Phantasma Protocol, a decentralized content storage and messaging service based on NEO, has concluded its public sale after addressing security issues with its smart contract.
On May 22nd, Phantasma paused the sale of its SOUL tokens after 4 hours and issued a statement claiming that a security issue had been identified. Phantasma said it would address the issue before it could have any negative consequences for its participants. It’s claimed that everyone who contributed to the token sale received the right amount of tokens. A total of 2,238 contributions were made within 4 hours, 97.31% of which reached the 10 NEO personal cap.
To address the security issue, Phantasma worked with Red4Sec, a NEO cyber security partner to issue a new smart contract.
The Phantasma community also informed the team that the total token supply surpassed the amount available in the smart contract. It’s claimed that the supply was incorrectly displayed and did not correlate to the tokens sold during the token sale. Phantasma responded by confirming that the correct amount of tokens was, in fact, distributed to its contributors and confirmed this by posting a link to an audit tool for the token sale transactions.
The creation of a new smart contract meant that Phantasma was required to airdrop new SOUL tokens to its participants. To do this, the team performed a snapshot of the NEO blockchain on May 26th and airdropped the tokens on a 1:1 ratio to the old SOUL tokens. A new script hash was also issued in a separate announcement.
Phantasma communicated with its community every step of the way from identifying the security issue through to the resumption of the token generation event.
At the conclusion of the token sale event, a total of 12,633,075 SOUL tokens were sold, accounting for 46,275 NEO in contributions valued at 0.23 each. After 3 months all the bonus tokens will be released, leading to a total circulating supply of 56,136,374 SOUL tokens. You can read the full breakdown of the token sale here.
Phantasma was also listed on the Switcheo decentralized exchange, allowing traders to buy and sell SOUL tokens.
Phantasma has designed a protocol layer built on NEO for sending emails, instant messages, files, and other sensitive data. The platform consists of its blockchain, smart contracts, a software development kit, relay nodes, and distributed content storage system.
SOUL tokens will be used to pay for data that users consume on the platform and the creation of storage space. Developers and contributors can also earn SOUL through providing network services and nodes that help validate the network.
You can listen to our interview with Phantasma founder Sergio Flores here or find more information at the links below.