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The popularity of Blockchain technology has continued to grow in the last few years. The global adoption of cryptocurrencies like Bitcoin, Ethereum is also rising. This growth has also increased the value and application of Blockchain technology. The application of blockchain cut across the major systems in the economy. Unfortunately, despite this immense growth recently, there is still a complexity attached to Blockchain technology. However, it is at this point that Phantasma crypto becomes a crucial piece of Blockchain technology development globally.
What Is Phantasma Crypto?
Phantasma is a personalized Blockchain system focused on onboarding gamers, artists, and novices into blockchain technology. The development team believes that if grandmas can’t use blockchain, novices won’t use it. The Phantasma chain is a fast and secure solution that allows users to incorporate and interfere with other blockchains. The dual token system of blockchain and its unique staking system opens users to various digital goods & services. These products range from communication and entertainment to marketplace and storage. According to the project’s whitepaper, one of its primary goals is to develop a system of dApps that will benefit users. This developed system will thrive under a unified economic system. The project’s vision statement is to build a decentralized ecosystem to access the best blockchain. Alternatively, its mission statement ensures that while the project entices users, it will offer them various products and services.
Features Of The Phantasma Chain
According to the project’s developers, the blockchain can validate at least 10,000 transactions per block. Speed is one of the significant factors always considered by users when choosing a Blockchain network. Phantasma is not short of that. It is also worth noting that, while the blockchain also allows infinite side chains, its speed capacity is not limited only to the main chain.
Governance Token (Dual Token System)
The Phantasma crypto Blockchain is one of the few projects that utilize a dual token system- SOUL and KCAL. SOUL is the governance token of the project and has a maximum circulation supply of 94 million tokens. The token allows users to participate in the blockchain’s on-chain voting mechanism. Its staking function also allows them the right to use the blockchain resources. On the other hand, KCAL, also known as Phantasma Energy. It is the official token with a use case to pay for transaction fees on the project. The token was created by its developers as a source of energy to power the blockchain and its users. Users of the Blockchain who stake SOUL will be rewarded with KCAL immediately. With this, they allow them to start using the network. It is also worthy to note that the reward system of the Phantasma Blockchain is SOUL.
The blockchain utilizes the Proof-of-Stake mechanism, requiring users to have a stake to become validators. Transaction fees are shared amongst validators as a reward for their contribution. Like every blockchain that utilizes PoS, a rotational scheduling model determines the active validator user. Validators reward with 75% of the inflated SOUL tokens and 25% value of the transaction fees generated.
Decentralized Storage Solution
The Decentralized Storage Solution (DSS) of the Phantasma Chain aims to utilize Decentralized Apps (DApps) fully. According to the Phantasma whitepaper, the storage solution will allow developers to deploy DApps. Files deployed and stored on its DSS are accessible to all active Validators and could only be altered or edited via a unique key available to these validators.
Phantasma Smart NFTs
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain, a digital ledger. The growth in the sector’s fortunes has seen the NFT space continue to thrive in the last 24months. However, with Phantasma Chain Smart NFT technology, developers can build digital items for their products. Users can also trade these items amongst each other. These NFTs trade in open marketplaces and support a range of advanced features. It is also worthy to note that Phantasma also possesses its own NFT marketplace. Users can trade NFTs created in the Blockchain and NFTs outside it. According to the developers of Phantasma, one of the aims of the blockchain is to be the go-to blockchain for both NFT creators and traders in the nearest possible future.
Applications Of Phantasma Chain
The applications of the Phantasma chain cut across the use of Blockchain technology in the gaming industry. Phantasma crypto aims at using Blockchain technology to solve the issues around the gaming experience. These issues include hacks, in-game assets ownerships, and data manipulations. These are a few of the things that negatively impact user experience. Phantasma aims to equip DApps developers with decentralized cloud storage solutions that cannot manipulate their data. The brain behind this infrastructure is a complete application of Blockchain technology. According to the blockchain’s developers, Phantasma transforms the global eCommerce sector. This is due to the launch of digital commerce technology relying solely on blockchain technology. These digital commerce technologies will see users enjoy faster transactions completions, cheaper products access, and increased product quality.
The SOUL Token
SOUL is the native and governance token of the Phantasma network. Since its launch in 2019, the token has witnessed immense success. According to the Coinmarketcap, the token has an inflated circulating supply of 103,158,489 coins, with a market cap of $327,182,298. The token lists on Crypto marketplaces like KuCoin, Gate.io, Uniswap (V3), BKEX, and PancakeSwap (V2).
Investing In SOUL Token
Since the latter part of 2021, cryptocurrencies have continued to bleed in prices as the market awaits a correction season. However, SOUL has witnessed a massive price leap of 28% in the last seven days. According to CoinMarketCap, the token has also seen its price increase by more than 5% in the last 24hours. It is also trading around the $3.17 mark. Trading volumes have also gone up for SOUL, and the general predictions are that the token will list as one of the best performers of 2022. SOUL is currently one of the best performers in the Crypto market. With the current projections of Phantasma Blockchain, more is expected of the native token in 2022. However, SOUL is the right crypto to commit to for investors looking towards long-term profits.
