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Filipino-Made Prismo Blockchain Utilized by Budget Department Launches Gas Token

Photo for the Article - Filipino-Made Prismo Blockchain Utilized by Budget Department Launches Gas Token

Prismo, a currently developing accountability layer, has launched its gas token, $PRSM,  using quadratic funding and an augmented bonding curve for its value strength. 

Whatโ€™s the significance: $PRSM is designed to support Prismoโ€™s blockchain-utilizing applications for governments and enterprises, including tokenized records, secure data sharing, and seamless on-chain transactions.

Photo for the Article - Filipino-Made Prismo Blockchain Utilized by Budget Department Launches Gas Token

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 Acceleratorโ€™s q/acc protocol, which combines โ€œQuadratic Fundingโ€ with โ€œAugmented Bonding Curves.โ€
  • 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.
Photo for the Article - Filipino-Made Prismo Blockchain Utilized by Budget Department Launches Gas Token

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 โ€œPolygon zkEVMโ€ on the pop-up.
  • Step 8: Start bridging $ETH and $POL to Polygon zkEVM through the โ€œLI.FIโ€ sidebar.
  • Step 9: Choose the network you would like to bridge โ€œFromโ€ and choose โ€œETHโ€ on โ€œPolygon zkEVMโ€ as your โ€œTo.โ€
  • Step 10: Again, choose the network you would like to bridge โ€œFrom,โ€ and choose โ€œPOLโ€ on โ€œPolygon zkEVMโ€ as your โ€œTo.โ€
  • Step 11: Go to MetaMask. 
  • Step 12: Click the โ€œImportโ€ button and choose โ€œCustom token.โ€
  • Step 13: Add the zkEVM contract address of POL: 0x22B21BedDef74FE62F031D2c5c8F7a9F8a4b304D
  • Step 14: Click โ€œNext,โ€ then โ€œImport.โ€
  • 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, weโ€™re closing enterprise and government deals while boldly developing Prismo Layer 2 as blockchainโ€™s accountability layer. Join us early and support our vision for a transparent, accountable future.โ€ 

Paul Soliman, Chief Executive Officer, BayaniChain

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Zoom Out: In an interview with the writer during the  โ€œBuild with Prismo: Web3 Architecture Workshop,โ€ 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. 

Whatโ€™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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