How do you assess the progress of this Non-Ico start-up project and, find out if your free tokens are worth anything at all?
To check any development on the Phantom Blockchain, check the https://github.com/PhantomChain. This is open-sourced software project. You can fork it, run the program, fire up devnet node. Then, you will be able to assess if the network is stable and secured or if blockchain is immutable. You can check also what wallets are available now and what plug-ins are being worked on. 2. On the business side, only delegaterove.org right now has a roadmap. (We are not aware of any other delegate proposal for utilization of the token). Check our websites (www.avantgardecollective.org to be ported to delegaterove.org within the month of signing up with our contractor) , check our funding, check the milestone on the roadmap. Check if these milestones are feasible. Based on that, you can decide if we can deliver on the roadmap that our delegacy unilaterally committed. You have to DYOR, to find out if your airdropped tokens have any use now or in the future.
Managing the Risk of Unreasonable Tax Liabilities or Legal Risk of Promoting Unregistered Securities
This is to remind everyone of the expectations on this project. As the title of this post suggests, these are the Phantom Research Group’s main concerns for this project. Everything is secondary to those. (Of course, the Phantom Devs will disagree with us as they are working hard for the stable and secured network and immutable blockchain, which are their main concerns.) So that, if this project does not suit your risk appetite or management style, you can probably ditched this project. But, read the following before doing anything. First, this is a non-ICO project. Nobody is obliged to do something for anyone. Second, the name of the project is Phantom. Everyone is a ghost and if a community member insists to remain one and protects his privacy, you cannot force him to reveal himself to you or anyone. Third, you cannot have an investment contract with a ghost, there is no known proponent, or centralized management and anyone could do anything without any restraint. Nobody will censure you on the blockchain and its records should be immutable. Fourth, the value of this cryptocurrency is secured by the cryptographic proofs and only exists once you are able use it openly for mainstream purposes and in a regulated manner, and lastly, most importantly, Fifth, the trust on the blockchain and the network are supported by the cryptographic proofs provided by a fork of Ark’s blockchain and the soft infrastructure being built by the Phantom Community. This is an opinion of the Phantom Research Group(PRG), an ad-hoc group established by a collective of finance and legal professionals who have advocacies for financial inclusion and financial freedom. Currently, the PRG’s financing is majority supported by delegate rove’s forging rewards. The collective’s website of www.avantgardecollective.org will be ported to www.delegaterove.org.
Statement from Phantom Research Group (PRG)
PRG’s commitment The PRG will continue to deliver on its roadmap for this project. We will pursue our advocacy and will do whatever is needed for it to succeed. We view the delay on the development on the code as merely an inconvenience or a temporary stepback. As everyone is aware, these developments and updates on the code are already available on the Ark.io’s github. There is only the need for these to be merged with the Phantom code. Therefore, it is only a question of time and the manner of execution. We believe that the negative effects of the current delays on the reputation of the Phantom project could easily be managed and be reversed when PRG is starting to deliver on this roadmap. PRG believe that these are merely operational issues that can be easily resolved internally by the delegates. Business Strategy Our business strategy is not to let XPH exists only at crypto space, outside the jurisdiction of any country but to bring XPH under the jurisdictions of countries and so that it may acquire a legal status as utility token. Having a legal certainty of its status could lead to mainstream adoption as we do not want XPH to be talked about in whispers or dealt with in the shadows of the internet. We will start with executing the “Powered by Phantom” business strategy. As the preliminary strategy, we believe that this could lead to the usage of the token and therefore gain a mainstream following. The Roadmap We will follow these sequence of tasks and explain the reasoning for these steps. Published materials introducing the Phantom Blockchain, the nature of the token, the community role, influence and responsibilities and our opinion behind the airdrop. These were all accomplished through posting on community reddit to solicit comments. After a sufficient time have passed, these materials were published for a larger audience through the Medium. Seven research papers were already released. These will served as the main philosophies , policies and references by the PRG for this project.Established a website, the www.avantgardecollective.org. The website will serve as the main hub, library and main body of reference materials for regulators and future FinTech partners. Another purpose is to attract similarly minded professionals to contribute their skills and expertise to the project. The redesign of the website and a standalone website for the Phantom Community are now being considered.Draft a Legal memorandum arguing that the XPH is a utility token. The PRG will draft a legal memorandum only after a sufficent time have passed from the time the above-mentioned 7 research or policy papers were publicly released. We will engage a lawfirm to review the legal memorandum and avail its service, if the need arises, to represent the Phantom community through the PRG for the purpose of requesting a “No objection notice” from a regulator. Initially, we are targeting the central bank of the Philippines as this country will be the first jurisdiction we will market the utility of XPH. This process should be replicated for other jurisdictions.Establish a legally recognized advocacy entity for Phantom. This will be founded in the Philippines as the PRG are based here. Other units or affiliates from other countries should be established for a more global approach and acceptance.Conduct a Business to Business marketing. Once, we have acquired the “No objection notice” from the regulator. We will start our marketing effort here in the Philippines with local wallet providers, centralized exchanges, remittance companies and retail businesses under the “Powered by Phantom” umbrella strategy. Again, this effort should be replicated in other jurisdictions. Our Limitations Our ability to deliver on this roadmap will be largely dependent on the funds that we accumulate through delegate rove’s forging and donations directly send to the PRG’s wallet. Please note that the delays on the development on the code, mobile wallets and other plug-ins affect the price of the XPH moreso the PRG’s ability to accomplished key targets within the allocated time. Many thanks and Good luck to us!
