The crypto market is growing and the world of blockchain is receiving more attention worldwide. Current technology is optimized and implemented in real use cases. As a result, new projects are added all the time. In a decentralized ecosystem, privacy and above all security is an important property. To this end, the Phantasma offers a decentralized content distribution system with a focus on privacy and security for the network and the users.
What is Phantasma?
Phantasma Chain is a fast, secure and above all scalable blockchain that enables interoperability with other blockchains with the focus on the decentralized governance system. It provides users with access to digital goods and services in the fields of communication, entertainment, NFT marketplace and goods storage.
Phantasma wants everyone to enjoy the possibilities that blockchain technology offers. The protocol has invested in features built to operate at high speeds to deliver excellent user experiences. The mantra of Phantasma? If your grandma can’t use it, the mainstream won’t either. With this they focus on user-friendliness to reach the general public.
As a decentralized content distribution system, they put privacy and security above all, for all users of the network. Phantasma thus says that decentralization offers added value for the security of information between all users of the network.
Since the start of the launch in 2018, the Phantasma team has already wanted to emphasize the decentralization of the project. They want to emphasize that relying on centralized information-sharing services is not without dangers for both individuals and organizations. The growth of the DeFi ecosystem and the accompanying dApps proves the importance of security and privacy in the exchange of data. The purpose of the protocol is to provide a framework for data management on decentralized applications (dApps).
Phantasma Blockchain a collection of different chains in the network, which is connected by Nexus. This is the entity in Phantasma’s ecosystem that connects the entire system. It connects the mainnet to all tokens, organizations and dApps.
An infinite number of side chains can arise that are connected to the Phantasma blockchain. Each dApp on this chain can work independently from all other side chains. This is important because it removes the risk that some dApps could shut down the entire network if they have malicious intent.
The blockchain can validate up to 10,000 transactions per block. This capacity does not only apply to the main network, but also applies to the performance of all side chains. This means that all projects built on Phantasma are scalable due to fast transaction times.
Dual token system
Phantasma Network is the dual token system of the protocol. For both usability efficiency and wide adoption, Phantasma has chosen to work with two different tokens. Fees for transactions are not paid in their native token SOUL, but in the fuel behind the protocol: KCAL. Energy (KCAL) is the network resource token for the Phantasma Chain used for transaction fees that take place on the blockchain. Phantasma uses SOUL and KCAL as tokens to further grow their blockchain ecosystem in the world of NFTs, gaming and dApps.
Soul is the governance token of the Phantasma blockchain. It has an initial maximum supply of 94 million. The native token manages the decentralized network of Phantasma Chain, as it were. By putting their tokens in the network, users and developers can take advantage of the resources that the network provides, as well as democratically choose the network validators. These are the building block of the network through the on-chain voting mechanism.
The Phatasma Protocol is based on a decentralized governance system. Each token holder who wagers SOUL will be given voting rights in proportion to the amount. To prevent the decentralized system from being influenced by large token holders and thus being able to exert improper influence, there is a formula that determines the voting rights.
By staking SOUL, holders will receive KCAL. This token is the fuel of the ecosystem with which transactions are done within the network. They get 0.002 KCAL per day from staking their SOUL tokens. The staking is flexible in nature, so you are always able to withdraw your investment from the stake and trade, except for the first 24 hours after staking or receiving KCAL tokens as a reward.
When we send currency over the network, it is done using a unique address. This is a long and complex code, which is unfamiliar territory for many people. This is often overwhelming, so people see this as a barrier not to participate in activities on the blockchain. According to Phantasma, this must be different and therefore invests in the functionality to link your name to your unique address.
When staking a minimum of 2 SOUL tokens, you can claim a Phantasma name so that you can send assets to a name and no longer to a unique address. With this, the protocol hopes that many people can use this functionality, provide the protocol with sufficient liquidity and more people find their way to the user-friendly possibilities of the protocol.
When you stake at least 50,000 SOUL tokens, you get the title of SOUL master. This gives you a number of extra benefits. Do you decide to discontinue this amount for a period of one month? Then you get 125,000 SOUL tokens from the protocol.
An annual inflation rate of 3% is foreseen, which is equivalent to 125,000 tokens. It is solely intended to improve and maximize the quality of the ecosystem and let developers build dApps on the Phantasma Chain in a sustainable way:
- 1% is for the validators in the network
- 1% is for the development community
- 1% is for various ecosystem incentives
Phantasma also believes it is essential to have an incentive mechanism for developers who contribute to the system. With this new inflation model, Phantasma can sustainably reward these developers who contribute to the ecosystem for years to come. In addition, it attracts new developers in order to continue to guarantee the high quality that the network offers.
