A new blockchain platform from the Philippines, known as Prismo, has launched its native gas token $PRSM, enhancing its capabilities in government and enterprise applications. The platform, which emphasizes accountability and digital public infrastructure, is currently being used by the Philippine Department of Budget and Management (DBM) to secure budget documents, including Special Allotment Release Orders and intelligence funds. This implementation marks a significant advancement in the Philippines’ ongoing digital transformation efforts, building upon the country’s recent initiatives in digital identity systems and electronic governance.
Prismo has been selected as one of eight projects for the inaugural cohort of the Quadratic Accelerator, a Polygon-based web3 initiative. The accelerator employs “Quadratic Funding” and “Augmented Bonding Curves” mechanisms to maintain token pricing stability and accessibility while minimizing speculation. These mechanisms are particularly crucial for government applications, where price volatility could affect public service delivery.
The platform’s token distribution protocol requires identity verification through Gitcoin Passport, which is consistent with the Philippines’ broader development of digital identity infrastructure. Users minting $PRSM tokens must complete verification procedures that include connecting government-issued identification, social media accounts, and biometric data. This approach complements existing national initiatives, including the eVerify digital ID system recently adopted by major financial institutions in the country.
BayaniChain, the primary developer behind Prismo, plans to deploy a test network between December 2024 and January 2025, followed by a main network launch in Q1 2025. The timeline coincides with several other digital infrastructure projects in the Philippines, including the nationwide rollout of biometric systems for government services. “Without institutional funding or major backing, we’re closing enterprise and government deals while boldly developing Prismo Layer 2 as blockchain’s accountability layer,” said Paul Soliman, BayaniChain’s CEO.
The platform’s development comes at a time when the Philippine government is actively modernizing its digital infrastructure, as evidenced by recent partnerships for biometric systems at airports and other public facilities. The integration of blockchain technology with existing digital identity frameworks could turn out to be a significant step toward creating a more transparent and efficient public sector.
Sources: BitPinas
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December 13, 2024 – by Ji-seo Kim
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