Phantasma AMA Recap

04 Sep 202006:08

AMA

Phantasma AMA Recap

Cryptodiffer Team

Hello, everyone!
We are glad to meet here
Bill Petredis, DevOps and Senior Pre-Sales Consultant
Joseph Colon, Illuminated Entertainment, Blood Rune dApp creator

Joseph Colón

Hello everyone, glad to be here!

Bill Petridis

Lovely to be here 😊 thanks for having us.

Cryptodiffer Team

Welcome Bill and Joseph, thank you for taking your time today!
Let`s start from the introduction questions!
Q1: Can you introduce yourself to our community?

Joseph Colón

I'm a marketer by trade, and before crypto I've 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 Blood Rune, 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. Phantasma thus became a natural choice for us.

I've also worked for a few other blockchain projects throughout the years, advising on marketing. Now I also advise Phantasma on marketing and help out with onboarding new dapps/games to the ecosystem.

Bill Petridis

Sure. I'm the development operations and senior pre-sales consultant for Phantasma. I've been in enterprise software in varying capacities for over 20 years, delivering E-Commerce, Document Management Systems and Content Distribution Solutions. I've done everything from technical analysis, dev-ops, development, solution architecture. Feel I'm putting you to sleep - I've been around the block a few times in short 😊, have worked for Oracle and a lot of large organisations in Australia and was even assigned to Obamacare for close to a year.

I found Phantasma as part of an investigative journey for a close colleague in finding a blockchain meet the objectives of the team behind www.22racingseries.com.
Since then, I've become more and more involved with Phantasma to the point where it consumes nearly every waking hour, not to mention the other hours 😊 Very addictive project to be a part of, nearly every day something new or cool comes up.

Cryptodiffer Team

Q2: Can you briefly tell us what is Phantasma in 3-5 sentences?

Joseph Colón

When it comes to Phantasma there is just so much to tell as the team has been spending the last couple of years hunkered down in full on #BUILD mode, but here's the elevator pitch to get an impression. This is just scratching the surface however 😃

Phantasma (https://phantasma.info) 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 (https://ghostmarket.io/mint) delivers an immutable touch point between artists and their fan base.

We also offer Steam Integration to bridge the gap between mainstream and blockchain gaming via www.pavillionhub.com - 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.

Bill Petridis

More to this. We like to refer to Phantasma as a next generation blockchain and development ecosystem.

We went on the journey to deliver all the above as at heart we are most passionate about building dApps and games, however we kept encountering barriers with the current blockhain offerings at the time so decided to undergo the painful but rewarding journey to deliver our own. Our team come from various other chains and we all share a similar passion.

Cryptodiffer Team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Bill Petridis

Phantasma is a tri-chain interoperable with both Ethereum and NEO. During the process of connecting to Ethereum, the Phantasma chain was upgraded to make future on boarding of other chains a much simpler process.

Key milestones so far or Note:

October 2019 - Our mainnet went live with dual chain interoperability with NEO.
January 2020 - we launched arguably the first mainstream gaming title on blockchain
April 2020 - we delivered as part of our partneship with GOATi entertainment a blockchain and Steam interoperable platform for launching mainstream gaming titles both from Steam and on the Blockchain.
September 2020 - we extended our interoperability to encompas the Ethereum Blockchain, meaning our token holders can optionally swap their tokens across three chains.
December 2020 - Our self minting NFT solution on with the first ever cross chain NFT marketplace www.ghostmarket.io went live
Future:
- We have signed numerous partnerships in the last months as we transition into a solution provider capacity. We are fully committed to delivering on our obligations for those.
- More dApps and games built via the immediate team
- Better liquidity for our token holders
- Onboard more dApp and game creators
- Q1 Multiplayer on our showcase gaming title
- Q2 Full Steam release
- We also have a number of other dApps, some are very high profile but sensitive so stay tuned on that front.

Cryptodiffer Team

Q4: Can you please explain your dual token system and the utility for each fungible token - as well as the concept of Phantasma Smart NFTs?

Joseph Colón

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 back dated their distrubution. These are allocated to anyone that has been a SOUL Master for three months and having a CROWN in your wallet increases you 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

Then we have KCAL, which 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.

