What is Sphere (SPHR)?
Future of SPHR Cryptocurrency and know how to buy SPHR

#1 - What is Sphere (SPHR)?

Big Data can be one of the greatest assets of tech organisations. There are a number of social networking portals for example, that rely on their users’ data for revenue. This data is then sold to other companies, inviting cries about compromising the security of millions. Sphere works with the motive to ensure the security and privacy of users on social media, with a revolutionary Social Activity Token.

Sphere: The Basics

  1. Each big data holder makes billions of dollars by monetizing user information. Sphere is a unique token that empowers the people to take care of their own safety and privacy on the internet.
  2. It works as a decentralized social networking site. All the conversations and the accounts remain unmonitored and, thus, it eliminates the risk of hacking, privacy breach and spam messages.
  3. The first version of Sphere was launched in the first quarter of 2018. There has been continuous development in terms of addition of features and enhancement of safety which will be reflected in the coming versions.
  4. Sphere is not only a decentralized social network but it also has an integrated market with its own ad platforms.

SPHR Development

  1. The team of Sphere is led by Andrew Khong. He is a visionary with interest and expertise in the field of cryptocurrency. There are other team members such as Andy Fuhr, Jessica Thoennes and Tamara Mihajlovic who are contributing to the growth of SPHR.
  2. The development of Sphere tokens began in the early months of 2016. The application was developed for Android and iOS.
  3. The year 2017 saw many advancements. In the first quarter, the groundwork for ICOs was laid down. Later, the initial versions of the applications were sent for the beta testing. In the last quarter, the marketing began in full flow and it also marked the pre-sale of SPHR Tokens.
  4. An ad platform was created by Sphere along with a marketplace which was open to the businessmen and users of the Sphere tokens. In the last quarter of the year 2018, a completely decentralized and an integrated social network was launched and was ready for use by the public.
  5. The upcoming versions of the applications will see many new features. One of them is the auction system.

 

#2 - What are the benefits of Sphere?

SPHR Technology

  1. Sphere works on the Scrypt algorithm. It is an alternative to the popular algorithm SHA-256D. The advantage of using scrypt algorithm is that it can be mined using a GPU or a CPU. The miners do not need high-end hardware.
  2. The project also uses the Proof of Work consensus mechanism. Using this protocol, the miner has to solve a hash of the block to move forward to another block. The difficulty of solving the block can be adjusted after each block.
  3. The coin’s whitepaper, while it details the opportunities the team has identified in the sector, does not manage to explain how they intend to help secure and allow access to the data belonging to its users.

Key Features:

  1. Marketplace: Like other marketplaces available on the internet, Sphere Marketplace has similar features. You can list the product that you want to sell and get the best price possible. You just have to click a picture of the item, write a good description and the item will be put up on sale. Similarly, if you wish to buy something, search for it in the list and negotiate with the seller.
  2. Ad Platform: Many big data companies use user data to advertise. Sphere does not work that way. It will collect the data that the user enters and list it on the Sphere news. The data will be willingly entered by the user to sell or buy an item from the market.
  3. Transparency: It is a social network that will not store the users’ data on conventional servers but on a decentralized blockchain which is trustless. This will ensure the privacy of the user along with a superior UX.
  4. User Growth: This is another feature that should promote interaction between the company and its users. If you wish to sell your data, you can do so willingly. Advertisers will pay you while Sphere acts as a middle ground between the users and the advertising firm.

 

#3 - How to Buy and Store Sphere?

How to buy Sphere?

Sphere cryptocurrency can be exchanged for crypto coins such as Bitcoin or Ethereum. There are different third-party platforms that help in exchanging your existing coins for Sphere. The most commonly used platforms are Bittrex and UpBit.

CoinSwitch is the largest cryptocurrency exchange platform used to compare prices of different cryptocurrencies such as Sphere. When you want to buy Sphere and you already have Bitcoin or Ethereum, all you need to do is, go to the website and opt for the coin you wish to purchase.

  1. CoinSwitch is unique because there are 45,000+ pairs available for exchange. This means, even if you do not have a popular crypto coin, you can still exchange it for SPHR.
  2. The users can also choose from more than 300 tokens. These tokens can be exchanged for Sphere cryptocurrency.

SPHR Storage

Sphere has developed a wallet of its own where SPHR tokens can be stored. The developers’ team has created an application in which the Sphere wallet is integrated. This wallet can be used for transactions while online trading. The application has been developed for two major platforms.

  • Android
  • iOS

 

#4 - What is the future of Sphere?

  1. There are numerous features being developed by the Sphere team. Essential features such as auctions, third-party integrations, etc. should be rolled out in the future.
  2. Sphere will cater to the need of a private social network where the security of the user is not compromised. Moreover, the features such as marketplace and advertising platforms are unique and have attracted quite a lot of investors. This will ensure funds for the growth of the coin.
  3. The market cap of the coin is nearly $2.3 million as of July 2018, with the coin valued at $0.77. The value is expected to rise up to $1.2 in around 2019 and $4 in the longer term.

Also Read: Complete Analysis of Sphere | Live Sphere (SPHR) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

1.18

1.19

0.773017

1.01

956,529

3,638,550

June 01, 2018

1.97

2.15

1.95

2.10

108,225

6,069,470

May 01, 2018

3.01

3.05

2.85

2.97

137,296

9,290,340

Apr 01, 2018

1.98

2.15

1.73

1.85

352,623

6,099,880

Dec 01, 2017

3.76

4.23

3.50

4.01

51,272

11,592,800

Oct 01, 2017

2.65

2.66

2.48

2.60

10,467

8,157,060

 

#5 - How is SPHR different from other cryptocurrencies?

There are certain features that make Sphere different from other coins. There are more features to come in the near future.

  1. Sphere has its own marketplace. The marketplace developed by Sphere has similar features to that of other e-commerce websites. But the system claims to be more secure.
  2. It also has its own advertising platform. This platform uses the data that is given by the participant. If the user does not wish to share the private information, it will not be used by the system. This prevents compromise of the security and privacy of the user.
  3. It is a decentralized and an integrated social network. Unlike other social networks, this token does not store the personal data and sell it to the companies. Instead, the integrity of the user is maintained and the experience is also the best in class.

 

#6 - Should you Invest in Sphere?

  1. One of the primary reasons you may want to consider investing in SPHR is its privacy and the transparency characteristics.
  2. The team consists of experienced developers who are striving to empower the people with their own security and privacy.
  3. The white paper guides you through the basics, but does fall short on explaining its technical architecture.
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Exchange SPHR and win upto $100 on your first order.