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What Is PHI Smart Chain?
Welcome to the PHI Smart Chain Docs & Glossary! Here you'll find everything you need to know about the Network.
PHI Smart Chain is an open-source Decentralized Autonomous Economy (DAE), programable smart contracts platform built for decentralized and enterprise-level applications, in one highly scalable ecosystem. PHI Network is home for digital store of value, decentralized infrastructure, and applications, ready and built to scale for global usage and adoption. It is compatible and interoperable with Ethereum and other EVM networks, and Solidity is natively compatible, making it easy and quick for Ethereum developers to build, deploy, or fork from existing open-source infrastructure built on other networks. A noticeable difference between PHI Network and other decentralized networks is the structuring of our consensus protocol. It leverages on a novel concept named Hybrid Consensus Algorithm, and ensures decentralization, quick finality, and high throughput, without compromising on scalability and energy efficiency.
PHI- or Φ - is the native token of PHI Network. It is a low supply and scarce asset that is used to pay for usage fees, to secure PHI public ledgers, as a means of exchange, payment, and as a basic unit of account for applications and protocols. Validators receive Φ as reward for sealing a block, and part of the usage fees users pay for submitting transactions to the network's public ledger.
Powering Decentralized Infrastructure
PHI Network can also be deployed on a private and controlled environment, which is ideal for governmental, development, and enterprise-level applications. Our company also develops and maintains a full suite of applications that facilitate and promote the usage of PHI Network with privately controlled ledgers, that allows users to create and deploy a production blockchain with just a few clicks.
PHI Smart Chain leverages on the Ethereum Virtual Machine (EVM) for its smart contracts, and this means that its platforms, tokens, protocols, and dApps are compatible and interoperable with other networks that uses the same algorithm to calculate addresses, and EVM for smart contract compatibility. Some major examples of other networks that can be deemed compatible with PHI Network are Ethereum, Avalanche, Fantom Opera, and Binance Smart Chain.
Proof-of-Use (PoU) Consensus: Phi Network uses PoU as its consensus mechanism, rewarding network participants based on actual resource usage, which helps distribute rewards more fairly. PHI Smart Chains Use the Genesis Block For Validation Block Rewards Are Produced To Users Based On Participation. Users Contribute Assets & Are Rewarded PHI For Their Contribution.
PHI Smart Chain can achieve finality in just a few seconds, with a block size on average 100000x greater than most other blockchain networks. The structure PHI uses to validate and seal blocks also strongly influences the blocks' mining time. This allows better management of difficulty and hashpower to achieve optimal performance and consistency.
The greater block size, aligned with PHI's novel HCA mechanism, allows a consistent minimum of 9,995tps, and upwards of 1,000,000tps while processing raw transactions, compared to about 7tps on Bitcoin and 13tps on Ethereum (Eth1.0).
Smart Contract Compatible