Prismo, a liability layer currently in development, has launched its gas token, $PRSM, using quadratic financing and an increased bonding curve for its value strength.
What is the meaning: $PRSM is designed to support applications using Prismo blockchain for governments and enterprises, including tokenized ledgers, secure data exchange, and seamless on-chain transactions.
Driving the news: In October 2024, Prismo was chosen as one of eight projects in the first cohort of the Quadratic Accelerator, a Polygon-based web3 accelerator that aims to enable fair, community-first releases for blockchain-based projects.
- The chosen projects will allow them to enjoy Quadratic Accelerator’s q/acc protocol, which combines “Quadratic Financing” with “Augmented Bonding Curves”.
- This allowed Prismo to launch tokens using augmented pegging curves, which adjust the price of tokens to balance supply and demand, ensuring token affordability, limiting speculative volatility, and creating a transparent framework for growth.
- According to Prismo, raised bonus curves govern every $PRSM transaction to allow for equitable participation while minimizing speculation.
How it works: The launch occurred on December 6, but interested enthusiasts can still participate until December 20, 2024 at 8:00 pm PH time.
- Step 1: Prepare a MetaMask wallet with $ETH for gas fees.
- Step 2: Gonna https://q-acc.giveth.io/.
- Step 3: Connect your MetaMask wallet.
- Step 4: Check your Gitcoin Passport eligibility.
- 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 via:
- Blockchain and Crypto Networks – Verify your profile and assets on chain.
- 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 the eligible points, return to the home page using the link provided in step 2.
- Step 7: Click “Polygon zkEVM” in the pop-up window.
- Step 8: Start joining $ETH and $POL to Polygon zkEVM via the “LI.FI” sidebar.
- Step 9: Choose the network you want to connect to “From” and choose “ETH” in “Polygon zkEVM” as your “To”.
- Step 10: Again, choose the network you want to connect to “From” and choose “POL” in “Polygon zkEVM” as your “To”.
- Step 11: Go to MetaMask.
- Step 12: Click the “Import” button and choose “Custom Token”.
- Step 13: Add POL zkEVM contract address: 0x22B21BedDef74FE62F031D2c5c8F7a9F8a4b304D
- Step 14: Click “Next” and then “Import.”
- Step 15: Go back to the link in Step 2 and search for Prismo.
- Step 16: Mint $PRSM tokens using the $POL in your MetaMask.
Key quote:
“Without institutional funding or major backing, we are closing deals between companies and governments while boldly developing Prismo Layer 2 as a blockchain accountability layer. Please join us from the beginning and support our vision for a transparent and accountable future.”
Paul Soliman, CEO of BayaniChain
Remove: In an interview with the writer during the “Build with Prismo: Web3 Architecture Workshop,” a blockchain architecture technical seminar using Prismo, on October 11, Soliman already shared this token launch plan.
- At the moment, Prismo has a working minimum viable product (MVP) already implemented within the country’s Department of Budget and Management (DBM).
- The DBM uses Prismo to add security to critical budget documents, including Special Appropriations Release Orders (SAROs) and the controversial intelligence fund.
- Worth reading: Interview: Blockchain for the Public Sector? Prismo Paves begins project with Budget Department
- BayaniChain is the developer and largest contributor to Prismo.
What’s next? In the same interview, Soliman said that BayaniChain will try to launch a testnet for Prismo from December to January next year.
- However, that testnet is more of a layer two and not a completely homomorphic encryption.
- The mainnet launch is expected to launch as early as the first quarter of 2025.
This article is posted on BitPinas: Philippine-made Prismo Blockchain Used by Department of Budget Launches Gas Token
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