Why there is an Airdrop of XPH Tokens? An opinion piece from the Phantom Research Group
It will serve as invitation to tokenholders to render voluntary services; an invite from prospective FinTech businesses that will leverage services and products unto the Phantom blockchain . At a minimum, tokenholders are expected to be involved with the dynamic on-chain blockchain governance of our decentralized community-governed network of ledgers. Should a more advanced community work is required which includes the participation on the different backoffice, middle office or the front office tasks, a tokenholder must be willing to help. In summary, community work also includes contributing for the improvement and maintainance of the code (back office tasks). With regards to the delegates, other than being mainly responsible for the operations of the network, it is for them to continue giving prepaid or discounts to their voters of the current and prospectives products and services that may be availed using the Blockchain. These are done through the sharing of forging rewards. However, as previously mentioned in our policy research, there are no contractual obligations between the delegate and a voter. These arrangements are being made informally, off-chain and not to be considered as a community policy. These are voluntary on the part of the delegates and offered as customary marketing practice of harnessing the benefits of the so-called “network effects”. More importantly, having XPH tokens does not grant its holders rights on the above-mentioned products or services. Aside from the work being done by the delegates, middle office tasks include the role of the Phantom Research Group (PRG) it currently trying to fulfill which relates to compliance, risk management, policy research and advisory. On the other hand, with regards to the front office work, as a community, we have yet to start the process of formulating a distinctive messaging strategy for the Phantom Blockchain. Once the community formulated a cohesive strategic and marketing plans, front office work should begin immediately using the said plans and must be deposited with the PRG so that any community member can access and execute it. In the near future, the PRG will host a virtual community strategic planning mainly for this purpose. In conclusion, the PRG continues to invite tokenholders to provide community services and to share their talents and skills. It invites you to find your role within the community and contribute whether it is for back office, middle office or the front office jobs. Our public blockchain could be the solutions we have been waiting for that will let our community achieve financial inclusion, privacy and independence. Many thanks! Phantom Research Group, contributing member organisation at www.avantgardecollective.org
Why Phantom (XPH) has a Better Chance of Success for Mainstream Adoption.
The marketing strategy under the “Powered by Phantom” tag line, is an admission that the path for mainstream adoption is through navigating various local regulations. This will show the Community’s awareness of the complications and risks that come with the use of crypto in general. By putting ourselves on the shoes of the receivers of the tokens who are mostly formal business establishments with regulatory and compliance responsibilities, we will be able to realize that they will adopt the use of crypto in their operations only if we control, mitigate and transfer the legal and compliance risks within our community (please read the risk management framework in earlier reddit posts on the matter). We should only engage them as external stakeholders of the Phantom Blockchain. By choosing this path, the community will be able to showcase the utility of the XPH. This is how we will implement our B2B marketing strategy for mainstream adoption, i.e. making it seamless for these external stakeholders to adapt the financial and business solutions the Phantom community are offering. Phantom Research Group, Member @ www.avantgardecollective.org
“Powered by Phantom (XPH)”
Build your Fintech Business with the Phantom Community Offer product and services such as: Rediscounting, Remittance, Custody, Lending, Staking as a Service, Payment Processing, Engagement with a community, Advertising with global audience Enjoy the benefits of: Harnessing the utility of XPH, Anchoring on a public blockchain, Exploiting the benefits of a global outreach. Phantom Research Group, Member of www.avantgardecollective.org
Building a Fintech Business on a Phantom Blockchain (Our Progress Assessment)
It involves the engagement of various members of the Phantom Community as your Back Office, Middle Office, and the Front Office of your Fintech business. The Back Office refers to the activities involving the blockchain and the master code. Support our developers in maintaining and improving the utility, stability and security of the blockchain, the wallets and explorer, etc. Blockchain is a ledger, as such, and should be relegated to the back office. (see earlier reddit post on the utility of the token, “Powered by Phantom (XPH)” post) The delegates are expected to build their individual businesses by leveraging on the Phantom blockchain being its operators. Showcase its utility, i.e. the Middle Office’s main task, which includes activities such as the sharing of rewards that represent a discount for current and future services and products which may be availed