Bill Petridis

Our advanced Smart NFT technology is one of the features that has attracted the most interest from other project teams, and has given both to multiple current partnerships as well as a couple that are still under wraps while we establish the scopes of our collaborations. To sum it up, 2020 was a year where we not only launched triple chain interoperability, but we significantly upgraded our NFT standard and implemented vast amounts of additional NFT functionality. I'll walk you through some of the features of a Phantasma Smart NFT:

- 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 (www.22series.com), where every single hypercar that you car race at upwards of 1000 kmph in-game is composed of 20-30 different individual NFT car parts. Inside the game the cars can be broken down into their individual parts, mixed and reassembled into a hypercar NFT again. This is groundbreaking and basically 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 distirbuted 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 😎

- Cross-chain NFT swaps: The Phantasma Smart NFT standard is compatible with Erc721 and Erc1155 allowing us to work on cross chain NFT swaps (will be another world first), which means that artwork, game items, music etc minted with super low fees on Phantasma can flow over to Ethereum to NFT marketplaces there and Eth dApps in addition to ETH NFTs flowing the opposite way, paving the way for another level of interoperability.

Cryptodiffer Team

Thank you for such detailed and interesting answers!
It is time to move to the community questions part.

Cryptodiffer Community

Most platforms have not yet been able to exploit the full potential of the NFT and digital arts, they only have them as tokens of symbolic value with no use case. How important are NFTs within your ecosystem? What is their role in this platform now?

Bill Petridis

Although NFT tech on Phantasma is a significant feature, Phantasma is an ecosystem that offers much more available functionality. It is DEFI and ORACLE ready, Email+Chat+ID+Storage, DEX will be coming soon.

Cryptodiffer Community

How does Phantasma storage works?

Bill Petridis

Phantasma Storage is decentralised and only accessible via your private key. It also allows contracts and dApps to communicate. On chain dApps can't do all that much unless they have storage available. It's not geared to replace Google Drive. It's there to enhance the blockchain offering and be private. You store something on a contemporary file storage system, there is no guarantee only the key holder can access it. It is driven to primarily to facilitate dApps. It is accessible to users via our Poltergeist wallet and is leveraged every time someone self mints and NFT. This diagram spells it out nicely:

Cryptodiffer Community

Is there some sort of requirement for me to keep some form of uptime on this phantom wallet to be eligible as a master node holder? Or can i close this and i will still be a master node holder after this?

Bill Petridis

No - it all happens on chain, your wallet is just an entry point, you could theoretically leave it for years and then claim your arears, much like you would GAS on NEO.

Joseph Colón

Most platforms were not built with NFTs in mind, but instead added NFT support afterwards, like Ethereum for example. This naturally comes with inefficiencies and limited use cases. Phantasma on the other hand was built from the ground up with NFTs in mind, and allows for high efficiency and a wide variety of use cases not possible on other platforms that offer NFTs. The SmartNFT of Phantasma is very important to the ecosystem and is getting the attention of partners who see the technological benefits it brings. This has already resulted in several partnerships like with Terra Virtua and Polkacover, with more to come.

Read more about the SmartNFT here: https://medium.com/phantasticphantasma/the-smart-nft-3a1ff1c03328

Cryptodiffer Community

Let’s talk about the marketplace. In-game items are obviously all the rage, but a lot of blockchain companies who are working on these are using NFT’s.

Bill Petridis

Certainly in-game items are a huge focus. But Phantasma has also embraced the digital art, photography and music communities. The Phantasma community has donated Kcal (energy token needed to mint NFTs) to help introduce these content creators to try out uMint on Phantasma and create their own NFTs

Cryptodiffer Community

2020 covid-19 happened all over the world does it affect your project and development, will your team have a new direction for 2021 while covid-19 is still there.

Bill Petridis

Funnily enough it's really ramped up during Covid. The need for more complex means of customer engagement due to a lack of physical presence has really driven the demand for NFT solutions, eSports, gaming, dApps, creation and ownership of digital assets etc. We've moved into a digital world, almost were forced into it. As such we've been busier than ever and our revenue has gotten a bump as a result also. We are now in the process of responding to tenders from some large organisations out there that hadn't even considered blockchain before and we wouldn't have dreamed of talking to prior Covid. Also Bitcoin going ballistic hasn't hurt either 😊

Cryptodiffer Community

Consider that I would want to tokenize a real estate project, couldI already issue NFT tokens on Phantasma Chain? What is the difference of issuing normal tokens in Waves.. consider that if they would be perfectly identifiable?

