Phantasma Chain — Telegram QUIZ & AMA — January 28
On Thursday, January 28, we had the pleasure to welcome you to our Telegram chat:
We asked them questions about the development of the Phantasma Chain.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Phantasma is a highly scalable blockchain and development ecosystem, built from the ground up for gaming, NFTs, and dApps. Phantasma features tri-chain interoperability across the Phantasma mainnet, Ethereum, and NEO, built-in oracles, and advanced Smart NFT technology.
SOUL is the governance token of the Phantasma blockchain, and the evolution of Phantasma is driven by the SOUL holders. Staking SOUL generates the fuel token KCAL and SOUL sustains the entire ecosystem through its low 3% annual inflation
The Phantom Force is an independent group of open-source developers and other contributors who wish to contribute and build the best user experience & ecosystem on Phantasma Chain and within the Phantasma app. The Phantom Force team members and dApp development is funded by Phantasma.
KCAL fuels everything in the Phantasma ecosystem and is needed for every single type of transaction on the blockchain. Developers deploying smart contracts and new tokens pay their fees in KCAL. To generate KCAL, it’s necessary to generate SOUL.
The Phantasma Smart NFTs are minted on Phantasma’s custom-built blockchain, and GhostMarket is the multi-chain marketplace trading Smart NFTs.
Q — Ayeley from GAINS: What did you do before crypto and did you have any other previous venture in crypto? How did you end up at Phantasma?
A — Joseph Colón from Phantasma Chain: I’m a Marketer. Before crypto, I worked mostly in the action sports industry as well as in the media industry. I’m now the Marketing Director for Illuminated Entertainment, a company that’s building a game powered by the Phantasma blockchain. I ended up with Phantasma because we needed to make sure that we were building Blood Rune using technology that enables us to take the game mainstream. I’ve also worked for a few other blockchain projects throughout the years, advising on marketing, but now I also advise Phantasma on marketing and help out with onboarding new DApps/games.
A — Vincent Geneste from Phantasma Chain: Before crypto, I was a network architect for 15 years, designing high-end complex network architectures. I have multiple other roles in other blockchain projects, all related to Phantasma, NEO, and Ethereum. At Phantasma, I assume a wide variety of roles, from Developer to Tester, Project Management, and mostly DApps development/interaction between DApps and Wallets. I’m also involved in everything Phantasma wallet-related and onboarding new dev/new projects to Phantasma Chain.
A — Jay from Phantasma Chain: I dove into crypto headfirst three years ago after being nagged by a childhood friend about his “bitcoin thing” for years. I’ve never been a fan of POW and BTC. I didn’t pay attention until I started learning that there were other types of projects in this space. I started out getting involved with NEO and projects within the NEO ecosystem, with Phantasma being launched as a NEP5 token on NEO. I joined the Phantasma ecosystem as a community manager and part of the Phantom Force back in the autumn of 2019.
I have known Bill and our most insomniac developer Vincent for a long time, from other projects and common groups, so it was an easy decision to jump on board and get involved when I saw how far along they were already compared to other projects in this space.
Since then, I’ve just become more and more entangled in everything Phantasma, from software testing to strategizing, content creation, website building, marketing, etc.
Q — Ayeley from GAINS: Can you please give us a brief overview of Phantasma?
A — Vincent Geneste from Phantasma Chain: Phantasma is a highly scalable blockchain and development ecosystem, built from the ground up for gaming, NFTs, and dApps. It features tri-chain interoperability across our mainnet, Ethereum, and NEO, built-in oracles, and advanced Smart NFT technology.
With our high capacity, native decentralized storage, and near-free transactions, we feel we are perfectly positioned to provide the technological backbone for the future of gaming, NFTs, and digital ownership in its growing ecosystem.
Phantasma’s NFT self minting console uMint delivers an immutable touchpoint between artists and their fan base.
We also offer Steam Integration to bridge the gap between mainstream and blockchain gaming via Pavillion Hub. This is a one-stop-shop for any gamer, blockchain, regular, or both to link their wallets, steam accounts, and NFTs and utilize their gaming property.