through the blockchain. As a 3rd party Fintech business or a community member, you may offer the community the availment of rediscounting, remittances, payment processing and P2P transfers of value and smart contracts, all activities powered by XPH. These are some of current and future services and products that a tokenholder or casual holder of XPH may be availed using the Phantom Blockchain. The Middle Office should also take care of the regulatory compliance of using the cryptocurrency and risk management by funding the projects of risk managers, compliance specialists and business consultants. The Front Office would be our marketers, community builders or brand ambassadors who will build awareness on the usage of the XPH to all stakeholders. These include encouraging and negotiating with exchanges, wallet providers, remittance companies, banks, other fin techs and cashiers of business owners to integrate a public blockchain such a Phantom to their businesses. Status The community have already the Phantom Foundation, our Back Office main driver. Let us attract more volunteer devs to this pool. The Phantom Research Group (PRG), is trying to fund itself through donations to help the 51 delegates manage the Middle Office. In the meantime, while funding has yet to arrive, read on the PRG’s reddit posts to appreciate the strengths of Phantom Blockchain, i.e. its governance model and regulatory status. The Front Office positions, remain vacant. There is no urgency to fill these positions as the community still needs to strengthen the Phantom brand through continuous improvement on the blockchain, websites, wallets and useful plug-ins. Conclusion If you are a Fintech or a community member wishing to anchor on Phantom Blockchain for your business, contribute to the community by strengthing its different offices through developing plug-ins and funding the projects of the middle offices or filling up the front offices. Surely, building a fintech business on Phantom Blockchain is more economical and hassle free. You do not need to build an expensive infrastructure, hire top notch developers, compliance specialist or risk managers. If you are good on community building, capital will also be provided for you by being a good delegate. More importantly, with a global outreach, you can take advantage of these network effects to your fintech business. Phantom Research Group Member, www.avantgardecollective.org
Work on Phantom (XPH) to be classified as a Utility Token by your Local Regulator
Since XPH has no ICO, it will be easy to pass it as a utility token. See also earlier reddit posts on the matter. Below is how you can show its utility that will not be objectionable to your local regulator. “Powered by Phantom (XPH)” It means business owners, such as coffee shops, retail stores or website sellers, never actually accept XPH as payment but products and services will be denominated in XPH on point of sale. They will never have exposures on XPH or own a wallet containing XPH. An address will be assign by a rediscounting company who maintained the address and has the control of pass phrase. If a customer/tokenholder pays the business owner XPH, a transaction id will be printed along with the payment in fiat corresponding to the price of product and services. After 3 days, the rediscounting company will reimburse the business owners in fiat directly to their bank accounts based on the XPH received at its cost at the time of the payment by the customer/tokenholder less % service charge as the share of the rediscounting company. To help the community, members could conduct B2B marketing with wallet providers and remittance companies for rediscounting of XPH by highlighting the advantage of anchoring their businesses on the Phantom Blockchain.
Reading Between the Lines, Policy Research No. 1
We made this policy paper(still in exposure stage) to clarify what XPH is and how to treat the forging rewards. We will use this as the basis for a memorandum (still to be drafted by PRG) that will be presented to different countries’ regulatory agencies. If these agencies adopt our clarifications, this is a big step for mainstream adoption as explained below. Related to this initiative, if one country agrees with the exposure policy paper(see our earlier reddit post, a policy paper which was tailored to comply with definitions found on the UK’s consultation paper), then ACES can be set up in the said country without the need for money transfers license. If this regulatory hurdle have been overcome, it is very big push for XPH and its role in the Ark ecosystem, as it will serve as the regulatory compliant utility token for interoperability between bridgechains within the ecosystem. To simplify the definition, (since phantom has no ICO), XPH should be treated like the loyalty points, miles earned or credit card rewards points. Such that when you received forging rewards, you don’t need to recognize a tax payable on the day you received it. But, only when you traded XPH to fiat, that you need to pay capital gains tax for the said disposal. Having a regulatory certainty on the treatment of XPH and the forging rewards, it will now be easy for the community members to conduct B2B marketing on their own with wallet providers, exchanges or custodians.
Policy Research No. 1, Request for Bounty from delegates to fund the conversion into a newsletter format in PDF for hosting in any community websites or delegate websites.
