Glossary

Glossary

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The following is a list of commonly used words and expressions in the Phantasma universe. Particularly useful for those coming from a non blockchain background, or unfamiliar with next generation blockchain platforms like Phantasma.

  • Block. Data (transactions) that is packaged as a unit and added to the chain of such packages, making up the blockchain.
  • Blockchain. A long string of blocks (see above) that are tied together in such a way that no part of the data can ever be altered – unchangeable and secured against attempts to maliciously modify the data.
  • Block Producer. A consensus node – a computer server that participates in the creation of new blocks that are added to the blockchain.
  • Burning. The practise of destroying fungible or non-fungible tokens. KCAL is burned when minting NFTs on GhostMarket, and NFTs are burned to unlock the assets infused within.
  • Claiming. Used primarily in two senses: Claiming (releasing) KCAL earned from staking to your wallet, or claiming (releasing) cross chain swaps to your wallet.
  • Cross-chain interoperability. The ability to make digital assets (fungible or non-fungible token) move between separate blockchains. Phantasma has achieved cross-chain interoperability with Ethereum and Neo.
  • Cross-chain swapping. The act of moving assets between separate blockchains.
  • CROWN. Special non-fungible token that increases the rate at which a user earns KCAL. Can be earned by Soul Masters who stake long term.
  • dApp. Decentralized application running on / connected to the blockchain. Enables its developers to take advantage of all the functionality the blockchain can offer.
  • DeFi. Decentralized finance – finance without the greedy middle man. Enables low threshold access for all to financial services.
  • FT – Fungible Token. Digital asset where each token can be exchanged for any other token of the same kind. For example: 1 Bitcoin can be exchanged for 1 BTC, and 1 SOUL can be exchanges for 1 SOUL. Each token / coin is the same.
  • GhostMarket. Decentralized marketplace for non-fungible tokens. Used by artists, photographers, musicians, game developers and gamers on Phantasma.
  • Immutable. Unchangeable. Refers to the blockchain and its core feature: The inability of anyone to change the contents of the blocks of data that make up the blockchain.
  • Inflation. The creation of new digital assets in addition to the existing ones. Phantasma has a low, sustainable inflation component that ensures the continued growth and expansion of the ecosystem.
  • Infusion. The practise of embedding other assets within non-fungible tokens. To release these assets, the owner of the NFT must burn (destroy) the NFT that has infused assets. On Phantasma you can embed both fungible tokens like ETH, NEO, SOUL etc into an NFT, as well as embedding other NFTs into an NFT.
  • KCAL. The utility / fuel token (coin) of Phantasma. Allows those who own it to use the ecosystem (make transactions, mint NFTs etc).
  • Minting. The act of creating a new token – usually an NFT such as a digital artwork.
  • NFT – Non-Fungible Token. Unique digital asset, cannot be counterfeited. Used to prove ownership of a digital or physical asset. Every NFT is one-of-a-kind, even within a series. Provides provenance – prove the origin and past history of your digital asset.
  • Nested NFT. NFTs embedded within NFTs. Can be done in multiple layers, ie embedding NFTs into NFTs embedded into NFTs (etc).
  • Oracles. Technology that connects external data sources (such as price feeds, weather information) with the blockchain. Enables utilizing real-world data in dApps running on the blockchain.
  • Phantom Force. Auxillary workforce supporting the growth of Phantasma and its ecosystem. Consists of developers, social media experts and others aligned with Phantasma’s vision
  • POS. A type of consensus mechanism that does not rely on vast amounts of processing power to create new blocks. Consumes far less electricity, and is thus considered more eco-friendly.
  • Smart contract. A set of rules wrapped up in a package and deployed to the blockchain. Can define the characteristics of a token, trading functionality, rules for interacting with a dApp and much, much more. Smart contracts being decentralized and living on the blockchain makes them trustless, ie the user does not need to trust the good intentions of their peers, only the validity of the code.
  • SOUL. The governance token (coin) of Phantasma. Allows those who own it to take part in shaping the future of the blockchain.
  • Staking. The act of locking your SOUL tokens in a smart contract to earn KCAL to use the Phantasma ecosystem, gain voting rights and much more.
  • Timed NFT. NFT providing access to some form of content for a limited time only. Can be used for a multitude of use cases, one being to provide a trial period for dApps and gammes.
  • Token / coin. Digital asset connected to a blockchain. Commonly the core assets of a blockchain are referred to as coins, while additional assets for various projects running on top of a platform are referred to as tokens.
  • uMint. NFT minting console that is part of GhostMarket. Allows anyone to create their own NFTs.
  • Unstaking. The act of releasing your voluntarily locked SOUL tokens from the staking smart contracts. Can be done at any time except the first 24 hours after staking or claiming KCAL.
  • Virtual Machine. A software environment that allows computations to happen on the blockchain. Turing-complete virtual machines can handle all types of Turing-computable functions.
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