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  • Phantasma Protocol (SOUL) ICO Analysis: Next-Gen Decentralized Content Storage and Distribution

Phantasma Protocol (SOUL) ICO Analysis: Next-Gen Decentralized Content Storage and Distribution

Project Description
Over the past few years, cloud storage has turned out to a highly functional technology. By allowing users store their files online and be able to access them whenever, from wherever, and with whatever device they want, cloud storage has grown very popular. To make uploaded files readily available, however, the companies that provide the storage services have to keep the files on external servers, making it vulnerable to hack attacks. Furthermore, since the servers are centralized, government agencies can shut them down at will or gain access to confidential information. Fortunately, blockchain-based projects like Filecoin, Storj, or Sia provide services that solve some of the problems mentioned above.

On another note, the rise of blockchain tech brought decentralized apps (DApps) along with it. While these apps have similar computing requirements with traditional apps, their needs are compounded by the more expensive and more architecturally complex decentralized infrastructure. Additionally, DApss are not very developer-friendly and they are a long way from mass usability; one of the foremost challenges being customizable communication and data sharing among DApps.

Phantasma wants to solve the problems outlined above by providing a decentralized content distribution system. The project aims to be the standard for secure and seamless data distribution, management and integration across various communication partners, connected users, and decentralized applications in the NEO ecosystem. Rather than rely on third parties to host, secure, and manage their data, users should finally be able to control their data. Conversely, mass adoption of the blockchain requires interoperability between blockchain-based systems and traditional systems. To foster this, mailboxes in the Phantasma ecosystem will be designed to work with standard email addresses, making communication possible between both systems. Another key feature on Phantasma is data privacy, and to ensure total user control, all data in the ecosystem should be encrypted. As a result, only the owner can access, manage and share data belonging to them.

Initially, Phantasma will run on the NEO blockchain but after some time, it will be modified to use the NEOX cross-chain agreement. This should make it possible to transfer a project to another blockchain while retaining interoperability with NEO. As soon as the Phantasma protocol is production ready, however, the expectation is that the network will be deployed as its own blockchain; self-sustainable and totally separated from NEO.

Using a Software Development Kit (SDK), developers should be able to create DApps on Phantasma. Reports indicate that at the start, Phantasma will be backend-agnostic, meaning that content can be stored in the ecosystem using different backend storage systems. However, the recommended storage system will be the Phantasma Data File System (PDFS).

The Phantasma ecosystem is also expected to have the following use cases: decentralized email, digital commerce, oracles, and video streaming. The project’s token, SOUL, will be NEP5-based and it will fuel the entire network. It will supposedly facilitate all incentives that involve operators, consumers, and producers. Consumers need SOUL to pay for data, while the producers and the developers will use the token to pay for storage and network services.

Existing Product
The project is currently working on improving the Phantasma demo.

Roadmap

Q2, 2018: Token Sale

  • Phantasma private and public sale.
  • MVPs of the first Phantasma dApp: secure email, for mobile and web.

Q3, 2018: Phantasma SDK

  • Release of Phantasma SDK, which will let any third-party developers start building their own Phantasma based products, along with release of Oracle Nodes, as an example of SDK usage.

Q4, 2018: Relay Nodes / Testnet

  • Phantasma relay nodes will allow Phantasma apps to break free from the transaction speed limits of blockchain.
  • Start of split of Phantasma from NEO network into its own blockchain, using the NEOX protocol for cross-chain interoperability.

Q1, 2019: Phantasma Storage / Mainnet

  • Storage nodes will start being rolled out to the public, so that anyone can take part in the Phantasma network.
  • Porting of the SDK to support native blockchain.
  • Release of mainnet; native tokens to be issued according to NEP5 ownership.

Q2, 2019: Phantasma Digital Commerce

  • Digital Commerce app will be released, allowing anyone to deploy their own decentralized e-shop.

Q3, 2019: Service Discover

  • A service to discover Phantasma dApps will be created from point, forward, once the third-parties developer support has reached critical mass.

Q4, 2019: Video Streaming

  • Phantasma Video Streaming will be released as showcase for a dApp with heavy data loads.

Hard Cap and Valuation
There will be a total of 100 million SOUL tokens and the project aims to raise $10 million for 65% of the token total. The 35% left will be distributed thus: 20% will be shared among the team and the project’s advisors and 15% will be used for developer incentives and platform growth.