Blockchain technology appears to present the world with limitless opportunities. Phantasma crypto is the leading network helping developers and users enjoy the true blockchain experience. The personalized network aims to onboard developers into the complete application of blockchain. However, it appears that its token- SOUL, has benefitted more from the growth of the Blockchain infrastructure. Despite a collapse in the prices of cryptocurrencies, SOUL has continued to witness steady upward growth. Many analysts see a bright future for the token.
Economists at the International Monetary Fund (IMF) say that “crypto assets are no longer on the fringe of the financial system.” In addition, they “could soon pose risks to financial stability especially in countries with widespread crypto adoption.” ‘Our Analysis Suggests Crypto Assets Are No Longer on the Fringe of the Financial System’ The International […]
Who wouldn’t have liked entering the DeFi space during the 2020 DeFi summer when it was at its pinnacle. Returns as high as 20x to 200x made investors surround top DeFi protocol like a bee surrounding a beehive. However, one thing to note nevertheless: everyone wanted high returns at a shorter time frame. So kind of treating the space like a golden goose that lays golden eggs. In case, the goose fails to lay the golden, let’s cut that goose and search for another one that lays golden eggs. Thus summing up the reason why terms like vampire attack, rug-pulls, and getting Rekt overnight floated thick and fast within the DeFi 1.0 ecosystem.
As a result, the ecosystem wanted more control over the liquidity to make their protocols sustain for long. It was at that point in time when innovations like Olympus DAO swiftly made inroads seeing the success of MakerDAO protocols. However, the protocol did enter the DeFi space with an upside by working on all odds left by the erstwhile algorithmic stablecoin protocols.
What is Olympus DAO?
Olympus is a non-pegged stable coin DAO that follows other underlying assets to drive its stability. In order to do that, the protocol mints OHM tokens and releases them into the ecosystem. When the token supply increases, the Olympus protocol burns the OHM tokens, and when the supply decreases, the protocol mints more OHM tokens to stabilize its price. Thus working more like algorithmic stable coins.
What are Algorithmic Stable Coins and Why are they Needed?
Algorithmic stable coins are programmable money in circulation which works as per the market sentiments(demand-supply paradigm). Since they are backed by a basket of assets with true value, they do not show false records on the books. Hence acting as a more stable and efficient form of stable money in circulation.
The need for Algorithmic stable coins arose when some of the renowned stable coin ecosystems like the Tether Foundation came under strict scrutiny of the regulatory organizations following a rigged or undervalued balance sheet. However, one may question that other stable coins like USDC and DAI do have an unquestionable track record. Well, there’s no doubt on the same; nevertheless, even they are not immune to false practices of the government to drive money value like the fractional reserve banking method.
So, the community wanted an ecosystem that stays non-pegged to government assets but could generate the same effect of stability in the currency use. It was at this point where the Olympus protocol achieved that through the OHM token. The OHM token follows a minting and burning method to drive its value.
The ecosystem works independently by using a basket of currencies to drive OHM’s value. To retain its value always, the Olympus protocol locks LP or liquidity providers money in the OHM token vaults and issues OHM tokens to them at a discounted price. The users need to hold the liquidity for a few days and only after that, they can withdraw the liquidity from the ecosystem.
In this way, the ecosystem remains stabilized and distributed liquidity among a lot of users also avert any rug-pull events like it was seen in the Iron Finance ecosystem. However, while staking your OHM tokens, you may cross across a dilemma whether Olympus V1 is a good bet or the Olympus V2. So, we have taken care of that as well in this article. Read on to know their difference.
What is Olympus V1 and V2 and The Difference Between the Two?
Olympus V1 & V2
Olympus V1 stood as the first origin of the OHM token that facilitated bonding and taking a basket of accepted cryptocurrencies as collaterals to mint OHM at a discounted rate. Whereas, in V2, users get more exposure to on-chain governance through the introduction of gOHM tokens. On top of this, there are provisions where the protocol will set aside the bond payouts to bonders. Hence, they know that their bonds will earn on time along with all the benefits. This helps in maximizing the efficiency of the protocol.
Difference Between V1 and V2
V1 doesn’t make the sOHM holders eligible for rebasing awards. However, with the V2 tokens, all the rewards which the V1 token holders have been eligible for will be credited back to them. Along with this, since V1 is more expensive than V2, when you migrate to the V2 ecosystem, you will get more V2 tokens in exchange for V1’s.
Hope you have been able to understand in detail about Olympus DAO. If you have plans to buy Olympus DAO anytime soon, make sure to pick reliable cryptocurrency exchanges. Also, keep your crypto safe by storing them in your private cold wallets.
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