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 dual token system, users can access various digital goods and services in the areas of communication, entertainment, market, and storage.
Phantasma Key Concepts
Phantasma Chain allows you to deploy infinite side chains. Each dApp on the Phantasma Chain can run independently of all other sidechains on its own sidechain. This means the risk that a single dApp could shut down the entire network when spamming. Its Blockchain can validate 10k transactions per block (the maximum block size may be changed in the future to improve network performance). This ability applies not only to the mainchain, but also to each individual sidechain, meaning that each sidechain can achieve the same maximum TPS regardless of the mainchain and all other sidechains. As a result, the maximum total TPS of Phantasma Chain is the number of side chains plus the main chain multiplied by the maximum TPS of each chain. The infinite sidechains combined with the cross-chain technology that Phantasma implements on its network will allow all chains to be connected, giving developers the power they need to build revolutionary dApps with supported languages C#, Java, Solidity, and Python (support for additional programming languages will be added later).
Provision of governance tokens
Phantasma Chain’s governance token is called “SOUL” and had an initial maximum supply of 94,000,000 tokens. SOUL controls Phantasma Chain’s decentralized network, 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 Phantasma Chain through the mechanism. chain voting.
Additionally, to support improvements to the Phantasma Chain ecosystem for years to come, they have introduced an inflation add-on to the overall SOUL offering. Inflation should only be used to maximize the quality of the ecosystem and sustainably encourage developers to build dApps on Phantasma Chain. Annual inflation is coded as 3% plus 125,000 ALMA distributed monthly to eligible Soul Masters (those who secure at least 50,000 ALMA for at least 1 calendar month. From 3%:
- 1% (a third) goes to Block Producers (validators network)
- 1% (one third) is allocated to Phantom Force (developer community)
- 1% (a third) goes to various ecosystem incentives.
SOUL tokens awarded to Block Producers to validate network transactions are distributed to each Block Producer at the beginning of each month at the same time as the Soul Master rewards, which means that inflation is continuous and 1% inflation allocated to Block Producers is only achieved when the network completes a full year of activity. 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 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 them. In this way, instead of receiving a lump sum of tokens each year to be later managed by the Foundation and allocated to different projects, the community-led team will receive ongoing funding throughout the year, allowing for further decentralization of network. the development and development of a year’s project becomes possible. Phantasma believes that in order to build the best ecosystem, it’s important to have good incentives for developers who contribute their fair share. With this new inflation model, Phantasma is able to reward taxpayers sustainably for years to come. The inflation model is a great way to attract (and retain) developers and maintain the necessary high quality of block producers, which will benefit Phantasma’s long-term growth.
In addition to the SOUL governance token, Phantasma also has a second token called KCAL that powers everything in the Phantasma ecosystem. From simple trading to staking, minting your own NFTs, or claiming KCAL yourself, everything requires a small fee, payable in KCAL and nothing more. KCAL token can be earned by pinning SOUL. For every SOUL you block, you will generate 0.002 KCAL every day; for every 1000 SOULS, that’s 2 free KCAL every day, enough to cover all types of normal transactions for the average user forever. Deflationary measures protect the KCAL token economy, burning half the KCAL fee of any type of transaction instantly, keeping inflation in check and balancing supply and demand. Even dApp developers are chipping in, with GhostMarket burning off half of their earned KCAL costs, further increasing the pressure on KCAL deals.
Non-Fungible Tokens (NFTs)
Until now, reselling digital products has been a very difficult task to do online. It had its flaws and security issues. Blockchain technology has enabled real and verified ownership of digital goods, which means it can also solve the problems associated with reselling digital goods. This can be done with non-fungible tokens (NFTs), which use special cryptographic tokens that can have a variety of different features built into the code itself, effectively describing the rules for creating and distributing that digital asset. Using 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 with each other on open markets, whether they have limited supplies or are completely unique in nature. Phantasma Smart NFT supports a variety of advanced features, including programmable NFTs, multi-layered NFTs, on-demand NFT mining, multi-asset infusion, NFT-with-NFT infusion, locked content, and NFT nesting where unique non-fungible tokens are Repeatedly intertwined they are injected like Russian matryoshka dolls.
For more information on NFTs, please visit: https://medium.com/phantasticphantasma/choosing-the-right-blockchain-for-your-nft-d1df2bebae91.
Smart NFT technology
Phantasma’s Smart NFT technology is unique among Layer 1 blockchains and provides game developers with the necessary technology for advanced gaming. Programmable NFTs allow players, for example, to buy a fighter on the market, level up the fighter by winning battles, and then sell the same fighter for a higher price on the market. With other blockchains, higher-tier NFTs must be minted separately at high cost, which at the same time complicates gaming implementation.
Multi-layer NFTs allow game developers to implement NFTs that consist of multiple NFTs, as seen in the 22 Racing Series game developed by Phantasma’s partner game studio GOATi, and one of the games is on the game hub PavillionHub. . Thanks to the low minting costs of NFTs on the Phantasma blockchain and the fact that NFTs can be minted on demand, game studio GOATi has saved hundreds of thousands of dollars on the minting of its NFTs for the 22 Racing Series game. The mint-on-demand functionality allows NFT producers to mint only the NFTs that are sold, so they do not 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 innovative Smart NFT technology, visit https://phantasma.io/phantasma-smart-nfts.
Much has been written about the carbon emissions of blockchain technology in general and the thrashing of NFTs in particular. Bitcoin’s proof-of-work consensus mechanism is known for its high energy consumption and therefore high 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, goes one step further by becoming carbon negative certified by purchasing Save Planet Earth 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 adoption of NFTs. There are many benefits to adopting non-fungible tokens in your world. Not all use cases have to come from goods or digital assets. Think about 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 partner with companies and developers who want to take advantage of this blockchain technology by modifying economic systems and choosing based on what type of tokens are best suited for their products.
For more information on Phantasma, visit: https://phantasma.io/