08 October 2018

All You Need To Know About Phantasma Masternodes

Introduction

The Phantasma Chain comprises of a Main Chain and several Side Chains. The benefit of the differential in chains to Phantasma is that it enables proper scaling and also provides support for a large number of decentralised applications or dApps to effectively function on the blockchain network.

The effectiveness of the dApps will be as a result of the Side Chains which will help to prevent a saturation of transactions and also act like most typical legacy blockchains by delaying the transactions. Apart from the Phantasma Chain, the Phantasma Ecosystem will run concurrently with the Main Chain mentioned earlier and utilised solely for economic reasons on the Phantasma Ecosystem.

The Phantasma Chain consists of a few in-house mechanisms which are built in order to enhance and improve the Phantasma Ecosystem. One of these in-house mechanisms is known simply as “Masternodes” and they are a “staking mechanism”. What obtains in a typical blockchain is a global network of nodes which actively operate to ensure the efficiency, effectiveness, transparency, safety and speed of the blockchain.

The global network of nodes operate by;

– Collating and verifying user transactions.

– Authenticating and validating the transactions.

– Broadcasting the validated transactions to several other active nodes within the network.

With the global network of nodes actively running within the blockchain, the Phantasma Chain and indeed the Phantasma Ecosystem will operate seamlessly. As a “staking mechanism”, users of the Phantasma Chain may decide to become Masternodes operating on a 24 hours a day, 7 days a week shift and further help to support the activities of the blockchain by staking their own Phantasma (SOUL) tokens. The SOUL tokens staked by users help to build trust at a fundamental level as they act as a form of collateral.

This article will provide you with all you need to know about Masternodes like what is required to operate as a Masternode and the benefits accruing to Masternodes under the Phantasma Chain.

What Is Required To Operate As A Phantasma Chain Masternode?

It must be mentioned first of all that operating as a Phantasma Chain Masternode is open to virtually anyone provided they satisfactorily meet the two requirements highlighted below;

Stake SOUL Tokens

  • To operate as a Masternode, users have to stake a minimum of 50,000 SOUL tokens which act as collateral and proves the users long-term commitment to operating as a Masternode under Phantasma Chain.

Non-stop Operation

  • Operating as a Masternode requires users server or VPS functioning on a non-stop, all year round, 24/7 shift.

Important Notes:

  • There is a limitation to the volume of Masternodes that can operate on the Phantasma Chain network. This is as a direct result of the Phantasma SOUL tokens being staked as collateral having a limited supply.
  • Phantasma Chain places no restriction on the location of Masternodes and this means anyone that is able to satisfactorily meet the requirements for operating as a masternode will be gladly accepted into the fold regardless of where they hail from.
  • Clear step-by-step instructions on how to operate as a Masternode will be subsequently made available by Phantasma. However, anyone that intends operating a Masternode would be required to stake SOUL tokens, have a regular node configured and then subsequently run the configured node.
  • The staking period (i.e. minimum) for the SOUL tokens is 30 days. Once this period expires, you can unstake the SOUL tokens causing the Masternode to return to being a regular node.

Benefits Of Running a Masternode

Here are a few benefits of running a Phantasma Chain Masternode that potential operators should be aware of.

  • Apart from your hardware and the inevitable operational costs, there are NO ENTRY COSTS involved in the running of a Masternode on Phantasma Chain.
  • There is a “challenge and response mechanism” that functions on the Phantasma Chain which further ensures that the network operates under a trust-less structure. To this end, Masternodes under the blockchain network will engage in a interchange of cryptographic signatures.
  • Masternodes will receive a portion of Phantasma Chain transaction fees which are divided and subsequently shared with validators of blocks receiving a share for each block generated.
  • There is a 2 percent (%) bonus offer reward for the first set of Masternodes on the Phantasma Chain. However, this 2% bonus offer is dependent on intending Masternodes having their SOUL tokens staked for a minimum of 360 days.

Phantasma Ecosystem A One-Stop-Shop For Content Distribution

It is the vision of Phantasma Chain to have an ecosystem that acts as a one-stop-shop for content distribution. This ecosystem will be fully operational on their blockchain network and Phantasma intends making this possible by developing two products, namely; a Phantasma Appstore and Phantasma Extension.

Phantasma is keen on seeing the steady development of their ecosystem through the growth of both their user base and community. They intend releasing features as well as dApps at various intervals depending on the rate of growth of both their user base and community.

The plan of Phantasma is to gradually launch their features and dApps as soon as the Phantasma MainNet is officially live. According to Phantasma, the applications available in their Appstore will be both centralised and decentralised in nature to satisfy all categories of users. Some of the applications that will be available in the Appstore include;

– Video Game apps such as RPG, web, action, indie and strategy.

– Media apps including music and books.

– Data-related apps such as for storage and oracles.

– Communication apps for messaging and mail.

– eCommerce-related apps for courses, digital assets, crowdfund and P2P.

With the Phantasma Appstore and Extension, every one of the features and decentralised/centralised apps can be linked from within the blockchain network. Furthermore, there will be no need to setup a wallet or create a fresh account for each of the decentralised/centralised apps. Developers of centralised or decentralised apps can sell their respective products from within the Appstore while potential users of the apps can purchase them directly from developers within the Appstore.

With only a single Phantasma account, users will be able to utilise every one of the services on offer under the Phantasma Chain network. This is made possible by the Phantasma Extension. The Phantasma Extension also houses a wallet which allows users to purchase products/services with the use of SOUL tokens in a highly secure and private manner.

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