What is Phore (PHR)?
Future of PHR Cryptocurrency and know how to buy PHR

#1 – What is Phore?

The market is flooded with cryptocurrencies today. There are numerous platforms that operate on blockchain technology and serve as a medium of exchange. Phore is more than just that.

Phore – The Basics

  1. Grounded in sound technology, Phore is composed of a decentralized blockchain, a network of masternodes, a self-governance system, and several other innovative technologies.
  2. In addition to hosting a decentralized marketplace, Phore offers crowdfunding, public and private blockchain services, decentralized applications, all with the help of its utility token, PHR.

Phore Development

  1. Phore started out as KryptKoin back in 2014. KryptKoin’s lead developer had to stop the project due to a serious disease. The demise of KryptKoin was followed by the creation of Phore in 2017.
  2. Phroshi, the UK-based founder at Phore, launched the PHR coins in February 2018 without any ICO. Today, the team comprises of 5 core members and 25 other specialists in the field of marketing, blockchain development, and financial sector.

 

#2 – What are the benefits of Phore?

Phore Technology

  1. Phore’s blockchain system operates on the Proof of Stake (PoS) protocol for the purpose of mining. Users are rewarded on the basis of their participation on the platform and the number of stakes they hold. The staking rate is 2.8 PHR per 60 seconds, which means users will receive 2.8 PHR for every block they own after every 60 seconds.
  2. The blockchain employs masternodes to fulfil the purpose of security on the Phore network. A minimum of 10,000 PHR is required to enable masternode security. The set up process only requires a Virtual Private Server (VPS) and a PC. Masternodes serve additional security to the funds even when the wallet is offline.
  3. Zerocoin Protocol (zPHR) is a coin mixing protocol that Phore uses to offer the private transaction facility to its users. The protocol converts PHR into zPHR. There are no proofs generated in the verification process of transactions made with zPHR. Masternodes work with the blockchain and zPHR protocol to ensure anonymity through encryption.
  4. The latest addition to Phore’s technological unit is the Phore Blockchain Marketplace, operating on the OpenBazaar protocol. Every shop placed in this marketplace is identified with a unique address. The data from every address is stored in a decentralized hash-based system. All the features offered in the marketplace take place at a protocol level, thereby, making it uncensorable.

Features

  1. PHR: At the core of the Phore platform is its cryptocurrency, PHR. The widespread accessibility and the ease of use that PHR offers make it a beneficial coin to deal in.
  2. Decentralized Applications: Phore is an advanced blockchain platform that offers flexibility for building dAPPs. Developers have the facility to create business models based on decentralized applications that offer privacy and individual control.
  3. Decentralized Marketplace: Currently in its open-beta version, Phore’s marketplace feature is a real-world platform for online merchants.
  4. Participation Rewards: The PoS system offers rewards to the users on the basis of their participation in the network.

Corporate Usage

With its decentralized marketplace, Phore has much to offer to online shopping companies. The platform offers flexible trading services through its peer-to-peer network. There are no centralized servers and no data aggregation for any purchases that users make. Its multi-language interface enhances its usability for merchants all over the world.

 

#3 – How to buy and store Phore?

How to buy PHR

Phore’s cryptocurrency PHR is available for purchase on exchanges like Cryptopia, Crypto Bridge, CoinCodex, and CryptoSlate.

  1. CoinSwitch, as the largest cryptocurrency conversion platform, offers you to exchange your cryptos for PHR. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your PHR cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

The best option to store PHR coins is the Phore wallet itself. They can also be stored in any ETH wallet like MyEtherWallet since they are ERC20 compliant. Other storage options include hardware wallets like Ledger Nano S and Trezor. Exodus and Jaxx are also the storage wallets for VIB.

 

#4 – What is the future of Phore?

  1. Phore is a new name in the cryptocurrency market. In fact, it did not have an ICO or pre-sale mining. However, the company has a well-stipulated roadmap for the future. Its most recent progress was the integration of the Phore Blockchain into the marketplace. One of the milestones for 2018 is the activation of Segregated Witness.
  2. The targets for Q1 2018 include the development and release of web and Android wallets. The plan is to increase PHR accessibility with the help of wallets. The team plans to work on wallet and core upgrades the whole year long. They also intend to create an automated setup for masternodes.
  3. A budget governance website is another important part of Phore’s roadmap. It will create a transparent and functional set up for the self-governance of the platform.
  4. A significant aspect of the roadmap includes team expansion. The company plans to recruit more specialists to offer their skills in developing Smart Contracts and Micro-Lending as well as investment experts.

Also Read: Complete Analysis of Phore | Live Phore (PHR) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

1.20

1.30

1.10

1.28

557,351

16,423,300

June 01, 2018

2.06

2.10

1.85

1.90

203,816

27,406,200

May 01, 2018

2.50

2.50

1.86

2.36

182,004

32,326,800

Mar 01, 2018

2.76

3.18

2.73

3.02

120,176

19,000,000

Jan 01, 2017

4.60

4.87

4.27

4.31

276,005

37,041,200

Dec 01, 2017

0.436771

0.491245

0.322751

0.393597

62,498

4,226,110

 

#5 – How is Phore different from other cryptos?

Several different coins like Particl, Monero, Verge, Dash, and PivX offer similar services as Phore. The platform has, however, differentiated itself through a few unique features.

  1. Phore works with the SegWit technology to offer secure and scalable transactions. Unlike other crypto platforms, Phore provides fast transactions using the reliable SegWit protocol which protects all transactions from malleable elements.
  2. Decentralized crowdfunding is also unique to Phore. On top of creating a decentralized marketplace, Phore also offers its users the crowdfunding facility in a transparent atmosphere.
  3. A distinguishing feature for the company is the Phore Blockchain Foundation. It works for designing long-term solutions, partnerships, and investments in order to support the Phore Blockchain and make it stronger with time.
  4. Phore will offer the facility of programmable smart contracts to provide flexibility to its marketplace in services like escrow. It will also facilitate crowdfunding.

 

#6 – Should you invest in Phore?

  1. Phore has built an enthusiastic and dedicated community of users despite its new entry in the market. The variety of services that it offers with its innovative technological infrastructure indicates a positive future market growth and an expanding user base.
  2. With a team of expert individuals like Moonshot, the CTO with over 25 years of work experience in financial technology and young developers like Julian Meyer, Phore emerges as a promising investment opportunity.
  3. Its ambitiously designed roadmap holds the potential to create an upward movement in its currently substantially stable price graph.
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