Phantasma Fundamental Analysis

As with the advent of cutting-edge technology in the current day and age, blockchain has become a reliable method for developing and running many gaming applications. Blockchain is a type of technology that allows easy and decentralized distribution of data. As such, it is extremely resistant to hacking and other malware. It is now becoming increasingly popular owing to these qualities. Lots of platforms now use blockchain as a safe and reliable way to store and distribute data. However, the storage of data on a blockchain is not quite easy and somewhat unmanageable since the proper control mechanism for decentralized platforms does not exist yet. Centralized platforms such as Google Drive or Apple iCloud do not necessarily guarantee privacy and security in addition to being vulnerable to hacking and cyber-attacks because they do not use blockchain. For this reason,  Phantasma has come to the forefront. 

What is Phantasma: 

Phantasma describes itself as a fast, secure and scalable blockchain solution which, of course, utilizes two different kinds of tokens which are SOUL and KCAL. Their specific functions will be elucidated later on in this article. It is a custom-built blockchain as well as an ecosystem that aims to familiarise people of all age groups with its functioning. Although once slow and clumsy, newer generation blockchains like phantasma are quicker and user-friendly. Decentralized applications built in this way are called DApps which are encrypted and stored in a decentralized manner. 

Similarly, the email application is called Dmail. All such applications are in control of the end-user. Phantasma works to make itself as easy as possible so that it is accepted into the mainstream easily. Its motto from the start has been that if “Grandma can’t use it, so won’t the mainstream” which is an allegory to make it as simplified as possible. To that end, they’ve included unique features and additions that allow users to engage with the platform hassle-free.

The crowning feature of Phantasma is, of course, privacy and security which is why all of the data available on the platform is encrypted, making it difficult to hack or to obtain unauthorized access. The reason for coming up with such a platform was because centralized systems tend to keep a vigilant eye on what kind of data is being stored or not and if something goes against wishes, they promptly shut the platform down and customers still have to rely on third parties to manage and store their data for them. People engaging with this platform would have to not worry about their data being hacked or accessed without their consent, nor would anyone from the outside be involved in their data storage and handling. In short, Phantasma eliminates the need for third-party involvement. 

The creators of this platform, who are based in Portugal, are all experienced and well versed in blockchain systems such as NEO and they specialize in decentralized distribution systems. 

The Phantasma Network Functions

Phantasma is a collection of different components and concepts which all need to be understood to comprehend how it functions. They are divided as follows: 

•Boxes:

Boxes are individual content storerooms or hubs of data. Each “box" has a unique NEO address which is another blockchain-based, cryptocurrency supporting platform enabling the development of digital assets. All Boxes are linked to this platform with distinct IDs and are often named to differentiate between them. 

•Users:

Arguably the most integral part of the entire platform is the end-users which can be either individuals or companies using phantasma to share and store data. Users can retrieve their required data from a box or any other DApp. 

•Gate: 

As the name indicates, gates are permissioned entrances to a box. The gates are programmed to either deny or grant users access to data boxes based on whether the user is permitted to access information or not by running them through the gate “script" perhaps similar to an algorithm. In the case of access being granted, the gate will also charge a fee from the user in exchange for getting data. Apart from this network, Phantasma has five separate components too which are; 

Phantasma Components: 

•Blockchain: 

As explained earlier, phantasma runs on blockchain technology, NEO to be exact, which has been explained briefly above. The platform plans to switch to NEOX later on which permits cross-chain movement. NEO and NEOX are both different blockchains that support the use of cryptocurrency in the form of tokens. 

•Smart Contracts: 

This component is tasked with handling tokens, data, and storage. 

•Software Development Kit (SDK): 

It simply allows users to build their decentralized applications (DApps), as the name suggests. Contrary to popular belief, using the SDK is quite easy and uncomplicated. 

•Relay Nodes: 

This component serves as a buffer between the NEO blockchain and DApps so it functions to reduce the burden on the blockchain.

•Distributed Content Storage: 

This allows Phantasma to reduce costs on data transactions using an agnostic blockchain protocol. Blockchain agnosticism means that Phantasma does not restrict or limit businesses to a certain blockchain protocol. Different businesses can be operated by using different underlying blockchain systems.

Phantasma also has its own storage system called Phantasma’s Data File System ( PDFS)  which serves as an extension of the relay system and helps their store data. 

SOUL Tokenomics: 

SOUL is the utility tokens in Phantasma, which means that these tokens are what powers the whole platform. There are several stakeholders involved in the transaction process for these tokens. They are:

•Producers: The ones who provide data to the Phantasma ecosystem or any decentralized app to make them work.

•Consumers: Consumers are the ones who use these DApps running on data.

•Operators: They operate relay Nodes on which the speed and reliability of the whole network depend.

These SOUL tokens are used to pay for the data used by customers. Payments made by consumers in terms of SOUL tokens are then forwarded to data producers and developers. Since the Phantasma ecosystem is NEO-based, the tokens will be NEP-based. Out of the total 100 million tokens, 65% which is the largest share, will go to Token sales. 15% would be utilized for maintenance and upkeep of the platform while 20% would be reserved for the team and the advisors.

Conclusion: 

Phantasma aims to generate at least $10 million by trading 65% of the tokens allocated to sales. It also has plans to streamline the network by shifting from NEO to NEOX. By the third quarter of 2018, the Phantasma Software Development Kit (SDK) had already been released giving users the facility to build their own Phantasma applications and by the fourth quarter of the same year, the platform had moved from NEO to NEOX allowing cross-chain operability. So Phantasma is of course a major breakthrough in the storage and handling of data in a decentralized manner, fit for the ever-changing and dynamic world of the 21st century. More and more people are gravitating towards this platform as it becomes public knowledge but more so because of the unprecedented level of safety and privacy Phantasma provides, possibly unheard of before.