Thanks all for participating in our Telegram group’s 5th AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you 🙂
AMA Starts now!
Alex-: So, Phantasma Chain started as a NEO project, but quickly evolved into something so much bigger. We were looking at the features that both NEO and the other popular chains had, and felt that crypto would evolve into much more of a connected world.
That is why we set out to build the platform that connects all of these chains, as well as providing the best capabilities of each of them combined.
Q1. Can you explain more about the relationship between NEO and Phantasma at the time?
Alex-: Right now our token “SOUL” is still a NEP5 token, and we intend to support the different NEO dApps on our platform that will be launched along with the main net. Once the main net launches people will be able to swap back and forth between main net and NEP5 SOUL.
Q2. What will Phantasma focus on from now until 2020?
Alex-: Right now we are focusing on the main net launch, which will occur soon, and then provide the rest of the features appointed in the roadmap, such as the decentralized chat, mail and storage systems.
Q3. One of Phantasma’s core feature is to establish a Marketplace of digital-goods. We saw the difficulties faced by Ethereum in case of CryptoKitties. So, what makes you any different from them and is there a demand for it?
Alex-: So, we have built our chain in a way to prevent clogging of the network for both the use of specific dapps, as well as the trade of digital assets. With Phantasma Chain each dApp can essentially run its own sidechain and this way not interfere with the transactions being performed in the main chain.
Q4. What is the progress of business development and what are some of your commercial partnerships?
Can we Stake #Phantasma and earn Rewards?
Alex-: we have a lot of partnerships with several crypto and non-crypto companies, such as Wax, Bluzelle, OpSkins, Goati and their 22 Racing series game that will come out on PC, Playstation and Xbox, and many others. As for staking rewards you’ll see that Phantasma has built a decentralized dual-token system that promotes not only the organic growth of the network, but also rewards the holders of the SOUL token, everything powered by the Phantasma Staking System.
Q5. What difficulties have you encountered during the development of #Phantasma ? Which is the most serious problem?
Alex-: To create a decentralized system that promotes not only the actual dApp users in the network, but also the people that hold SOUL for financial gains. Most other chains only truly have one or the other but we believe that we have achieved an outstanding framework that caters to both parties. The Phantasma Storage solution is another great aspect of the chain, as it will really allow dApp developers to run a truly decentralized application, even to the website hosting aspect of it.
Q6. What´s your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption? How can #Phantasma help to achieve it ?
Alex-: We believe that the way forward for blockchain adoption is through blockchain interoperability, and that is the primary goal of the Phantasma Chain and its tools.
Q7. Could you please tell us about your latest developments??
Alex-: Currently the Phantasma Chain is in its test net fase, and we’ve fixed most of the bugs that we had, thanks to the great help of our dedicated community with the testing of the app and sdk, as well as the non-stop 24/7 work of our amazing developers.
Q8. All current projects are concerned with the speed and quantity of transactions. Old projects have also improved their network. So what else does Phantasma need to bring to investors?
Alex-: Phantasma combines the best that crypto has to offer, these are only some of the features that you’ll be able to see when you take a deeper look into the chain capabilities:
– Integrated Account Names Service
– Non-Fungible Tokens
– Dual Token System: Stake Soul to get Energy
– Two-Way Token Swap during 2019–2020
– 25 Block Producers (10 Active + 15 Standby), with number increased as the chain grows
– Voting System (with voting dilution for higher amounts of SOUL)
– Soul Masters: stake 50k SOUL and get a part of the 125k SOUL distributed monthly to SOUL Masters
– Phantom Force: Developer Group with dedicated funding using community voting for projects
– Cosmic Swaps: Automatic conversions between different coins and tokens
– Phantasma Storage: Fully decentralized and distributed File Storage System
Q9. What is SOUl Phantasma strategy to promote the development of decentralized technologies in the future?
Alex-: We want to promote blockchain interoperability, and eventually support the best dApps that the crypto world has to offer, from any chain. For this, we will be adding chain support one by one, so that people can use our mobile app or desktop app to access and interact directly with the best dApps from different chains, all in one place. This won’t be an easy task but also as part of our strategy going forward, we are focusing on decentralization of the network users, as well as developers, that is why we are also creating a new initiative of blockchain developers that actively contribute to the development of the chain and dApps called Phantom Force.
Q10. How important are developers to your ecosystem? What benefits and advantages does your platform provide to the Phantom Force?
Alex-: Embedded in the chain system there is a developer fund, which gets 1% of the yearly inflation, with this fund developers will be able to submit projects and ideas, the network users will vote on the projects that should get the money in the propositions. Each network user will have a specific voting power based on how much SOUL he has staked at the time. The other 2% of inflation goes to the block producers as the incentive for running the network, and every quarter the 25 block producers will compete for votes from the users to maintain their top10 position as active block producers or be upgraded from standby to active.