The key takeaway from all of the above is all of this works. Right now, we pride ourselves on building first then advertising. We have a very strong and growing user base and feel that is the key element to our ongoing relevance.
A — Jay from Phantasma Chain: On a related note, if there are any budding artists in here, I would highly recommend checking out GhostMarket. Vincent and a group of guys in GhostDevs are the creators of this multi-chain NFT marketplace and the NFT self minting service uMint. We’re doling out free KCAL to test the platform for any artist who wants to give it a go-to experience of how smooth of a ride it is. 🥳🥳
Q — Ayeley from GAINS: What was the inspiration to go into gaming back then in 2017 when NFTs were not as popular as they are now?
A — Vincent Geneste from Phantasma Chain: NFTs were already popular, people just didn’t know it. I guess it all comes down to our personal preferences. NFT has always been part of Phantasma standard, but it evolved a lot recently, as we focused the past 6 months into integrating basically every single NFT feature available on all chains out there, within Phantasma, natively, and with better and improved capabilities.
It’s not a planned feature or upcoming potential item on a roadmap. It’s there, live and working.
A — Jay from Phantasma Chain: To answer that, I think it would be quite illustrating to mention GOATi — Greatest of All Time Interactive, the game studio behind both Pavillion and 22 Racing Series. They had a vision 10 years ago of a new type of in-game economy filled with microtransactions and where players truly could own their assets, not some centralized server where the big dog in charge could hit the ‘delete’ button whenever they wanted.
They were on the lookout for years, knew about BTC but obviously, that wasn’t a proper fit, saw the advent of smart contract platforms which was quite promising, but not scalable and costs were prohibitive. Now, they’re building and have launched their beefy beta and game hub on Phantasma because our visions are perfectly aligned.
Q — Ayeley from GAINS: Do you have any direct competitors and what sets you apart?
A — Vincent Geneste from Phantasma Chain: I would say our “direct competitors” would be blockchains/ecosystem with smart contract capabilities, and a proper NFT standard, which if you summarize over the 4000+ blockchain projects out there, must be a maximum of 4–5 contenders. Most of which are tied/related to Ethereum and its inherent limitations. Ethereum, as much as people love it, is not a good fit for NFTs. It is currently not scalable, and the NFT capabilities it offers are not native, its a standard that has been added after it was launched, making it less powerful and less feature-rich than what we can offer on Phantasma for example.
We have some unique capabilities in Phantasma which most chains won’t be able to support.
A — Jay from Phantasma Chain: We’re focused on synergies and building partnerships. There are enough tribalism and infighting in crypto. It’s a small space still and we should be working together wherever humanly possible to drive this space forward.
Q — Ayeley from GAINS: What is $SOUL’s use case and how does it capture the value of the ecosystem you’re building?
A — Vincent Geneste from Phantasma Chain: Phantasma has a unique truly decentralized vision, where the team is part of what we call Phantom Force. It’s the “Phantasma Dev community”. As part of Phantasma Tokenomics, we have a 3% yearly inflation, of which 1/3 goes to this fund, to be self-sustainable. Anyone can build anything on Phantasma and be rewarded for it. We don’t need the team per se to build, anyone can, and be paid for it, we have recently paid lots of bounties for people helping improve all kinds of stuff, whether it’s more SDK languages, Documentation, Smart contract tools, etc.
A — Jay from Phantasma Chain: First off, it’s important to know that Phantasma has a dual token system with governance and a fuel token. This ensures that it will never be prohibitively expensive to use the ecosystem, and users aren’t drained of their holdings when they perform transactions or play games by default like you will have to be in a single token system.
SOUL is the governance token of the Phantasma blockchain, and the evolution of Phantasma is driven by the SOUL holders. There are multiple benefits awarded to SOUL holders:
- Staking SOUL generates the fuel token KCAL and enables you to claim your Phantasma name on-chain so that Bill can send funds to Rob instead of P2KJMe8W1…Ju4D4nWmm. Stake 50k SOUL to earn the title of Soul Master and get an equal share of the 125k monthly SOUL dedicated to Soul Masters. We also introduced CROWN NFTs last month and backdated their distribution. These are allocated to anyone that has been a SOUL Master for three months and having a CROWN in your wallet increases your ability to generate KCAL by 5%.
