Phantasma Chain is a fast, secure, low cost and scalable Layer 1 blockchain solution for gaming, NFTs and more that enables interoperability with other blockchains while maintaining a decentralized governance system. With an innovative staking mechanism and a dual token system, users can access various digital goods and services in the areas of communication, entertainment, marketplace and storage.
Phantasma’s Key Concepts
Phantasma Chain allows to deploy infinite side chains. Each dApp on the Phantasma Chain can run independently of all other side chains on its own side chain. This means the risk that a single dApp can shut down the entire network when spammed. Their Blockchain can validate 10k transactions per block (the maximum block size may be changed in the future to improve network performance). This capacity applies not only to the main chain, but also to each individual side chain, meaning that each side chain can achieve the same maximum TPS independently of both the main chain and all other side chains. As a result, Phantasma Chain’s maximum total TPS is the number of side chains plus the main chain multiplied by each chain’s maximum TPS. Infinite side chains combined with the inter-chain technology that Phantasma implements in its network will allow to connect all chains, giving developers the power they need to build revolutionary dApps with the supported languages C#, Java, Solidity and Python (support for additional programming languages will be added later).
Governance Token Supply
The Phantasma Chain governance token is called “SOUL” and had an initial maximum supply of 94,000,000 tokens. SOUL controls the decentralized network of Phantasma Chain, as the staking feature gives users and developers the right to use network resources, and provides them with a democratic way to choose the network validators that power the Phantasma Chain through the on-chain voting mechanism.
In addition, to support the improvements in the Phantasma Chain ecosystem in the coming years, they have introduced an inflation add-on to SOUL’s overall offering. Inflation should only be used to maximize ecosystem quality and to sustainably encourage developers to build dApps on Phantasma Chain. Annual inflation is coded as 3% plus 125,000 SOUL which is distributed monthly to eligible Soul Masters (those who lock in at least 50,000 SOUL for at least 1 calendar month. Out of 3%:
- 1% (one third) is allocated to Block Producers (network validators)
- 1% (one third) is allocated to the Phantom Force (developer community)
- 1% (one third) is allocated to various ecosystem incentives.
The SOUL tokens awarded to Block Producers for validating network transactions are distributed to each Block Producer at the beginning of each month at the same time as Soul Master rewards meaning inflation is continuous and the 1% inflation that assigned to Block Producers is only achieved when the network completes a full year of operations. Unless the ecosystem incentive portion of annual inflation is allocated to specific incentives, it will be distributed to block producers. At the same time, the SOUL tokens generated by the annual inflation for the Phantom Force Foundation are unlocked monthly and automatically transferred to the Foundation’s treasury wallet for the decentralized team to collectively decide how to distribute. In this way, instead of receiving one lump sum of tokens each year to be subsequently managed by the Foundation and allocated to different projects, the community-led team will receive continuous funding over the course of the year, allowing for greater decentralization of the network development and project development of a year becomes possible. Phantasma believes that in order to build the best ecosystem, it is important to have good incentives for the developers who contribute their fair share. With this new inflation model, Phantasma can reward contributors sustainably for years to come. The inflation model is an excellent way to attract (and retain) developers and to maintain the necessary high quality of the block producers, which will be beneficial for Phantasma’s growth in the long run.
In addition to the governance token SOUL, Phantasma also has a second token called KCAL that powers everything in the Phantasma ecosystem. From simple trades to staking, minting your own NFTs or claiming KCAL yourself, everything requires a small fee – payable in KCAL and nothing else. The KCAL token can be earned by pinning SOUL. For every SOUL you lock up, you will generate 0.002 KCAL every day – for every 1,000 SOUL that is 2 KCAL free every day, enough to cover all normal transaction types for the average user forever. Deflationary measures guard the KCAL token economy, with half of the KCAL fee from any type of transaction being instantly burned – keeping inflation in check and balancing supply and demand. Even dApp developers are contributing, with GhostMarket burning half of their earned KCAL costs, further increasing the pressure on KCAL offerings.
Non-fungible Tokens (NFTs)
Until now, reselling digital goods has been a very difficult task to perform online. It had its flaws and security issues. Blockchain technology has enabled real and verified ownership of digital products, meaning it can also solve the problems associated with reselling digital goods. This can be done with Non-Fungible Tokens (NFT), which use special cryptographic tokens that can have a variety of different characteristics embedded in the code itself, effectively outlining the rules for creating and distributing that digital asset. Using the Phantasma Chain Smart NFT technology, developers can create digital items for their apps and games and allow their users to freely trade these digital items among themselves in open marketplaces, whether they have limited supplies or are completely unique in nature. Phantasma Smart NFTs support a range of advanced features, including programmable NFTs, multi-layered NFTs, on-demand NFT mining, multi-asset infusion, infusing NFTs with NFTs, locked content, and nesting of NFTs where unique non-fungible tokens are repeatedly interlocked. are injected like Russian matryoshka dolls.
For more information on NFTs, please visit: https://medium.com/phantasticphantasma/choosing-the-right-blockchain-for-your-n ft-d1df2bebae91†
Smart NFT technology
Phantasma’s Smart NFT technology is unique among Layer 1 blockchains, providing game developers with the technology needed for advanced gameplay. Programmable NFTs allow players to, for example, buy a fighter in the market, level up the fighter by winning battles, and then sell the same fighter at a higher price in the market. With other blockchains, higher level NFTs have to be minted separately at a high cost which at the same time complicates the gaming app.
Multilayered NFTs allow game developers to deploy NFTs that consist of multiple NFTs, as seen in the game 22 Racing Series which is developed by Phantasma’s partner game studio GOATi and one of the games is on the gaming hub PavillionHub† Thanks to the low minting costs of NFTs on the Phantasma blockchain and that NFTs can be minted on demand, game studio GOATi has saved hundreds of thousands of dollars in minting their NFTs for the 22 Racing Series game. The minting on-demand functionality allows NFT producers to mint only the NFTs that are being sold, so they don’t have to pre-mint NFTs at the risk of spending thousands of dollars in minting fees for NFTs that will never be sold.
Phantasma’s Smart NFT technology also makes it possible to store NFTs with links to locked content that can only be accessed by the owner of the NFT.
For this and more about Phantasma’s groundbreaking Smart NFT technology, please visit https://phantasma.io/phantasma-smart-nfts†
Much has been written about the carbon emissions of blockchain technology in general and the beating of NFTs in particular. Bitcoin’s Proof-of-Work consensus mechanism is known for its high energy consumption and is therefore high in carbon emissions. Many other blockchains, such as Phantasma, use the more environmentally friendly Proof-of-Stake consensus mechanism. Some of these blockchains are even carbon neutral. Phantasma, after partnering with Save Planet Earth, taking it a step further by becoming certified carbon negative by purchasing Save Planet Earth’s Certified Carbon Credit NFTs. This means that by using the Phantasma blockchain, you will reduce global carbon emissions and help save planet Earth.
By partnering with GhostMarket, an NFT Marketplace that supports NFTs from all other blockchains, Phantasma aims to lead the way in NFT adoption. There are many benefits to adopting non-fungible tokens into their world. Not every use case has to come from digital goods or assets. Think of the important information they physically store: a birth certificate, academic references, or warranties. All this information can be well digitized and stored in a wallet through tokenization. They work with companies and developers who want to take advantage of this blockchain technology by modifying the economic systems and choosing based on which type of tokens best suits their products.
For more information about Phantasma, visit: https://phantasma.io/