As mentioned in the request, we are asking for any community member to convert this into a newsletter including the Phantom logo and presented in a PDF file. We hope that a delegate will sponsor this request and reward any volunteer community member who have good presentation skill. Many thanks! INTRODUCTION TO PHANTOMCHAIN Phantom Research Group Value of Phantom (XPH) What is Phantomchain?Phantomchain is an advanced decentralized ledger technology (DLT) system with a planned privacy protocol. It is a public blockchain with permissioned-less node. It utilizes a modified Delegated-Proof-of Stake (DPoS) consensus mechanism featuring fifty-one (51) forging delegates.These delegates are responsible for running the public network and are incentivized with block rewards.The community participates in maintaining the security of the Blockchain as a compliment to the cryptographic proof through dynamic on-chain blockchain governance whereby tokenholders are exercising one-vote per wallet address to elect the said 51 delegates.Being a public blockchain, Phantomchain is expected to have recordkeeping system that will be immutable, censorship resistant and trustless. A sender that utilizes the Blockchain will be able to transfer one (1) XPH and the receiver would have 1 XPH (less transaction fees) without any intermediary third party to guarantee the said transaction.Tokenholders conducting transactions in a public blockchain such as the Phantomchain are expected to exercise extraordinary diligence at all times being bankers and recordkeepers of their commercial transactions on the Blockchain.What is XPH?XPH is the token that powers the Phantomchain.XPH complies with a generally accepted definition of a cryptoasset which is a “cryptographically secured digital representation of value that is powered by a form of DLT and can be stored, transferred or traded electronically”.The XPH has no intrinsic value. The expression “funds are safe on the blockchain” is not the same as having gold bars inside a vault. It simply means that a record is safe from any tampering and censorship. There are no actual funds or fiat backing up the token.There is no central authority that is issuing the tokens. This record cannot be presented to any bank or any treasury or custodian so that a claim for corresponding value can be made.XPH is a means for a tokenholder to access the Blockchain to a) avail current and future services and products and b) participate on safeguarding his/her transactions on the Blockchain.It is a utility token that will grant holders access to a current or prospective products or services but do not grant holders rights on the above-mentioned products or services.As a means of participating on securing transactions, XPH will be used by the community as a governance mechanism device. This token will be used to (1) elect a delegate that will maintain a node that will validate transactions, 2) making sure that the delegate operating a forging node will play under the rules or will not undermine the system.As such, Phantomchain’s operations are not only under the control of the coldness of computers’ algorithm that produces cryptographic proofs but with a community influence with the objective of having transactions which are made through efficient, effective and ethical means.These delegates are responsible for running the public network and are incentivized with block rewards in the form of crediting additional XPH to the forging nodes of the delegates.It is only a customary practice that delegates share rewards to its voters/tokenholders. This serves as discount for voters/tokenholders for current and future products or services that may be availed through the Blockchain.There is no contractual obligation between an elected delegate and his/her voters related to the sharing of the forging rewards. This is only a voluntary act on the part of the delegate for the purpose of growing the community through the benefits of the “network effects” and making the current and future services and products that may be availed through the Blockchain remains cheap and affordable to the tokenholders/voters.XPH does not generate passive income to the its holder the same way as deposit-like products earn interest income or shares of stocks regularly receive dividends.What is the value of the XPH token recorded in a blockchain?It can be shown in this illustration: “There were these two accountants, both recorded a transaction. They exactly presented it the same way. One accountant signed his name, ABC. The other signed it DEF, CPA. ABC could be just any other blockchains, which may be considered more secured or fiercely censorship-resistant, however, it may be operating without any ethical considerations. While DEF,CPA is a DPoS blockchain that follows customary rules guided by universally accepted community values, which could be informally adopted and dynamically constituted. Essentially, these two blockchains are the same. They are both tools, like instruments being used in doing a certain work or producing a certain result, especially such as the ones that require delicacy, accuracy or precision. They are both public blockchains which require extra-ordinary diligence at all times on the part of the tokenholders being bankers and recordkeepers of their own transactions. 22. Which one do people rely with? The one prepared by DEF. It is not because he is DEF. The reason was he signed it professionally and attesting that he recorded the transaction based on a strict and generally accepted set of rules in accounting. If later on, someone will find out that he is dishonest, his title of CPA could be revoked.” 