of composability-interoperability.

Daisy Lee: Sounds really impressive what you have done. How about PHA token and its utility?

Marvin Tong: PHA is used for paying the resources of private computing.

Daisy Lee: How do you differ from other privacy chains?

Marvin Tong: We have two advantages:

Daisy Lee: What’s the plan for Phala in 2021?

Marvin Tong: https://medium.com/phala-network/phala-roadmap-of-mainnet-and-parachain-auction-d85066306d60

Daisy Lee: Quite detailed explanation. Thanks for the introduction, Marvin Tong. I believe our members know more about Phala Network now. But they may have many questions. Now, let’s proceed to the next session public Q&A.

@jessekerluke: If any project or company want to patner with Phala Network how it possible or how it process?

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