Phantasma Chain Features
Today let’s go a bit more in depth over the different benefits that the Phantasma Chain brings to the blockchain space.
Consensus Method of POS+
At Phantasma we are adopting a variant of PoS, where it requires that users who want to be a validator have to put a stake in the network. As a reward for their contribution, each validator receives a share of the transaction fees.
The validator consensus nodes for Phantasma (also known as masternodes or block producers) use a rotational scheduling per side-chain to define who is the active validator, which divides a fixed amount of time in periods. Since this process occurs in parallel for each side chain, it allows horizontal scaling, boosting the theoretical TPS limit by a huge margin. Each active validator node is then responsible for accepting transactions from Phantasma users, verifying signatures & transaction contents and in the case the transaction is accepted, the validator adds it to the next block.
Block Time and Chain TPS
During the internal testing, the team was able to achieve 5k transactions per second with blocks being produced on average every 2 seconds. Bear in mind that this is for the main chain only, which means that the network will be able to achieve 5k TPS for each of the side chains running in parallel with the Main Chain.
Smart Contract Languages
Fuel Token: SOUL
The SOUL token will be used in a very innovative way within the Phantasma Chain. It will allow people to have access and utilize the network resources in all sorts of different ways.
We at Phantasma Chain acknowledge the fact that non-fungible tokens could potentially be an important component in digitizing the economy. A token which represents digital goods makes it convenient to buy, sell or trade these digital goods by using blockchain technology. The Phantasma Marketplace allows NFT trading from all of the different chains supported by the Phantasma App.
Non-fungible tokens will be one of the main driving forces of blockchain development and adoption in the coming years. There are a lot of unforeseen possibilities for these tokens. Phantasma Chain aims to be at the forefront of this adoption.
Infinite Side Chains
With this new POS+ mechanism, the Phantasma Chain is able to have multiple side chains and retain the 5k TPS in each of them, providing a solution to the scalability issue that plagues most blockchains. The total TPS of the Phantasma Chain network will therefore be the total number of chains available in the network multiplied by the average 5K TPS that each chain has.
This coupled with the inter-chains technology that we have been developing, allows for all of the chains to be connected to each other and give developers the power that they need in order to build revolutionary new decentralized applications.
This will not be a user product Decentralized Exchange, but rather a system that is available within the Phantasma Chain, that we are calling Cosmic Swaps Framework.
The Cosmic Swaps Framework is an onchain liquidity sharing system that allows anyone to connect to this decentralized exchange system and benefit from the same liquidity pool. With this and our custom built connection to the Phantasma App, we are able to provide token and coin swaps in the app itself, without the user having to go to an exchange and learn how to place orders on the order book to get different coins or tokens.
This also means that companies that want to build decentralized exchanges on Phantasma for the more serious traders, will be able to do so and connect directly to the same liquidity pool that the chain itself is managing.
Ghost Mode with Phantasma Chain works as a side-chain that allows users to send private transactions. This means that private transactions are possible with Phantasma, as they are an optional feature available within the Phantasma App and browser extension.
There are two different levels of privacy in Ghost Mode. These layers are based around the size of the groups within the ring-signatures. A higher size of a group will result in more privacy. More privacy results in a higher cost of network fees.
Integrated Name System
The Phantasma Chain has an integrated name system. With most of the blockchain technology that we use everyday we are still using archaic systems where you need to insert someone’s public address in order to send them coins or tokens. Some blockchains have protocols built on top of them that support name systems and allow people to have a username as their public address from which they send and receive tokens to. We’ve built that system integrated in the Phantasma Chain from the start, because our goal with the Phantasma app is to provide the best user experience possible, and allow for the future mass-adoption of blockchain technology.
As we approach the launch date, more information will be revealed about the Chain system and how it will work. There are still several features that are currently being tested and will be unveiled at a later date.
We have plenty of surprises left to announce and truly believe that our network may finally have the missing pieces that the current blockchain technologies require in order to be ready for mass adoption.
For more information about Phantasma Chain:
Telegram Channel: https://t.me/phantasma_io
Telegram Announement Channel: https://t.me/phantasma_announcements