Bill Petridis

The base concept is the same and we don't like to mark ourselves as competitors to kindred projects. That being said the complexity of our NFTs above is what I feel gives us the flexibility to have more in depth exploration of new use cases, especially the multi-layered, private and cross chain capabilities of them.

Cryptodiffer Community

Hi guys. If minted on GM, can the NFT be sold on Open Sea or others at the moment? And vice versa?

Joseph Colón

Phantasma is very close to releasing a world first in bi-directional swaps of NFTs from the Phantasma blockchain to the Ethereum blockchain. So currently you can mint your NFT on Ghostmarket and sell it there, but in the near future you will be able to swap what you mint on GM and sell it on Opensea. Or vice versa, you can take NFTs you have minted on ETH in the past and swap it to Phantasma to utilize the speed and extremely low transaction costs.

Cryptodiffer Community

What is the innovative participation system that Phantasma has created to enable users to access digital goods and services such as communications, entertainment, marketing and storage? To have direct access to this system, is it necessary to have both tokens $SOUL and $KCAL?

Bill Petridis

Only SOUL, though technically you need both, but staking SOUL gives you the storage allocation and lets you generate KCAL to do what you've described. You can also just buy KCAL directly on uniswap if you aren't generating sufficient amounts via staking: https://uniswap.info/pair/0x57db2a0d2231fe522ed5d1cb40458ac152b41e01

Cryptodiffer Community

Do you think the platform of Phantasma Chain could actually be usable for music teachers or music therapists to sell lessons??

Bill Petridis

Actually yes - I haven't pondered this use case before, but it certainly can. You could either mint NFTs with links to prerecorded sessions (say a video, a piece of music, a lesson) as locked content - or you can break new ground like one of our current artists Mansa Obi who is experimenting with selling tickets to his live concerts as NFTs on Phantasma's blockchain through GhostMarket. Basically the possibilities are limitless. It's all about expanding our own creativity and breaking new ground

Cryptodiffer Community

Do you have any specific marketing strategies to increase your adoption? Do you have plan to establish Indonesian Community or Asian Community to expand globally because for your information Indonesian are always attracted in a new and making a progress project?

Bill Petridis

Yes - we have recently started global community groups and have expanded the language support in our Chromium browser wallet plugin to 14 different languages and growing. We can always use more translators also.

Cryptodiffer Community

What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?

Bill Petridis

Sign a large, multinational client for commissioned, paid deliverables. We are rapidly moving into the realms of a solution provider and I have a lot of experience on that front personally from my time in Enterprise software. I can't name any of the ones we are in the process of responding to now but we want to see a household name and Phantasma next to and the press around it to come from said household name. We do see that a lot of times in crypto, a conversation or the likes get's broadcast as a partnership. We don't roll that way. Real, paid, commissioned work leveraging our solution stack.

Cryptodiffer Community

What benefits and advantages does your platform provide to the developers? What are the advantages of phantom force?

Joseph Colón

Phantasma supports all the major coding languages, so as a dev you don't need to learn a foreign language like Solidity or some other specific language.

Phantasma has a 3% yearly inflation. 10% of inflation goes to CROWN (a special NFT that is rewarded to long term SOUL holders), then 1/3 goes to Phantom force, 2/3 to Block producers.

So essentially 1/3 of the yearly inflation is divided among the Phantom Force members. Additionally, the Phantasma team are some of the most helpful and supportive guys in the industry. New devs will feel at home in the Phantasma community 😎👍

Bill Petridis

We have and are tackling that from a few angles at once. Firstly you can Stake SOUL and earn .002 KCAL per SOUL which is tradable on uniswap, though we do prefer people use them as after all they are a utility token with a lot of utility. In regards to uniswap, that's why we built the Ethereum bridge, we have pools for both tokens which you can join and harvest the yield. Taking that a step further we are in the final touches of further incentivising said pools. We also have our SOUL Master program where wallet that have 50K or more SOUL staked for a calendar month share in a pool that is determined by the amount of wallets. Also we introduced CROWN NFTs that get dropped into wallets for every wallet that has staked for over 3 months which boost your KCAL generation by 5% - everything you need to know and more is here: https://ghostdevs.com/

Cryptodiffer Team

Thank you, guys!
Thanks for your time!
it was a very insightful session.

Joseph Colón

Thank you CryptoDiffer community! It was a pleasure 😃