Phantasma Chain: A Deep Dive

Author: Okereke Innocent
March 16, 2021

 |5 min read

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Phantasma Chain A Deep Dive

Phantasma Chain is a fast, scalable, and highly secure blockchain network. Its governance token called SOUL and energy token KCAL powers it. Although the Phantasma blockchain system maintains a decentralized governance protocol, it also offers interoperability with other blockchain systems. The innovative mechanism employed by Phantasma Chain such as dual token system and advanced non-fungible tokens (NFTs) makes it possible for users to have digital goods and services. 

Some of such digital goods and services include communication, entertainment, the marketplace, and storage. The ecosystem consists of active block producers, block verifiers, and standby block producers who serve as backups. Also, the Phantasma Chain has high transaction per second (TPS) and low transaction fees for better communication and entertainment.

Learn about Architecture Of Stellar Network.

Features of the Phantasma Ecosystem

Here are some of the great benefits of the Phantasma Chain in the blockchain space:

Proof-Of-Stake (PoS) Consensus Mechanism.

Phantasma blockchain system adopts a special proof-of-stake. Here, users who desire to be validators will have to put a stake in the Phantasma network. As an incentive for this task, the transaction fees will be shared amongst the validators. The master nodes or block producers for the Phantasma network use a rotational scheduling side-chain to identify an active validator. 

This process occurs in parallel, hence it allows for horizontal scaling and boosting of the theoretical transaction per second (TPS). An active validator node is saddled with the responsibility of accepting transactions from Phantasma users. The validator verifies signatures and transaction contents. If the transaction is accepted, it will be the job of the validator to add it to the next block. 

Smart Contract Languages 

Phantasma network recently launched the Phantasma SDK with support for C# and Javascript languages. It also has support for a chain node, smart contract compiler, block explorer, wallet, and lots of applications. Finally, the full mainnet of the Phantasma chain supports Solidity, Python, and C#. 

Non-fungible Token Support

This is another great feature of the Phantasma network, especially when NFTs could be an important component of the digital economy. Having a token that represents digital goods makes it more convenient to buy or sell digital goods using blockchain technology. The Phantasma platform allows the trading of NFTs from different chains supported by the Phantasma network. Since, in the coming years, non-fungible tokens have the potential to be the driving force of blockchain. 

Multiple Side Chains 

The Phantasma Chain has infinite side chains made possible due to its new PoS+ mechanism. As each of these side chains retains its 5k transactions per second. Therefore, the benefit of these multiple side chains is that they provide a solution to the scalable issues of blockchain networks. To know the total TPS of the Phantasma ecosystem, multiply the total number of chains available with 5k TPS. 

By leveraging the inter-chain technology and the connectivity of the side-chains, developers can build revolutionary dApps. 

Cosmic Swaps Framework

This is a system within the Phantasma blockchain network. It is an on-chain liquidity sharing system that allows users to connect to the decentralized exchange system of the Phantasma network. These users can benefit from the same liquidity pool. With the cosmic swaps framework and the custom-built connection, the network offers token and coin swaps in the App. Therefore, users don’t have to go through an exchange to get tokens or coins. Companies seeking to develop decentralized exchanges on Phantasma can connect directly to the same liquidity pool managed by Phantasma. 

An Integrated Name System

Phantasma system deploys an integrated name system at a time that most of the known blockchain systems use archaic systems.  Other blockchain systems require users to public addresses to receive coins or tokens. Meanwhile, the Phantasma Chain has a built-in protocol that allows people to use username as their public address.The network seeks to offer the best user experience possible and position for the mainstream adoption of blockchain. 

Anonymous Transfers 

The Phantasma network has the Ghost Mode feature which allows users to send private transactions. Therefore, private transactions are made possible by the Phantasma protocol. However, there are two separate levels of privacy covered in the Ghost Mode feature. These different layers are dependent on the size of groups in the ring signatures. A higher group size results in more privacy, and more privacy means higher network fees.

Decentralized Storage Solution

phantasma Chain also has a free decentralized solution for its users. The decentralized file storage is available from the mainnet launch day. Meanwhile, a storage dApp will be launched soon after the mainnet.

What is Ampleforth?

Notable Phantasma Chain Partnership

Phantasma blockchain team aims to make the system a one-stop blockchain for all daily activities and interactions. They are focused to achieve this goal and are currently closer than ever before. However, achieving great in the crypto space often always requires collaborations and integrations. There is currently a chain swap partnership between NEO and the Phantasma Chain which is already live. The partnership was vital for the launching of the Phantasma blockchain. 

Another blockchain that will soon be added to the chain swaps is the Ethereum blockchain. This swap partnership makes it possible to swap ETH and some other coins with Phantasma. The swapped coin can be spent within the Phantasma ecosystem. Phantasma Chain swap works in both directions, thus, making it possible for the team to introduce an ERC-20 SOUL token. The major benefit of the swap partnership with Ethereum is that it makes it possible for Phantasma to penetrate the Ethereum market and decentralized exchanges. 

This makes it possible for Phantasma to be in a better position to leverage Ethereum dApps for collaborations. Therefore, the team prioritizes the chain swaps between the Ethereum blockchain and Phantasma Chain. The launch of the Ethereum chain swaps will also ensure that non-fungible tokens (NFTs) are swappable. Users of the Phantasma ecosystem can swap Phantasma NFT on Ethereum protocol and can trade on Ethereum NFT platforms. It will ensure that Phantasma NFTs are readily accessible to more buyers and traders. Ethereum users can also swap their NFTs for Phantasma, while also leveraging the Phantasma marketplace’s low transaction fees for trading. 

Conclusion  

The Phantasma Chain is a revolutionizing ecosystem and has many things in stock for all blockchain enthusiasts. Phantasma may be the missing link that the current blockchain systems need for mass adoption. We will all have the answer with time. 

Also read about Binance Ecosystem.

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