- Your decentralized Phantasma storage allocation, served by the block producers, is also proportional to and growing with your stake. SOUL enables you to securely store your most precious files — encrypted, of course.
- SOUL sustains the entire ecosystem through its low 3% annual inflation with 2/3 allocated to block producers and 1/3 allocated to the decentralized Phantom Force.
- All of this is geared towards less SOUL in circulation and an emphasis on long term token holder retention. We pride ourselves on holders using the chain rather than flipping their tokens for gains as that somewhat defeats the purpose of being a blockchain solution provider.
KCAL fuels everything in the Phantasma ecosystem and is needed for every single type of transaction on the blockchain, giving it a wide range of use cases.
— From simple transactions to staking, minting your own NFTs, or claiming KCAL itself, everything requires a minor fee — payable in KCAL and nothing else.
— Developers deploying smart contracts and new tokens pay their fees in KCAL exclusively.
— To generate KCAL, it’s necessary to stake SOUL. For each SOUL you stake, you generate 0,002 KCAL every single day — for a 1,000 SOUL stake, that’s 2 KCAL free every day, enough to cover all normal transaction types for the average user in perpetuity.
— Deflationary measures guard the KCAL token economy, with half the KCAL fee of every type of transaction being burned instantly — keeping inflation under control and providing balance to supply and demand.
— Even dApp developers are contributing, with GhostMarket burning half their earned KCAL fees, further driving a downwards pressure on the KCAL supply.
Meet the GAINS Associates limited edition Phantasma Smart NFT artwork 😎🚀
Get your Phantasma wallet here.
Q — Twitter user @Nohope49320791: What are the differences between $SOUL NFTs and those of other platforms? Are these NFTs interchangeable? Are they real-world assets or tokenized versions of them? How can users monetize their games and how will $SOUL introduce DeFi in gaming?
A — Vincent Geneste from Phantasma Chain: Several platforms are offering NFT functionality, and the most well-known is of course Ethereum with various dApps utilizing Erc721 and Erc1155 NFTs. However, when you dive into the functionality of various types of NFTs offered by projects you will usually find that they can serve some — but limited — use cases, while other use cases are simply off limit / impossible to satisfy with the current maturity of the tech. This is simply about the limitations of the platform they’re being deployed on.
That is at the core of the Phantasma Smart NFT value proposition. We’ve built the entire platform with NFTs in mind — not as a sole product offering, but as something we have dedicated a lot of time and effort to perfecting, building out more and more Smart NFT features. I’ll go through a couple of the coolest ones here:
- Multilayered: A Phantasma Smart NFT can be composed of an unlimited number of NFTs. This feature is already in use by our gaming partner GOATi in their real-time strategy racer 22 Racing Series where every single hypercar that you car race at upwards of 1000 mph in-game is composed of 20–30 different individual NFT car parts. Inside the game, the cars can be broken down into their parts, mixed, and reassembled into a hypercar NFT again. This is groundbreaking and unheard of in the NFT space.
- Timed NFTs: During the gaming convention PAX Australia last autumn, our partner GOATi premiered a world first with their time-limited game licenses — an NFT distributed to the gamer’s wallet which gave full access to their game for the duration of the gaming convention, but no longer. This opens up the possibility to “try before you buy” without limitations, providing access to music, movies, or other content for a set amount of time (rent a movie for the weekend? Get a 7 day unlimited Netflix access? Timed software licenses?)
