Project to Watch: Phatansma (SOUL)
Phantasma is a new generation content distribution system. It is an innovative platform for revolutionary application development in a critical area of data management and content sharing. This project is the concept of a decentralized content distribution system based on blockchain technology with an emphasis on confidentiality and security. The platform allows users to control their content, rather than relying on third-party services for its placement, protection, and management.
A highly qualified team of specialists with relevant experience in the amount of 17 people works on the project, including:
- Sergio Flores: co-founder and engineer, a member of the City of Zion development team, has been programming for about 20 years, the experience of previous startups includes the creation of his own game development company Lunar Labs in 2015.
- Miguel Ferreira: co-founder and engineer, has a Master of Computer Science degree and is an experienced blockchain developer.
- Alexandre Paixao: marketing manager, graduated from ISCTE business school, where he received a master’s degree in marketing, has more than six years of experience in marketing, of which most of the time he worked in the gaming industry.
- Sergio Pereira da Silva: finance guy, has extensive experience in the field of finance and accounting, worked for the last two years at the Portuguese engineering company SyncData, specializing in development using the blockchain.
- Bruno Freitas: engineer, mobile technology specialist, a member of the City of Zion developer community, has a bachelor’s degree in computer science.
The problem of ownership rights in a centralized environment
Cloud technologies, including data storage services, have recently become increasingly popular. This is a classic example of “centralization.” Practically everything that we do today is in the “cloud,” like e-mail, content (games and videos, web services, etc.). Relying on centralized, third-party services for something meaningful and personal, companies may be at risk of hacking and leaking confidential information.
Since the beginning of the 2000s, there have been dozens of cases of such hacking cases. For example, the email service Lavabit in 2013 and Apple iCloud in 2014. The latter incident led to the leakage of many private photos of celebrities.
With the advent of the new computing paradigm, blockchain technology has emerged, followed by a host of innovative decentralized services and applications (dApps). However, this modern computing and economic environment is still in its infancy and does not contain a large number of basic building blocks and infrastructure necessary for the full development and implementation of decentralized applications, systems, and services. One of the essential components is a service for custom communication and data exchange between dApps.
How can Phantasma make a difference?
This platform provides a decentralized content distribution system operating on the NEO blockchain. It focuses on privacy and security. This is the platform on which users control their content, rather than relying on third-party services that take over the functions of hosting, protecting and managing it.
Interfacing with existing systems is extremely important so that Phantasma-based mailboxes will be compatible with standard email addresses. This will enable contact and interconnection with e-mail systems outside the blockchain. As for privacy, all data in Phantasma is encrypted, providing full control over the content. No one except its owner will be able to access it and give access to others.
In other words, possession of private keys to the wallet provides control over all the contents stored in it. Since everything is encrypted, without a private key, no one can read its contents or steal it. Even Phantasma developers will not be able to access it.
According to the authors of the project, their idea is the concept of a new standard for the safe and unlimited data exchange, management and integration through many partner services in the field of user communication and dApps applications in the NEO ecosystem. By providing a single standard interface (API) with all the fundamental semantics of data access required by applications, Phantasma can increase the efficiency of dApp developers, expand their potential and enhance the development of the NEO ecosystem.
Phantasma provides both a platform for storing content and a protocol for sending messages through smart contracts. The ultimate goal of the protocol is to provide a framework for data management for dApps applications. The developers have created a messaging protocol, files and other data on top of a blockchain. The platform architecture consists of five main components:
Phantasma is originally based on the original NEO blockchain. Its creators intend to use NEOX for interchain compatibility, but in the future to create a separate blockchain for the platform. They consider this the best way to achieve maximum network efficiency.
The core architecture is broken down below.
Smart contracts. The primary function of the project is to create a messaging protocol. The smart contract system will also be used to process transactions during content storage, and the system’s internal tokens will be used as fuel for the network.
Software Development Kit. The authors of the project intend to release a set of tools for SDK developers so that everyone can create their dApps applications using the capabilities of Phantasma. The SDK is a critical component for expanding the ecosystem.
Relay Nodes. To create an architecture that can adequately perform data exchange tasks in a decentralized environment, network nodes will exist on their layer in the blockchain, which will not overlap with other layers. It will be located between the NEO blockchain and all dAps applications of the platform. The purpose of creating this layer outside the network is to speed up the process of sharing encrypted content.
Storage with distributed content. The Phantasma Data Filesystem System (PDFS) file system is a decentralized data storage system that will serve as storage for phantom applications. Users acting as network nodes will be able to make an additional contribution to its work by launching full PDFS nodes.
Token SOUL. Since Phantasma is created on the NEO blockchain, SOUL will initially have the NEP-5 standard. Phantasma users will be able to use it to pay for the data exchanged, as well as to create/update storage space. Developers and other participants will receive SOUL for providing storage and network services, and site owners will be rewarded for their role in verifying network transactions.
Benefits and Capabilities
Interaction with existing systems is the main focus for the later stages of platform development. Expanding beyond the NEO ecosystem, Phantasma is best suited for transferring data between dApps and different protocols.
The platform will begin using its mailboxes, which will be compatible with standard email addresses. This will ensure communication with postal services outside the blockchain.
A possible disadvantage of this is that any information exchanged with email services outside the blockchain will be stored on centralized servers. As a result, this will be contrary to the primary goal of the project – to provide a decentralized data exchange environment.
As a system designed exclusively for the exchange of encrypted data between dApps, Phantasma has more prospects. The team foresees many possible uses of their product if they can encourage developers to use the potential of the platform in their work — for example, the creation of a distributed network of entertainment content and a decentralized e-commerce platform.
Despite the presence of an SDK for developers, the incentive to build applications within the platform will largely depend on the initial success of Phantasma in the developer community at the initial stage of development.
The real issue at stake is that if users want to adopt a system of chat and e-mail really that require digital tokens to use. Is there a readiness of the mass market to accept such a model, or will the average users be more likely to continue to use free services such as Gmail, Dropbox, and others?
Despite growing concerns about data confidentiality, some studies have shown that this issue is not essential for consumers to make decisions when using specific services or services.
Moreover, large technology companies have begun to actively use encryption technologies in the field of mass consumer messaging services, such as WhatsApp. Besides, there are already free encrypted mail services that provide many of the security features that Phantasma offers.
The project authors mainly focus on the value proposition, which may not have a sufficient level of support from the average Internet user. But on the other hand, we see that many influencers endorse the project. However, I will not include it in my portfolio.
Price and Liquidity
- Ticker: SOUL
- Major Exchanges: none
- Market and Returns: SOUL token price: $0.0224038679 (-5.08%); 0.0002589056 ETH; 0.00000676 BTC
- 24h Volume Market Cap: $104,823 $1,306,883
- Returns Since ICO: 0.10x USD 0.68x ETH 0.23x BTC
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