23. Acquiring Value Satoshi Nakamoto, based on his paper on Bitcoin, posits that only “honest nodes” can “validate wealth”. 24. According to this principle, Phantomchain nodes will create wealth if these stay honest, protect privacy, avoid rent-seeking activities and will play by the rules. 25. This is all forward-looking statements. The supposed wealth recorded on the blockchain does not yet exist, but needs to be earned. 26. It should be based on the future cumulative value i.e. Enterprise Value, of yet to be performed recording services by honest nodes that will play by the rules. 27. In other words, a token represents the value of the incentive to be received in the future because of the efficient, effective and ethical prospective bookkeeping services. 28. Therefore, the value of the XPH token is largely relies on the continuous exercise of good governance of the tokenholders over their elected delegates, which includes making sure that the forging delegates have the highest composite “ROCE” ratings. 29. Such that the validity of wealth creation (offering of services) largely depends on the continued operations of honest nodes that will not undermine the system or should not possessed a perception or even a hint of dishonesty. 30. Conclusion 31. It is the Community that will assign XPH’s worth. If the Phantomchain is operated within the bounds of the community-wide mandate and prove to be a useful tool in achieving the community visions and missions, the more valuable is the blockchain so is the token that powers it. 32. Post script: To clarify some ideas, see below: The Blockchain is immutable, censorship-resistant and trustless. It means that: when a sender transfers 1 XPH through the Blockchain, another will receive 1 XPH. No third party guarantees the recorded transaction. 1 XPH is equal to 1 XPH. 33. On the other hand: The general acceptability for fairness of the recorded transactions on the Blockchain refers to a transaction that transfer 1 XPH worth 10USD, by the time another person receives 1 XPH, its value remains 10USD. 34. Perception is very important. The validity of the value of the token (wealth) was upheld because, there is a community through a social consensus is attesting to the honesty and fairness of recorded transactions. 35. If tokenholders are giving guidance or giving influence for delegate operating a forging node to stay honest and play by the rules, then, they are being incentivized by a share on the forging rewards which is effectively a discount for current and future products or services. 36. A tokenholder completed a task that is the reason why a reward was shared with him by a delegate. A task of concluding with community of network users (validating their wealth) that the recording of transactions by the top 51 forging delegates were done efficiently, effectively and ethically. 37. Therefore, what the tokenholder receiving is not a passive income. This is an incentive for a dynamic work that entails a constant research on what his/her elected delegate is doing on the Blockchain. 38. It is expected that immediate mitigating measures will be executed by a tokenholder if there is a misbehavior that will affect the safety, soundness and fairness of the operations of the Blockchain.  www.ucl.ac.uk/laws/sites/laws/files/02_mckee_ucl-blockchain.pdf  Item 6, Incentive, Bitcoin: A Peer-to-Peer Electronic Cash System  What is the Enterprise Value (EV) of a blockchain? By Rove1512, https://link.medium.com/DuNtOoe5PT  Risk Rating System for Decentralized Network Delegates by Rove1512, https://link.medium.com/QM2hOGA2PT POLICY RESEARCH NO. 1 Phantom Research Group Member, www.avantgardecollective.org January 2019 Draft version 1
“Staking as a Service”, a risk management and governance issue, by Phantom Research Group
“Staking as a Service” is an issue that the community needs to deal with. Phantom Research Group (PRG) is now conducting research on the matter touching the issue of risk management and governance. Policy paper to follow. Support Phantom Research Group continue its advocacy, visit https://avantgardecollective.org/member-organisations/
Transparent Governance, Phantomchain’s cutting-edge built-in feature
One of the weaknesses of a decentralized system is to be perceived as disorganized. On the other hand, investors outside the cryptocurrency space view decentralized system as merely an illusion but in actuality, is captured by elite minority of developers, whale tokenholders or other unpredictable political forces. Phantomchain Community seek to stand-out in this crowded crypto space and prove that the community is not disorganized or the Blockchain is not captured by elite minority. Transparent Governance will be the community’s leading edge. Phantomchain utilizes a modified Delegated-Proof-of-Stake (DPos) consensus mechanism featuring 51 delegates. These delegates are responsible for running the public network and are incentivized with block rewards. In addition, tokenholders can only exercise one-vote per wallet address. Given this transparency feature of the Phantomchain, any tokenholder could easily assess how the blockchain is being operated. By opening the Phantomchain block explorer, one could easily answer these questions? 