- Minting on-demand: On expensive and slow blockchain platforms it’s common for the NFT minting process to take up to a couple of days, and if there’s congestion you’ve got the choice between paying exorbitant fees to get something quickly or wait it out until the chain is calm again. On Phantasma, developers and artists don’t have to wait, and nobody has to pay insane fees in advance without knowing whether they will even sell their goods. Instead, the moment a purchase is made by the customer, the NFT is minted instantly at the cost of a fraction of a cent to the developer and delivered straight to the customer’s wallet. This provides a smooth user experience and avoids fleecing developers who just want to create cool stuff
- Nesting and multi infusion of assets: On Phantasma, you can infuse assets inside your NFTs to give them a baseline value, or to create a bundle of things you want to sell for example. You can infuse 100 SOUL, 50 KCAL, 1 ETH and for fun 2 NEO too into the same NFT if you want, there are no limitations. Not only that, but you can infuse an NFT into an NFT, providing opportunities for treasure chests and tons of other use cases. Already, we have artists who infuse related artwork NFTs into a single NFT and put them up for sale as a bundle at a discount. But being Phantasma, we don’t stop there. That NFT you infused with another NFT? You can infuse that into yet another NFT. Think NFTs infused into NFTs infused into NFTs infused into… you get what I’m saying. NFTception — no limits 😎
Q — Twitter user @Rhada25: DeFi, Gaming, NFT, Staking, Farming, Lending & Insurance ecosystems are very popular and hot right now. How will Phantasma Chain respond to this? What ecosystems are available on the Phantasma Chain? How can Phantasma Chain follow this trend?
A — Jay from Phantasma Chain: One of the unique things we’re doing is the multi-infusion of NFTs into NFTs (nesting) opens up some incredibly cool opportunities that are already being explored by artists at GhostMarket.
Just go and have a look at this one from artist Manso Obi — An NFT infused with three NFTs, one album, one ticket for his concert, and a ticket guide — all wrapped into one — head to the ‘infusion’ section and you can click each infused NFT to view them separately. Check it out here.
That’s a whole range of sectors you are covering there. Most of them are overlapping at least to a degree. Most projects are dApps launching on an existing platform, and are limited in scope. At Phantasma we don’t like limitations, we like possibilities. That’s also why the platform has so many tools built-in at its core, to enable us to act as a solution provider in all of the above sectors.
- On the DeFi side, we have our built-in native oracles, 5k TPS and short block intervals along with full smart contract support and built-in AMM functionality called cosmic swaps.
- For gaming, we already have GOATi’s game hub www.pavillionhub.com with Steam integration live and kicking with their RTS racing game 22 Racing Series (www.22series.com) as an awesome showcase of what proper gaming can do when it meets blockchain tech
- NFTs have already been covered, and for farming, I’d recommend staying tuned for an upcoming liquidity provision incentivization method that I doubt people here have seen before — we’re not about to start ‘yield farming’ worthless new tokens, we’re about sustainability and true value.
- Lending can even be coupled with our NFT technology, such as renting NFTs to use in games and applications, and as for insurance, we have recently partnered with Polkadot-based PolkaCover to offer a range of insurance services for Phantasma based assets.
As you can see the list of features is long, and it doesn’t even stop there. And this is why projects are coming to us to plan and build together.
Q — Twitter user @HouseOfNFT: Do you foresee cosmic swaps on Phantasma’s main net becoming a low-cost alternative to Uniswap for ERC-20 tokens?
A — Joseph Colón from Phantasma Chain: To a degree, it very well could be. The simple truth is that fees on Ethereum during periods of congestion — and those, unfortunately, are more common than anyone would like, make it cost-prohibitive for the average user to use Uniswap. Phantasma acts as a sidechain to Ethereum through our cross-chain interoperability, and given that we have the full swap framework in place it’s trivial to add support for additional Erc20 tokens, including stable coins, etc.
Our Cosmic Swap / AMM functionality has been an automated service that allows users to swap fractions of SOUL to cover network fees if necessary. It’s currently on its way to its version 2.0, where we will enable users to provide liquidity in a Uniswap/Balancer like fashion which will allow anyone to utilize the super fast and near-free transactions of Phantasma to do their trading before withdrawing funds back to Ethereum if they should wish to do so.
