Block Producers (BP)
Phantasma is made up of a decentralized network of nodes - also known as Block Producers. These BP's are responsible for validating transactions on the blockchain. The block producers use a rotational scheduling per side-chain to define who the active block producer is. This process occurs in parallel for each side chain, which will allow for horizontal scaling to boost the theoretical TPS of Phantasma Chain. Each block producer is responsible for accepting transactions from Phantasma users, verifying signatures & transaction contents. Once the transaction is accepted, the block producer adds it to the next block
Inflation is important because it incentivizes the growth of the ecosystem. This will inspire developers to build dApps on Phantasma. It also serves the purpose of helping to fund Phantom Force our decentralized developer team and it also pays our block producers. The yearly inflation is coded to be 3%. On top of receiving fees for verifying transactions, block producers receive 2% of the annual 3%, or 0.75% per quarter. The amount of BPs is based on the amount of side chains & transactions. There will be 10 active BP + 150% standby BPs.All active BPs will rotate over all chains, which results that all active BPs will continuously produce a block for every chain. Every BP can also verify multiple chains at the same time. At the end of every quarter there will be a voting window for people to vote on BPs to become (or remain) an active BP to make sure that the network remains decentralized
In order to become a block producer, you must:
Stake 50,000 soul (also known as a Soul Master)
Technical know-how to run and manage a server
Be voted by the community
Maintain uptime
Active Block Producer
Standby Block Producer
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