What is Phantasma（SOUL）？

2022-03-17, 07:18

[TL;DR]

What is Phantasma?
The Phantasma blockchain, under the token Soul, is a Layer-1 blockchain protocol that acts towards full interoperability and decentralization when it comes to DeFi interfaces, metaverse projects and NFT storage and transactions. Its main characteristic that stands out from the pack is its staking mechanism, which is combined with the double-token system, eco-sustainable tokenomics model, its equally-ecological smart NFTs and cross-blockchain interoperability through Phantasma Link.

Duel-token framework
SOUL is the governing token - the development of the project is conducted through a voting system that is driven by all SOUL holders.
KCAL is basically the fuel to the Phantasma blockchain, needed for every single transaction. Think of it as Ether for Ethereum-based projects or BNB to BSC-based projects.

Smart NFTs
Dynamic property tokens that are able to alter themselves according to pre-established conditions. This unique and exclusive model to Phantasma allows game and metaverse developers, for instance, to create items and parcels in a more decentralized and dynamic manner - able to distribute them across several different projects and blockchains with ease while also creating frameworks that make them faster to exchange and cheaper to mint.

Phantasma Link
Currently the greatest model of interoperability in all of the crypto market ecosystem - according to developers - which would allow for different dApps of say Ethereum and BSC, for instance, to intercommunicate regarding services and transactions. The process is done through a technology called “infinite parallel chains,” which was created and coined by the project’s development team.

Fill in the form to receive 5 reward points→

Everyone once in a while, crypto investors and enthusiasts researching projects stumble upon something that should be bigger than it actually is - small projects with big dreams, that seem to pursue the disruption of the crypto frameworks towards a better, faster and more sustainable future.

One of these projects is Phantasma, under the token SOUL, which has been working on nothing short of innovative solutions under a small team with a lot of passion.

With that being said, this article looks into the Phantasma blockchain; its main innovative features, what it seeks to accomplish and why its model makes cryptocurrencies more efficient and communicative. Will it work out and fulfil all it is sought to accomplish? Time will tell.

What is Phantasma?

The Phantasma blockchain, under the token Soul, is a Layer-1 blockchain protocol that acts towards full interoperability and decentralization when it comes to DeFi interfaces, metaverse projects and NFT storage and transactions. Its main characteristic that stands out from the pack is its staking mechanism, which is combined with the double-token system, eco-sustainable tokenomics model, its equally-ecological smart NFTs and cross-blockchain interoperability through Phantasma Link.

The Phantasma network was developed to provide a better focus on improving the commerce for goods and services in a full-fledged and independent crypto ecosystem - which encompasses dApps, communication, entertainment, finances and even corporate centers for mixing TradFi with DeFi. The network is already making quite the progress in terms of sustainability, with lightning-fast transactions that spend very little energy along with accessible fees. On top of that, Phantasma’s main goal is to become the first carbon-negative crypto project - meaning it actually improves the world’s carbon emission issues instead of further damaging the climate.

Dual-token Framework: SOUL and KCAL

Contrary to most blockchains that use a single token to govern and utilise the platform, Phantasma introduces a new way of governance and functionality entitled “dual-token” through SOUL and KCAL that exercise different functions while complementing each other.

SOUL
According to the project’s whitepaper, SOUL is the governing token - the development of the project is conducted through a voting system that is driven by all SOUL holders.

There are many advantages to being a SOUL holder, with the main ones being the ability to earn KCAL through staking, earn SOUL and KCAL through NFTs minted in the platform and the option to become a Soul Master. To become a Soul Master, investors need to acquire 50 thousand SOUL and stake them, which makes them receive part of the 125 thousand monthly SOUL tokens distributed across all Soul Masters.

KCAL
The KCAL token is basically the fuel to the Phantasma blockchain, needed for every single transaction. Think of it as Ether for Ethereum-based projects or BNB to BSC-based projects.

Therefore, the fact that staking SOUL earns users KCAL serves as a major motivator for investors to stake at least part of their SOUL tokens, so that they’re able to easily conduct transactions in the blockchain.

Not only so, but half of all KCAL used in transactions is burned instantly, which creates a deflationary economy for KCAL and drives a counter-inflationary development for the Phantasma network. The more it’s being used, the more KCAL is being burned, consequently upping its price and incentivizing more users to stake SOUL to earn KCAL without needing to invest more money into the blockchain.

Smart NFTs
Regarding Phantasma’s so-called Smart NFTs, they are presented as dynamic property tokens that are able to alter themselves according to pre-established conditions. This unique and exclusive model to Phantasma allows game and metaverse developers, for instance, to create items and parcels in a more decentralized and dynamic manner - able to distribute them across several different projects and blockchains with ease while also creating frameworks that make them faster to exchange and cheaper to mint.

As an example - a user of both an Ethereum-based metaverse and a Solana-based metaverse buys the NFT of a nice digital art on the Phantasma blockchain. If that art gets then transferred to the Ethereum metaverse, the Smart NFT will recognise the transaction and therefore shift itself into an Ethereum based NFT that can be used in that specific platform. The same thing happens if it gets sent to Solana’s.

It’s important to note that, due to the fact that this is an entirely new technology, the Phantasma NFTs don’t follow the same ERC-721 model as most NFTs from the start - it is entirely built and purchased only on the Phantasma blockchain under a new non-fungible token programming language.

The Smart NFT model also allows for the creation of framework-changing NFTs based on the time it takes to mint them, the transaction layers and the fee for infusion. Users are then able to create and sell NFTs for a fraction of the price and transaction time than in other blockchains, according to the crypto-data source website CoinMarketCap. Besides, Phantasma’s White Paper states that such evolution in NFT creation allows for new projects and developers based on the Phantasma blockchain to make even more innovations further down the line, consistently improving how NFTs function.

The Phantasma Link
As previously mentioned, Phantasma also has a strong focus on the sustainability of decentralized services and applications. For that reason, the project developed a sort of online connective tissue that allows for different apps across chains to communicate seamlessly and facilitate crypto use for those that are not very vested in the digital assets ecosystem. Named Phantasma Link, the service provides a facilitating connection between the dApps (Decentralized Applications), Wallets and Blockchains.

According to Phantasma’s team, the Phantasma Link is currently the greatest model of interoperability in all of the crypto market ecosystem, which would allow for different dApps of say Ethereum and BSC, for instance, to intercommunicate regarding services and transactions. The process is done through a technology called “infinite parallel chains,” which was created and coined by the project’s development team. Documents also mention the Link acts as oracles built within the center of the network, allowing for a stronger and more foul-proof blockchain.

It is important to note, however, that interoperability of wallets and blockchains communicating doesn’t mean native transactions of assets - like swapping native BTC for native ETH, for instance. So far, the only project capable of doing so is ThorCHAIN, currently in the beta-testing phase. Phantasma Link simply allows for different wallets and services across chains to communicate and be made aware of each other in case certain goods and services can be cross-utilized.

Author: Gate.io Researcher: Victor Bastos
* This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.