The specific method is to build an operating system-like architecture in which developers can build applications. Phantom software crosses the cluster’s account system, ID authentication, database, asynchronous communications, and supports inter-application scheduling. The technology used to achieve these characteristics is a specific blockchain architecture that can scale up to one million transactions per second in a managed blockchain environment, to reduce the fees for users, and allow for quick and easy deployment and maintenance of decentralized applications.
The following are the main smart contracted goals:
1. The implementation of the contract should be safe.
It means that users should be able to specify and automatically prove the properties of the contract, which is achieved through the Psoilc language and PTWAM and will allow enterprise-level smart contract security to be implemented in public blockchains.
2. The implementation of the contract should be efficient and suitable for expansion.
To facilitate efficient execution of contract, Phantom provides a high-level language for the rapid execution of simple contracts and provides highly efficient virtual machines for (nearly) Puring complete contracts. The feature of this simple language is greatly enhanced by the availability of state-of-the-art objects such as status channels, tokens and shrines, as well as a new consensus algorithm – Bitcoin – NG.
3. The implementation of the contract should be cheap / inexpensive.
The price for the execution of the contract will be determined by the user. However, by providing status channels, effective ways of executing contracts, simple flat rates and high-level contract language prices should be kept in a lower level.
4. There should be a simple way to migrate Ethereum smart contracts to Phantom smart contracts.
By providing an EVM version, EVM contracts can be easily migrated to the Phantom virtual machine.
There is no limit to the number of smart contracts processed per second because they do not share status. The contract can actually be processed in parallel. We believe that this way of decentralizing the contract will help create an application ecosystem that will not overload the blockchain system, and risks of errors, delays and cost increases of use can be reduced if millions or even billions of people try to use it.