In practice, it means an opposing Blasphemous Act will only deal five damage to your board, and a Chandras Ignition will deal double damage to everything that isnt yours (and incidentally, only half to your creatures)
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These play hand-in-hand, but ramp refers to an increased amount of mana available to you, whereas cost reduction just lets you allocate your resources a different way
Nor indeed was it the only such card to be kind of shitty and use funky charge counters
In this game, you play as a card player who has learned through the card professor, Dr Mason, that the Legendary Cards, currently owned by the Grand Masters, are open to being inherited by the person who defeats them