The team tokens will be locked as follows:

  • Cliff of 6 months.
  • Vesting period of 3 years with 10% released every 3 months for 30 months.

Advisor tokens will be locked as follows:

  • Cliff of 2 months.
  • Vesting period of 12 months with 10% released every month for 10 months.

Price Per Token
1 SOUL = $0.23 (without bonus).

During the private sale, there were bonuses of up to 30%, depending on contribution. The bonus tokens will be vested for 3 months with equal monthly releases.

Important Dates
Phantasma’s crowdsale is scheduled to start on the 22nd of May, 2018.

Marketing Power
As of the time this post was published, Phantasma had over 21,900 members on Telegram, 2,500+ followers on Twitter, 430+ Discord members and over 210 Reddit readers. They also gave a Github page.

Prominent Advisors
Neeraj Murarka

  • Co-Founder and CTO of Bluzelle.

Team Members’ Areas of Expertise

Business experts

Sergio Flores, Co-Founder & Engineer.

  • Founder & Game-Developer at Lunar Labs for over two years.
  • Co-Founder and Blockchain Developer at SynkData for over a year.

Miguel Ferreira, Co-Founder & Engineer.

  • Co-Founder of SynkData for over a year.
  • Co-Founder and Backend-Developer at Portal Juridico, a legal consulting platform, for a year.

Target market experts

Miguel Ferreira, Co-Founder & Engineer.

  • Senior Compiler and Big Data Engineer at CompilerWorks for a year.
  • Compiler Engineer at PathScale for almost 4 years.

Sergio Flores, Co-Founder & Engineer.

  • Blockchain Developer at City of Zion, a global NEO open-source community, for 8 months.

Marketing experts

Alexandre Paixao, Co-Founder & Marketing Manager.

  • Marketing Manager at PrimeMakers for over a year.
  • Marketing Assistant at ISEG Junior Business Consulting for almost 3 years.
  • Marketing Manager at WindLimit Studios, a games studio, for 10 months.

Legal experts

Arvind Alexander, Legal.

  • Diploma in Cyber Law and Jurisprudence at NALSAR University of Law.
  • Associate at Phoenix Legal for over a year.

Software engineering experts

Miguel Ferreira, Co-Founder & Engineer.

  • Senior Compiler and Big Data Engineer at CompilerWorks for a year.
  • Compiler Engineer at PathScale, a compiler company, for almost 4 years.
  • Co-Founder and Backend-Developer at Portal Juridico, a legal consulting platform, for a year.

Bruno Freitas, Mobile & Engineer.

  • Mobile Developer at LazyPerks, a software development company, for 7 months.
  • Mobile Application Developer at Federação Académica do Porto for 7 months.

Bernardo Pinho, Engineer.

  • Serious Game Developer at MEDIDA for over a year.

Blockchain development experts

Sergio Flores, Co-Founder & Engineer.

  • Blockchain Developer at City of Zion for 8 months.
  • Co-Founder and Blockchain Developer at SynkData for over a year.

Bruno Freitas, Mobile & Engineer.

  • Software Developer at City of Zion for 6 months.

Token sale structure

Neeraj Murarka, Advisor.

  • Co-Founder and CTO at Bluzelle. Bluzelle held an ICO in January, 2018 and raised about $20 million.

Token economics

Neeraj Murarka, Advisor.

  • Co-Founder and CTO at Bluzelle.

Fernando Toledano, Advisor.

  • IT Security Consultant at City of Zion for 8 months.
  • He is responsible for the audit of the NEO blockchain.

Conclusion

Strengths

  • A relevant use case that aims to solve a prevalent problem.
  • Good team.
  • Low hard-cap ($10million).
  • Connections to NEO-developers (City of Zion).

Potential risks for investors

  • Mainnet won’t be released till Q1, 2019.
  • Notable competitors (Amazon S3, Filecoin, etc.).

Disclaimers:

  • Nothing written in this article is a legal or an investment advice.
  • Information is provided on a best-effort basis and is subject to change without prior notice. Be sure to verify everything you read with a project team.

The analysis was produced by Research Center team members: Alexander Hinz, Mark Jedd, Anna Muratova.

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