1) Is the community disorganized? or 2) Is the blockchain controlled by elite minority? Given this transparency feature, the community should exploit this feature to its advantage and make this the cornerstone of the community’s good governance practice. As been argued by the Phantom Research Group in an earlier reddit post, whale tokeholders should restrain themselves from running as private delegates. The Blockchain’s transparent on-chain blockchain governance would show these delegates being elected and maintaining their position in top 51 even without any proposal on how to secure or improve the blockchain. By this alone, outsiders could judge that the Blockchain is captured by an elite minority of whale tokenholders with unpredictable intentions. These could lead to very volatile movement in token prices that discourage mainstream users. Other reasons why the Phantom Research Group disapproves private delegates maintaining their forging positions were also enumerated in the said reddit post. Developing this transparency practice could lessen the volatility of XPH’s price. Having the 51 delegates disclose the use of their forging rewards could be an anchor for the community in its assessment of the blockchain’s future successes and could lead to reasonable movement in XPH prices. Transparency would lead to tools, metrics, standards, etc. With transparency, one need not be on 24/7 look-out of the project’s social media accounts for trolls and FUD. One of such helpful tools would be the ROCE ratings (see also an earlier reddit post on the matter). Having informed voting decisions and a definite support of the tokenholders’ reasons on holding XPH, whether it is for the short-term or long-term basis, will lead to the so-called “wisdom of the crowd”. This “wisdom of the crowd” would result to the following: 1) Reasonable price movement of XPH; 2) An organized community decision making; and 3) A truly decentralized system. Support Phantom Research Group continue its advocacy, visit Member Organisations
Risk Management is the Key for Mainstream Adoption of Phantomchain
Establishing risk management framework would help lessen: the volatility XPH’s price, andfraud involving the blockchain. Through managing these two obstacles that hinders mainstream adoption of blockchain technology, the Phantomchain would be able to create its own sustainable competitive advantage that could help the community in attracting more members and encouraging the use of XPH. The Phantom Research Group is establishing Risk Management Advisory Council that will guide the Community in developing a sound risk culture and advise on the identification, measurement, monitoring and control of the relevant risks affecting the operations of the Phantomchain. It is important that these relevant risks have already been considered, properly managed and priced-in so that the volatility of XPH price and the probability of occurance of fraud will be lessen. With less uncertainties and volatility, the Blockchain’s practical use as a electronic payment system that facilities commerce on the Internet or peer-to-peer situations would be realized. It is envisioned that Phantomchain would have the features of risk management system (soft infrastructure) and the cryptographic proof (hard infrastructure) that could allow any two willing community members to transact directly with each other using a platform that they have an effective influence with and have mutual interest in. In addition, said transaction would be completed without the need for intermediary traditional financial institutions and in a more efficient, effective and ethical way. Help Phantom Research Group continue its advocacy, visit Member Organisations
What are the requisites for the efficient, effective and ethical operations of the Phantomchain?
Risk Management;Good Governance; andSocial Enterprise Purpose The Phantom community should adopt charters for each requisite. In the meantime, start with the basics such as this: “Guiding Principles for the Phantom Community a. First Principle: Active on-chain Governance Every tokenholder has a responsibility of maintaining the effectivity of the “one-wallet – one vote, highly distributed and dispersed votes”. Always protect the sanctity of your vote and be vigilant for any delegates that are forming alliances, conducting cartel-like behavior on pricing of any services or abusing the fees market. Every tokenholder should make responsible reporting of any offer of kickback or bribes or any unethical practice and rent-seeking activity of a delegate or a whale tokenholder. Conflict of interests should be discouraged or avoided. b. Second Principle: Contribute to the Community Every tokenholder is expected to contribute to the Community by sharing his/her ideas, expertise and experience. These include incentivizing any positive and tangible contributions. The tokens are meant to increase its value over time to reflect various incremental technical advances of the Phatomchain. Use it generously to reward community members for their progressive contributions. Cultivate and support the entrepreneurial spirit of each member of the community. Consider every member of the community as a professional expecting to be recognized for his/her efforts. c. Third Principle: Risk Awareness Any risk that may affect the sound, safe and fair operation of the Blockchain is immediately avoided, addressed or mitigated. Constantly adopt remedial measures as voting for the top 51 delegates is always on-going. The Phantomchain is a public blockchain, the exercise of due diligence is always expected from community members. d. Fourth Principle: Financial Inclusion and Independence Each member of the community should help each other achieve financial inclusion and independence. Be interested in seeing that the Blockchain effectively, efficiently and ethically serves the community.” Adopted by the Phantom Research Group, contributing member organisation at https://avantgardecollective.org/ Support Phantom Research Group continue its advocacy, visit Member Organisations
Phantomchain is community-driven project. What does it mean?
