Phantasma Chain, a blockchain focusing on content distribution and data storage, has announced the design, tokenomics, and feature set of its upcoming standalone blockchain. Phantasma Chain is slated to launch in April 2019 with a proof-of-stake consensus mechanism and a dual-token model.
Phantasma Chain has announced that its upcoming blockchain will be feature-rich, with support planned for side chains, “Ghost Mode” anonymous transactions, a built-in decentralized exchange, a native “Phantasma Gold” dollar-pegged stablecoin, voting rights, distributed file storage, a staking model with a rewards pool, Phantasma Name Service, and an “NFT Marketplace” for non-fungible tokens.
Dual Token System
Phantasma Chain will be offering a dual-token model with a network resource token, Phantasma Energy (KCAL). KCAL will be used to pay transaction fees, as Phantasma states “it is not efficient and realistic to pay a small fee in SOUL for every transaction.” Native SOUL tokens on the Phantasma Chain will generate KCAL when they are staked for a minimum 24-hour period.
1 SOUL will be the minimum staking amount, and is planned to generate 0.002 KCAL per SOUL per day staked. Transactions are expected to cost 0.01 KCAL. KCAL’s maximum supply will be 320,000,000 tokens, and its staking rate will reduce by half every two years.
Tokenomics and Inflation Model
Phantasma Chain has decided to increase the maximum supply of SOUL upon the move to its own blockchain. Phantasma will be increasing its total supply to 100,000,000 by adding 8,863,626 locked SOUL tokens. The tokens are earmarked to incentivize developers and reward its “SOUL Masters,” those individuals staking at least 50,000 SOUL tokens in a single wallet.
The 100,000,000 maximum supply will also be subject to 3% yearly inflation after the MainNet is launched. 2% will go to the Phantasma Chain block producers, and 1% is earmarked to fund further development on Phantasma Chain. Phantasma Chain will start off with 10 active block producers, and maintain a roster of standby candidates. Block producers will be subject to community vote each quarter. SOUL Masters are eligible to become block producers when new positions become available in the future.
NEP-5 Support
Phantasma Chain will continue support for its NEO token and exchange pairings by offering an open token swap between its native SOUL tokens on Phantasma Chain and the original NEP-5 SOUL tokens on the NEO blockchain. The 1:1 swap will remain open throughout the year of 2019.
Phantasma Gold
Phantasma plans to issue a native stablecoin to support e-commerce on its blockchain. BTC, ETH, and SOUL purchases will be converted into Tether (USDT) and then Phantasma Gold automatically “in the back-end” with no direct user involvement. Phantasma Chain claims that its chain “will always have 1 Tether (or any other stable coin) in reserve for any 1 Gold that has been generated during a transfer.”
Phantasma Coin’s full tokenomics announcement can be viewed at the following link:
https://medium.com/phantasticphantasma/main-net-tokenomics-b22588af0b11
About The Author: Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.
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