You can think of it kind of like a CEX like experience where you deposit funds (the cross-chain swap), to your trading on the exchange (cosmic swaps on Phantasma) and withdraw to your wallet (cross-chain swap) — but it’s all decentralized and the funds remain under you control every single step of the way.
Q — Telegram user Jin_ Drugs: A lot of people are interested in staking and farming. Does Phantasma have these programs and what is the function for your two tokens? Do $KCAL and $SOUL have different prices?
A — Jay from Phantasma Chain: Everyone who stakes SOUL earns KCAL daily. However, there are some interesting additional opportunities for loyal SOULdiers:
- If you own and stake 50k SOUL or more in your wallet you earn the title of Soul Master. This earns you an equal share of the 125k SOUL distributed each month to every eligible Soul Master who has staked at least 50k SOUL throughout the previous calendar month.
- On top of this, every 90 days the Phantasma blockchain distributes a special NFT reward to those who have been continuously staking their Soul Master. This NFT, called the CROWN, is infused with 25% of the KCAL fees spent on the blockchain in the last 90 days, as well as 10% of the block producers’ SOUL allocation. Those who receive a CROWN can choose to burn it to access the infused assets, or they can keep it in their wallet and make use of its special power: Adding 5% to your KCAL generation rate for each CROWN you hold!
The utility of both tokens has been covered extensively earlier 👍
Q — Telegram user Klassika Odno: Enjin has a bunch of features that make the general NFT experience slick. Will these features be available in the Phantasma app?
A — Vincent Geneste from Phantasma Chain: Yes. We’re working on improving the overall “NFT gallery” as you mentioned. Amongst what’s coming are, some DApps gallery-related, and a mass distribution system through QR codes.
A — Joseph Colón from Phantasma Chain: GhostMarkets uMint launchpad allows you to smoothly mint and distribute NFTs, for a very cheap platform fee. The QR distribution will come shortly. Phantasma just partnered with Terra Virtua which is specialized in collectibles. Their gallery stuff is pretty cool, so you will be able to view your Phantasma NFTs there. Also, anyone can build a DApp on Phantasma, it’s an ecosystem like Ethereum, not just an Ethereum DApp. Phantasma is building everything necessary for mass adoption so all these features and more will be available.
Q — Telegram user Los Putas De El Paso: How long would it take to integrate Soul NFTs into a game that is in the final stages of development? Is it a pretty big setback time-wise overall?
A — Vincent Geneste from Phantasma Chain: It depends on how deep you want your integration. We have a DApp connector called Phantasma Link, which abstracts completely the need to handle everything wallet-related, making it very easy for DApps developers to interact with the Phantasma chain. Think of it as Metamask on steroids.
Q — Telegram user Capt_Star1: Most platforms have not yet been able to exploit the full potential of the NFT and digital arts. How important are NFTs within your ecosystem? What is their role in this platform now?
A — Jay from Phantasma Chain: While NFTs are ‘cool’ in many ways, they also need to be useful to have value and disrupt existing markets. The main two sectors we are focused on at the moment (though not exclusively 👀) are music & arts and gaming.
For music and art, we have, as mentioned earlier, seen GhostMarket’s NFT self minting service launch just before Xmas with super low minting fees, minting on-demand, and highly advanced NFT features including Nested NFTs and Multi Infused NFTs. We have seen a wonderful organic growth in the number of artists creating their artwork on our platform, and it seems rather obvious that the impressive combination of features we offer along with the super low costs are attractive and different enough to capture attention from the users we want and need 😄
For gaming, we have our game hub and 22 Racing Series as the showcase title created by the creators of Pavillion — and anyone who engages with this game is simply blown away and wonder if this is powered by blockchain. But that is precisely how it should be — games should be powered by, and augmented by, blockchain — not hampered by blockchain due to high costs and low speed.
Q — Ayeley from GAINS: How many people are on the team and for how long has the team been working on the project?
A — Vincent Geneste from Phantasma Chain: I would say the core team is between 5–10 people. We have at least 5–10 more if you add marketing/admins etc.
