Coin Review - Phore - PoS Digital Currency

A break from daily beer to do some coin research. Today PHORE (PHR). I liked their community outreach and I needed some detox time! I’m sure you understand.

What is it?

The vision of the Phore community is to provide a private, community‑based cryptocurrency and blockchain platform that forms the foundation of free and sustainable decentralized commerce.

So practical use in exchange for goods(?) seems to be the goal, which is positive. Always look for real application! Some other very catchy words used, hard to disagree here.

Whitepaper makes several calls for community engagement and cooperation. It promises democratic way of forming the ecosystem to best serve the user base. Is this too idealistic? Remains to be seen.

Why use Phore if I have STEEM?

with PHR you have the choice between private or public transactions
privacy is ensured by zerocoin protocol (laundering old for new fresh history free coins) - I suggest admins add Phore to general wiki
https://en.wikipedia.org/wiki/Zerocoin#Zerocoin_protocol

I like their sentence:

If you are paid with a cryptocurrency, you may not want your paycheck recorded publicly forever.

The team

A wide variety of people which can’t be bad. I would suggest some photos since it tends to give more credibility and just looks more professional. I’d sure like to know why the founder only has a pseudonym listed. Brag a little, don’t be shy. Lots of members are listed as Anonymous.

Also, you have Pamela on the team. Capitalise on that! I couldn’t resist googling her name. What do you think? She has a twitter it seems! Check it out.

https://twitter.com/ThePinkCrypto

They add:

Phore is actively seeking to hire more staff and developers to strengthen the team on a regular basis as it continues to expand and evolve on a daily basis.

Maybe that’s your opportunity right there?

The supply

It is rather smallish (in comparison to other coins) since Phore was swapped from KryptKoin. More than half of the old coin wasn’t swapped and consequently burnt. That reduced the supply. That's why the coin is relatively small in marketcap but over 3$ each.

https://coinmarketcap.com/currencies/phore/#charts

How to accumulate?

You can’t mine it but you can stake it. You pile a big heap of Phore and over time it produces more. No fancy computers needed (vs mining).

How do you like mining? Are you in favor of mineable coins?

Without going into details, if you really want to stake to your best advantage you’d need to have enough coins for a masternode - that is 10.000 coin. Right now Phore is priced at 3.17$ so you’d need at least 31.700$ for a masternode. Too much for you? Find a gang of friends and share the cost. Make it people you trust since someone needs to host a node.

If you are a masternode owner you also get a say in the governance of part of the blockchain rewards. Your vote counts and proposals for redistribution are discussed at https://forum.phore.io

Whitepaper claims that about 40% of supply is locked in a masternode. Meaning less selling pressure on the market. The white paper gives a figure of 400 Phore per month, which equates to about a 48% annualized return, but the rewards do gradually decrease.

Evolving coin community

That is how I found them! They have a discord server and all of you are invited to ask anything.

https://discordapp.com/invite/Aucncz5

They boast with an impressive 1,100 members on telegram, 3,200 members on Discord, and 8,000 followers on twitter.

Developements

Marketplace development is still in progress and next on the roster as well as Segregated Witness (SegWit) Activation which will simplify the transactions.

There are other developments planned later on, but maybe it’s best to discuss the matters at hand first.