Prismo, a currently developing accountability layer, has launched its gas token, $PRSM, using quadratic funding and an augmented bonding curve for its value strength.
What’s the significance: $PRSM is designed to support Prismo’s blockchain-utilizing applications for governments and enterprises, including tokenized records, secure data sharing, and seamless on-chain transactions.
Driving the news: In October 2024, Prismo was chosen as one of the eight projects in the first cohort of Quadratic Accelerator, a Polygon-based web3 accelerator that aims to enable community-first, fair launches for blockchain-based projects.
- The projects chosen will allow them to enjoy Quadratic Accelerator’s q/acc protocol, which combines “Quadratic Funding” with “Augmented Bonding Curves.”
- This allowed Prismo to launch tokens using Augmented Bonding Curves, which adjusts token pricing to balance supply and demand, ensuring token affordability, limiting speculative volatility, and creating a transparent framework for growth.
- According to Prismo, the Augmented Bonding Curves governs every $PRSM transaction to permit equitable participation while minimizing speculation.
How it works: The launch happened on December 6, but interested enthusiasts can still participate until December 20, 2024, 8:00 p.m., PH time.
- Step 1: Prepare a MetaMask wallet with $ETH for gas fees.
- Step 2: Go to https://q-acc.giveth.io/.
- Step 3: Connect your MetaMask wallet.
- Step 4: Check the eligibility of your Gitcoin Passport.
- Step 5: If your Gitcoin Passport Unique Humanity score is too low and you are not yet eligible, you can add stamps to increase your Passport score through:
- Blockchain and Crypto Networks: Verify your on-chain profile and assets.
- Government IDs: Link your government-issued ID or complete KYC with Gitcoin Passport partners.
- Social and Professional Platforms: Connect accounts like GitHub, LinkedIn, Google, or Discord.
- Biometric Verification: Use facial recognition or fingerprints.
- Step 6: Once you have reached eligible points, go to back to the home page of the link provided in step 2.
- Step 7: Click “Polygon zkEVM” on the pop-up.
- Step 8: Start bridging $ETH and $POL to Polygon zkEVM through the “LI.FI” sidebar.
- Step 9: Choose the network you would like to bridge “From” and choose “ETH” on “Polygon zkEVM” as your “To.”
- Step 10: Again, choose the network you would like to bridge “From,” and choose “POL” on “Polygon zkEVM” as your “To.”
- Step 11: Go to MetaMask.
- Step 12: Click the “Import” button and choose “Custom token.”
- Step 13: Add the zkEVM contract address of POL: 0x22B21BedDef74FE62F031D2c5c8F7a9F8a4b304D
- Step 14: Click “Next,” then “Import.”
- Step 15: Go back to the Step 2 link and find Prismo.
- Step 16: Mint $PRSM tokens using the $POL on your MetaMask.
Key Quote:
“Without institutional funding or major backing, we’re closing enterprise and government deals while boldly developing Prismo Layer 2 as blockchain’s accountability layer. Join us early and support our vision for a transparent, accountable future.”
Paul Soliman, Chief Executive Officer, BayaniChain
Zoom Out: In an interview with the writer during the “Build with Prismo: Web3 Architecture Workshop,” a technical blockchain architecture seminar utilizing Prismo, on October 11, Soliman already shared this token launch plan.
- Currently, Prismo has a functioning minimum viable product (MVP) already implemented within the Department of Budget and Management (DBM) of the country.
- Prismo is utilized by the DBM to add security to critical budget documents, including the Special Allotment Release Orders (SARO) and the controversial intelligence fund.
- Worth Reading: Interview: Blockchain for the Public Sector? Prismo Paves Begins with Project with Budget Department
- BayaniChain is the developer and the biggest contributor to Prismo.
What’s Next? In the same interview, Soliman said that BayaniChain will try to launch a test network for Prismo from December to January next year.
- However, that testnet is more of a layer two and not a fully homomorphic encryption.
- The main network launch is expected to launch as early as the first quarter of 2025.
This article is published on BitPinas: Filipino-Made Prismo Blockchain Utilized by Budget Department Launches Gas Token
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