Khala Gemini Upgrade — Mining Reward Transaction Will Happen Around 2:00 A.M. UTC on April 8th
Since Gemini Update proposal has passed, Khala will start to prepare for the update. As a part of the process, Phala team is going to move 226,800,000 PHA (1-year reward) from the locked mining subsidy reservation on Ethereum to the Khala subsidy pool by SubBridge. The transaction is scheduled to happen at around 2:00 a.m. UTC on April 8th.
Detailed Background
The Ethereum mining subsidy account is 0x4731bc41b3cca4c2883b8ebb68cb546d5b3b4dd6 (the biggest token holder on Etherscan). The Khala subsidy pool account is modlphala/pp. Since the genesis launch of Khala, 1% of the total PHA supply was moved from the Ethereum mining subsidy reservation to the Khala subsidy pool according to Khala mining tokenomic. As the 70% token is reserved for mining, 69% was left in the Ethereum subsidy reservation.
After the Gemini Update, Khala and Phala will share the same mining reward schedule and subsidy pool. Therefore Phala team has to move more funds to Khala subsidy pool. This transaction will move PHA mining reward for the first year, calculated as follows:
7200,000 * 180 + 720,000 * 180 * 0.75 = 226,800,000 PHA
You have to know before Khala Gemini Upgrade
About Phala
Phala Network tackles the issue of trust in the computation cloud.
This blockchain is a trustless computation platform that enables massive cloud processing without sacrificing data confidentiality. Built around TEE-based privacy technology already embedded into modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures processing power is highly scalable but not wasteful. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.
On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala to enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.
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Khala Gemini Upgrade — Mining Reward Transaction Will Happen Around 2:00 A.M. UTC on April 8th was originally published in Phala Network on Medium, where people are continuing the conversation by highlighting and responding to this story.
