The team behind Phantasma have made it their mission to find a solution to the problems commonly facing legacy blockchains such as Ethereum.
Their solution was to build their chain from scratch and start from grass roots. Phantasma delivers next-generation technology built into the chain including features like NFT minting, oracles, storage, chat natively and email.
It’s also helped it overcome things like the huge energy consumption of legacy blockchains that use a Proof of Work (PoW) algorithm. In turn, this has also lowered the costs of minting by making a more streamlined system.
From a technical perspective, it’s clear that Phantasma has got all the bases covered, and their environmentally friendly focus is a breath of fresh air. They use a Proof of Stake (PoS) algorithm which means no data mining is necessary, as it instead uses highly complex calculations.
In short, it needs fewer computers to process each transaction without losing any of its security, and fewer computers mean less power is needed to run the system.
To put the energy usage into context, Ethereum uses between a quarter and a half of the energy that Bitcoin does, and for most of 2018 it was using roughly as much electricity as Iceland. A typical Ethereum transaction uses more energy than the average household will use in a whole day, and these transactions are happening regularly. So that gives you an idea of how much power is drained by data mining, and why a more environmentally friendly service is urgently needed.
Phantasma’s proof-of-stake (PoS) system claims to use one hundred times less energy than the average Ethereum transaction! But requires users to have a stake in the network to become a validator (block producer).
The good news is, that after staking, the validators are rewarded with a share of transaction fees. A highly complex system is used to ensure each transfer is highly secure and define who the active block producer is.
Active Block Producers — receive 75% of the BP’s share of the inflation of the governance token (SOUL), plus a minimum of 25% of the transaction fees for blocks that they validate.
Standby Block Producers — receive 25% of the BP’s share of the inflation of the governance token (SOUL). Starting with 10 active BP’s and 15 standby BP’s, the number of total BP’s on Phantasma will increase as the ecosystem expands.
Innovative and revolutionary, the environmental benefits of the Phantasma system are massive, and their Smart NFTs are poised to revolutionise the way we interact with art, music and games.
GhostMarket is currently the world’s only cross-chain Non-Fungible Token (NFT) marketplace. powered by Phantasma, GhostMarket’s self-minting console allows artists and developers to create and sell NFTs.
It’s great to see a company innovating an industry while also being conscious of the environment, so if this is your kind of thing, then now is the time to support what they do.
H/T: Medium