Transactions in the network are done with KCAL, the energy token of the network. Any users who discontinue SOUL tokens will receive Energy (KCAL) as a result. When you own this token, you can use the Phantasma Chain. This also allows you to choose an on-chain Phantasma name. Basically, everything that happens on the Phantasma blockchain consumes KCAL:
- cross chain swap
- Smart Contracts created by developers dApps
The goal of Phantasma is to be a user-friendly one-stop ecosystem on the blockchain. To date, Smart Contracts do not have access to data outside their own network. This is often valuable information that can contribute to the further development of a project. Phantasma Chain therefore has their own oracle support that allows smart contracts to read external data in order to use it. With this they optimize calculations to make the project more powerful and faster.
Due to the open source nature of the protocol, the oracle system is designed to be just integrated by third-party developers of dApps. These oracles are, as it were, data sources that can be used to provide smart contracts with extra valuable information. Developers can easily build all kinds of dApps on the blockchain in this way and use this data.
Decentralized Smart NFTs
NFTs are the hype of 2021, but where is this data hosted? This hosting is an important part of NFT that is still often overlooked. When you buy an NFT, he or she is essentially buying a cryptographic hash. This hash contains information about this token. When this hash is on a central server, you have the chance of a back pull. If the server goes down or the creator of this NFT has bad intentions, you may just lose your investment. Therefore, it is essential that all information is directly on the blockchain and that smart contracts are open source. Phantasma therefore ensures that all NFT metadata is on the blockchain.
One of the most revolutionary dApps in the Phantasma ecosystem is GhostMarket. GhostMarket is the world’s first fully reliable cross-chain NFT marketplace, according to the Phantasma team. Collecting or trading on GhostMarket is made possible through the use of smart contracts on the one hand and the use of Umint NFT Factory on the other. This is one of the most powerful and innovative functions. uMint gives GhostMarket users security and peace of mind because the data from the minted smart NFTs is stored and determined on the blockchain. As a result, they are decentralized and there is no chance of malicious practices such as a back pull.
NFT Ghost Market
The world of non-fungible tokens (NFTs) is gaining more and more support and support. Phantasma protocol also sees a future in these NFTs and has launched its own GhostMarket. This is an NFT marketplace where anyone can create and trade their NFT. There are several payment options on the platform. Most works are sold or auctioned with SOUL, but you can also pay with Energy (KCAL) or GAS.
With billions of dollars on the clock, the gaming industry is a very large market. However, this industry has several weaknesses that can be easily solved by implementing the blockchain technology. If we look at different games that are accompanied by easy-to-use hacks that give you, for example, effortless unlimited access to money, lives, etc. This comes at the expense of the quality of the game and the user experience.
By collecting all these pain points and recording them in smart contracts, such hacks are no longer possible and developers can optimally focus on the user experience that can no longer be manipulated. Even developers of the game cannot change them once they are committed to the smart contract.
Often players strive to create a unique avatar using in-game attributes. Although you think you own a unique digital item, it will never be yours and creators can choose to modify the game to this day so that you never own such items. Using the blockchain technology, in-game items and avatars can be captured on the blockchain as a token. Then you are the owner of this token and you can trade it if you want. These items are therefore NFTs, as it were.
In this digital revolution we can no longer imagine not using a smartphone or social media. We often don’t think about it, but a large part of the e-commerce industry is built on advertising. For example, we see advertisements on all possible social media channels, but the fact that we just see an advertisement from a search query a few hours earlier is no coincidence.
In addition, all communication and the sending of files goes through a network. This data can be used, deleted or manipulated. This data is actually owned by a centralized company like Facebook . Social media platforms use our data and sell it on to advertisers. Our data is used unsolicited, as is our privacy, as if it seems that our computer knows a lot about us.
These privacy issues can be solved by implementing the blockchain technology through a decentralized platform in which data transfer is possible. These files are encrypted on the platform and cannot be sent or read without the owner’s permission.
Phantasma (SOUL) Chart
With their protocol, Phantasma wants to become a building block on which various projects can grow. In addition, they are responding to the latest trends by launching their own NFT platform on which their native tokens can be traded.
They have a favorable utility token structure that provides governance to their users. It’s clear that Phantasma designed its tokenomics with the future in mind. The protocol aims to bind as many developers of dApps as possible to the project by letting them use the oracle support that holds valuable data for dApps. Privacy and security of all users is central and we want to grow with these core values as a blockchain that offers interoperability across the entire ecosystem.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com