This informal document defines the following: The composition and nature of membership of the Phantom Community,The motive of each member of the community,The nature of influence of each member has over a public blockchain, andThe responsibility of each member. “Community Responsibilities and Influence The Community is composed of persons having a mutual access in a public blockchain. Each member seeks to increase the Enterprise Value of this public network through effective on-chain governance in an operator role. Their objective is to gain the greatest community benefits from their collective efforts. The Blockchain is decentralized however it is being influenced by the members of the community on the basis of their holdings of the tokens that powered the public network. Being a public blockchain, community members are expected to exercise due diligence at all times and secure their tokenholdings. These persons are instrumental in keeping the operation of the Blockchain safe, sound and fair. They realize they can attain their goals only by harmoniously working together. They voluntarily affiliate with the community. These person are interested in seeing that their Blockchain effectively, efficiently and ethically serves them. They actively seek the best ideas, expertise and experiences available in the marketplace and constantly incentivizing the sharing of these to the community. Any risk that may erode the Enterprise Value of the Blockchain is immediately avoided, addressed or mitigated. Remedial measures are constantly taken as voting for the top 51 delegates is always on-going.” Adopted by the Phantom Research Group, contributing member organisation at https://avantgardecollective.org/ Support Phantom Research Group continue its advocacy, visit Member Organisations
How Phantoms (XPH) will be able to Accrue its Value?
TL,DR: It is the community that will assign XPH’s worth. If the Phantomchain is operated within the bounds of the community-wide mandate and prove to be a useful tool in achieving the community visions and missions, the more valuable is the blockchain so is the token that powers it. It is important that no private delegate should elect himself to a forging position. It will be great to have 51 public delegates proposing visions for the blockchain to the community to believe in. Anyhow, that is the ethical thing to do, a classy act to be emulated. There is no need to impose their will (or incompetence) on others. In addition, the diversity of purposes makes the Blockchain more attractive to mainstream users. Phantomchain should be positioned as a public blockchain that has a clear purpose and mission. With thousands of blockchains available in the market to choose from, the Phantomchain should stand out from this crowded market that includes centralized database, permissioned blockchains and matured blockchains. The Community needs more members to prefer Phantomchain. Having private delegates forging in the top 51 could burden the blockchain as their intentions are not vetted by the community. The Phantomchain lets its platform be influenced by the members of the community. By doing this, the Community lets its members become entrepreneurs with a single XPH token. The platform should provide financial independence, innovation and effective access. Private delegates are known free riders. It is more beneficial in the long term for them to let active public delegates to chart the course of the blockchain. The Phantomchain can offer the services, safely, and efficiently of what centralized databases or permissioned blockchains are also offering. The competitive advantage is: The Community have its platform in conducting its own financial transactions. Private delegates could dampen this messaging strategy. The Phantomchain will let members to collaborate or seek for the best ideas available in the marketplace. They can actively search for these ideas and incentivize the sharing of it to the community. Private delegates are known as passive investors. This could make XPH stale or turned to an ineffective utility token. Phantomchain should offer the same services to people who have been shun by traditional financial institutions. Only public delegates can offer financial inclusion and freedom to people who voluntarily affiliated themselves with the Community. The public delegates let their voters do more on the platform than what a centralized databases or permissioned blockchain are offering. Conclusion The value of the XPH will be derived from the Blockchain’s usage. The usage are based on the various visions for it. The more public delegates offering innovative visions, the more creative and diverse will be the use for the Blockchain. Post script Bear in mind that Phantomchain utilizes a modified Delegated-Proof-Of-Stake (DPoS) consensus mechanism featuring 51 delegates. These delegates are responsible for running the public network and are incentivized with block rewards. A private delegate, is someone who can vote himself to forging position i.e. the top 51 having enough tokens. Adopted by the Phantom Research Group, contributing member organisation at https://avantgardecollective.org/ Support Phantom Research Group continue its advocacy, visit Member Organisations
What is the Value of Phantoms (XPH)?