On top of that, we have lots of partners, independent developers, and a developer community. This number is growing fast and we’re onboarding new partners and developers.
Q — Telegram user Clarisa🌸: What is PHANTOM FORCE?
A — Jay from Phantasma Chain: Phantom Force is Phantasma’s decentralized workforce and consists of various developers and contributors that have made their mark on Phantasma and continue to do so in one form or another. Most Phantom Force members spend a significant amount of time working to further the goals of Phantasma and grow the ecosystem.
The Phantom Force is invite-only but welcomes those who wish to join the revolution and come at it with the right attitude and skillsets. 👌
Q — Telegram user Salsa•Billa✴️: How is the Phantasma NFT made and can it only be purchased in the Phantasma or Opensea platform market or is there another way to own a Phantasma NFT?
A — Jay from Phantasma Chain: The Phantasma Smart NFTs are minted on Phantasma’s custom-built blockchain, and GhostMarket is the multi-chain marketplace trading Smart NFTs as of today. We are working even on non-fungible token interoperability with Ethereum, and to that end, it’s important to note that in designing our Phantasma Smart NFTs, we made sure they were compatible with both NEO and ETH (Erc721 / Erc1155) NFTs. 🤓👌
Q — Telegram user Aamir: About the secondary sale royalty fees which creators of NFTs and game developers could make money from, do you think the amount of money generated via royalties could be greater than the current Lootbox trend?
A — Vincent Geneste from Phantasma Chain: Royalties is a built-in Phantasma Chain feature. This means any NFT which implements the Phantasma standard can benefit from it, developers don’t even have to take care of that. As soon as NFT has this Royalty setting set on the NFT, it will automatically handle the royalty payment on secondary sales, so yes it could be very beneficial.
Q — Telegram user Aleksei: What is Phantasma Chain going to do with fighting piracy?
A — Vincent Geneste from Phantasma Chain: Blockchain is not about preventing piracy. it’s about proving authenticity. There is no way to prevent someone from copying stuff as you mention. What blockchain allows it to prove is you have something unique and you were the first to mint it. That being said, we have tools in place on ghostmarket to report/hide arts that are faked or not original.
Q — Ayeley from GAINS: What stage is the project at? What should we expect in the coming months?
A — Joseph Colón from Phantasma Chain: Phantasma is in full-on production mode. Our blockchain platform is live and fully interoperable with both Ethereum and NEO with perpetual bidirectional 1:1 cross-chain swaps active, built-in oracles, decentralized storage, our dual token model and staking features, Smart NFT technology & NFT marketplace, NFT self-minting console, and a ton more.
As more and more developers are becoming aware of Phantasma, we have seen solid growth in the number of developers and studios approaching us to partner up and deploy their dApps and games on Phantasma, contributing to the growth of the ecosystem. Every transaction burns 50% of the energy token KCAL. 🔥
We wanted to deliver something that we could all be proud of showing off before we went postal on the awareness & outreach front — we’re at that point now — and getting recognized as such 💪 Go and try Phantasma, mint your own NFTs and experience it today. Stay for all the amazing things to come.
It was a pleasure having you join our community today, Jay, Joe and Vincent! I’ve known Phantasma since 2017 but there are so many new things I learnt today. Thank you as well for the cool GAINS NFT. Anything else you’d like to say? Where can we get our hands on some SOUL & KCAL? And where can we follow you? — Ayeley from GAINS
Thank you so much for having us, it’s always a pleasure to share what we’ve done and are doing — particularly when we are, honestly, really proud of what’s under the hood here. For those who are curious about SOUL and KCAL and may want to sniff around the possibility of getting some, SOUL liquidity is best on Kucoin while KCAL is available on Uniswap. Do join our community — we promise you’ll receive a warm welcome, and like what you find the more you dig in. — Jay from Phantasma Chain
Thank you guys 🍺 — Vincent Geneste from Phantasma Chain
Thank you for having us! It was a pleasure talking about Phantasma to you all. Now go check it out, have fun, everything works! — Joseph Colón from Phantasma Chain
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