Q11. Is Phantasma App is important part of your project? If yes,then tell some advantage of Phantasma App.How Phantasma mail Dapp works? Is it easy to use just like gmail and other apps Can we earn some reward by playing Nacho MAN Game just like EOS base game?
Alex-: With Nacho Men 2.0 we are embracing the Play-To-Earn approach, as we believe this is the future of the Gaming Industry going forward. You’ll be able to acquire tokens as well and nfts (non-fungible tokens) that can be traded in the marketplace for other cryptocurrencies.
Q12. Explain what makes users interested in Phantasma storage rather than google drive? and explain how the Phantasma storage works.
The Phantasma Storage system is not competing with current centralized storage solutions such as google drive and dropbox, as currently the technology can’t provide a cheaper solution to them. Where it does offer a significantly cheaper solution is in the B2B area, especially for dApp Developers, as they usually incur significantly high costs with the centralized solutions available out there, such as for example Amazon Web Services. As you can see here, the Phantasma Chain provides solutions in different areas for either B2B or B2C markets, so you can’t really say that the chain is built specifically for one or the other.
Q13. If am not wrong the main problem for a blockchain platform to reach mass adoption is the number of regular users.
What’s your plan to attract users for dApps on Phantasma Chain?!
Alex-: Thank you for coming back to protect us all from the WhiteWalkers Mr. John Snow, we are all deeply grateful to you 😉. As for your question it is an interesting topic, and something that we also took into account when developing the blockchain framework. Our dual token system allows people to stake SOUL and get a secondary network token called “Energy” (#KCAL), this is the token that you need to perform transactions in the chain. With this new system we’ve actually created a system that is optimal even for non-crypto users, as they can essentially continuously get that token every day in order to perform their daily activities on decentralized applications. Another possibility that we are providing is the sponsorship of different Phantasma accounts, so for example I satke 10 Soul, and allocate in the app that 50% of the Energy generated by my staked soul goes to this other account that I have created for my sister, and this way she can even use dApps without knowing a single thing about crypto or that she is even using the token to perform transactions. We believe this is the way forward, we need to make it really simple for anyone to use blockchain dApps and then educated them on everything that crypto has to offer.
Q14. Why you choose Neo Blockchain?
Alex-:We choose NEO as the blockchain to launch our project back in 2017, as one of the co-founders and one of the most brilliant minds I’ve ever had the pleasure to meet, Sérgio, was one of the top developers in the City of Zion developer group, and knew the ins and outs of the NEO chain like the palm of his hand, as well as it was developing an healthy project ecosystem at the time.
Q15. What is phantasma Revenue Model?
Alex-: The team is launching several products such and the Nacho Men game, the chat system and the decentralized email which will have its own monetization frameworks, but don’t worry because all of them will be free to use. The chain and the development tools are not supposed to be monetized as they were created to inspire and provide the best crypto developers to create the next generation of decentralized applications!
Q16. It’s been mentioned there are a number of games in development utilizing phantasma. Are these being developed internally (like Nachomen) or by third parties?
Alex-: Internally we are only developing Nacho Men, so any other game that was or is mentioned in the future is being built by third-party developers. This goes to show that we already have many interested developers that have already started to build amazing decentralized games and want to be at the forefront of this crypto revolution!
Q17. How are you building a marketplace for NFTs (digital-goods)?
Alex-: We are building a multi-blockchain marketplace for NFTs, this means that people will be able to sell their NFTs from other supported blockchains such as Ethereum, Neo, EOS and so forth, in the Phantasma Marketplace. This is all thanks our chain swap system that powers both fungible and non fungible token swaps for chains that support smart contracts.
Q18.◆How will you encourage users to participate in the Phantasma ecosystem ?
◆What major problems Phantasma want to solve in this cryptospace ?
◆What is the goal of Phantasma in the data sector ?
◆Why you choosed Neo blockchain to develop Phantasma ?
Alex-: Phantasma is one of the first chains to have an on-chain integrated swap system, we call it the Phantasma Cosmic Swaps. With this system, people will be able to quickly exchange their tokens for other tokens in an automatic fashion. Let’s say for example you are using an EOS dApp, but you don’t have any EOS, even though you have SOUL, when you try to do that it will indicate that you don’t have the required coin and offer you to trade one of your other coins such as SOUl for some EOS tokens, you click a couple of pop-ups, badabim badabum and you’re set and good to go. This also applies for the reverse scenarion, and this is what makes it golden for the adoption of the Phantasma chain and people getting into our ecosystem, lets say they have Eth and are using a Phantasma dApp, but don’t have KCAL or SOUL, they can quickly convert their tokens into our native chain tokens and use the chain dApp, without even going to an exchange and having to buy the token. We are bringing the power back to the people and providing an truly decentralized and trustless solution for trading tokens on the blockchain, which makes it super easy for new people to come into the ecosystem.
Thanks Phantasma Team ❤