TL, DR. Implementating item 6, Incentive, of the bitcoin white paper to a DPoS consensus blockchain. Instead of only the hash power of the network of computers, the security of the blockchain will also be maintained by a community of network users as a compliment through a dynamic on-chain blockchain governance. Incentives are given to the community for securing the network. Phantomchain is an advanced decentralized ledger system with a planned privacy protocol. It is a recordkeeping system that is immutable, censorship resistant and trustless. It means that: when a sender transfers 1 XPH, the receiver would have 1 XPH(less transaction fees) without an intermediary third party to guarantee the said transaction. The XPH has no intrinsic value, as it is. The expression “funds are safe on the blockchain” is not the same as having gold bars inside a vault. It simply means that a record is safe from any tampering and censorship. There are no actual funds or fiat backing it up. This is what Satoshi is saying when he said there is no central authority that is issuing the tokens. This record cannot be presented to any bank or any treasury or custodian so that a claim for corresponding value can be made. It is because XPH is a utility token, a governance mechanism device. This token will be used to validate wealth by 1)electing an honest node, and 2)making sure that the node will play under the rules or will not undermine the system. In this way, the Phantomchain is more innovative because its operations were put under the control not only of the coldness of computers’ algorithm but with a community influence, unlike the POW or POS consensus blockchains. To influence the operations of the Phantomchain, XPH must be used as a means to access the blockchain. It should not be considered as passive income generator such as deposit-like products that earn interest or shares of stocks that regularly receive dividends. What is the value of the XPH token recorded in a blockchain? It can be shown in this illustration: There were these two accountants, both recorded a transaction. They exactly presented it the same way. One accountant signed his name, ABC. The other signed it DEF, CPA. ABC could be just any other blockchains, which maybe considered more secured or fiercely censorship-resistant, however, it may be operating without any ethical considerations. While DEF,CPA is a DPoS blockchain that follows customary rules guided by universally accepted community values, which could be informally adopted and dynamically constituted. Essentially, these two blockchains are the same. They are both tools, like other instruments being used in doing a certain work or producing a certain result, especially such as the ones that require delicacy, accuracy or precision. They are both public blockchains which require extra-ordinary diligence on the part of the tokenholders being bankers/recordkeepers of their own transactions. Which one do people rely with? The one prepared by DEF. It is not because he is DEF. The reason was he signed it professionally and attesting that he recorded the transaction based on a strict and generally accepted set of rules in accounting. If later on, someone will find out that he is dishonest, his title of CPA could be revoked. Acquiring Value Satoshi believed that only “honest nodes” can “validate wealth”. According to this principle, Phantomchain Nodes will create wealth if these stay honest, protect privacy, avoid rent-seeking activities and will play by the rules. This is all forward-looking statements. The supposed wealth recorded on the blockchain does not yet exist, but needs to be earned. It should be based on the future cumulative value i.e. Enterprise Value, of yet to be performed recording services by honest nodes that will play by the rules. In other words, a token represents the value of the incentive to be received in the future because of the efficient, effective and ethical prospective bookkeeping services. Therefore, the value of the XPH token is largely relies on the continous exercise of good governance of the tokenholders over their elected delegates, which includes making sure that the forging delegates have the highest composite ROCE ratings. Such that the validity of wealth creation(offering of services) largely depends on the continued operations of honest nodes that will not undermine the system or should not possessed a perception or even a hint of dishonesty. Conclusion It is the community that will assign XPH’s worth. If the Phantomchain is operated within the bounds of the community-wide mandate and prove to be a useful tool in achieving the community vision and mission, the more valuable is the blockchain so is the token that powers it. Post script: To clarify some ideas, see below: A blockchain is immutable, censorship-resistant and trustless, it means that: When a sender transfers 1 XPH, another will receive 1 XPH. No third party guarantees the recorded transaction. 1 XPH is equal to 1 XPH. On the other hand: The general acceptability for fairness of the recorded transactions on the blockchain refers to a transaction that transfer 1 XPH worth 10USD, by the time the another person receives 1 XPH, its value remains 10USD. Perception is very important. The validity of the value of the token (wealth) was upheld because, a community is attesting to the honesty and fairness of recorded transactions. If you are giving guidance or giving influence for node to stay honest and play by the rules, then, you are being incentivized by a share on the forging rewards which is effectively a discount for future product/services. A tokenholder completed a task, that is why a reward was given to the tokenholder. A task of concluding with community of network users(validating their wealth) that the recording of transactions by the top 51 forging delegates were done efficiently, effectively and ethically. Therefore, what the tokenholder receiving is not a passive income. This is an incentive for a dynamic work that entails a constant research on what his/her elected delegate is doing on the blockchain. It is expected that immediate mitigating measures will be executed by a tokenholder if there is a misbehavior that will affect the safety, soundness and fairness of the operations of the Blockchain. Adopted by the Phantom Research Group, contributing member organisation at https://avantgardecollective.org/ Check on the above mentioned website why using social consensus(soft infrastructure) as a complimentary security measure to the cryptographic proof (hard infrastructure) brought by the hash powers of network of computers. Support Phantom Research Group continue its advocacy, visit Member Organisations
GET THE LATEST
Follow Us On Twitter
Our risk management initiative, a fund in BTC for measuring capital adequate ratio (CAR). Enhancing the utility of $XPH
We're solving the issues on governance of public blockchains and seek legal certainty on the status of our $XPH digital asset. BUIDL a #socialenterprise with us.
Help out in our advocacy for financial inclusion and freedom. Join the community-led $XPH blockchain project. Find your role in the community, visit http://phantom.delegaterove.org.
Our community website at http://www.phantom.delegaterove.org is now online where we published our 7 policy research papers (in addition to Medium, reddit), we will worked on our Legal Memo arguing that $XPH is a utility token (a Virtual Currency). An important step for mainstream adoption.