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QTUM Phantom, an efficient privacy protocol aimed for smart contracts on blockchain

By Inkarias - 2020-03-22

Qtum Phantom is the confidential assets solution based on smart contracts under development with the release on the Qtum test network this summer and on the main Qtum network later this year. The Phantom, protected by a cloak of cryptography, shields users and eclipses all light that evildoers may cast on innocent transactions including the transaction amount and the addresses of parties involved. With Qtum Phantom, one can mint, transfer, and burn confidential assets with less gas costs than ever done before. The gas cost for the TRANSFER operation is about 1M, and the proof generation time is 5.68s, which are lower than any other protocols. The MINT and BURN operations consume even fewer resources than transferring. Furthermore, the protocol performs more efficiently on the EVM compared to other alternatives present on the market.

A groundbreaking technology for transfers processing and asset management

Qtum’s Phantom protocol helps to make digital assets, stable coins, and payments, confidential giving birth to novel and fresh decentralized applications making the need for permissioned blockchains a lot more acute. The In-Band Secret Distribution technology generates encryption keys to store private information on the blockchain. IBSD helps to reduce the gas costs for a confidential transaction to only about 1M, and the transaction generation takes less than 6 seconds on a standard computer. The proposed protocol provides two kinds of assets: transparent and confidential assets. The former is an ERC-20 token, while the latter has a design similar to Zcash. The confidential asset can also be regarded as a private representation of the ERC-20 token. Using this protocol, users can easily transfer their transparent and confidential assets.

More information about the official release and the technical details can be found at https://qtum.org/en