The Phantom

The Phantom is a being, godlike to the Shadows, and basically the enemy of the One. The Phantom is the oldest Immortal of all, billions and billions of years ago. It is implied he is somehow better than the others, something separating him from Immortals.

Existence
It may not be correct to assume that the Phantom exists. On several occasions, Jake, Will and Kaleb contest the fact that the Phantom is even a true being, rather than a fairy tale. There are several theories on how the Shadows came to believe the legend of the Phantom. There could be an ancient prophecy created by an Immortal that spoke of not only the Phantom but the One as well. Another idea is the principle that the legend of the Phantom was spawned the exact way that all fairy tales form: to explain a concept of our lives.