To See How Phore Will Set Itself Apart From Other Masternode Coins — Take A Look At The Roadmap
Phore has passed a major milestone. Recently, Phore increased its masternode count to five-hundred. This means not only that there are five million Phore tied up earning their owners healthy rewards but also that the network will remain lightning fast and stable as more transactions build up.
However, as far as cryptocurrency innovation goes there’s nothing special about masternodes. It’s simply a good base on which to build a currency/project and has served Phore well thus far.
Take A Look At The Roadmap For The Real Innovation
The Phore Marketplace
If you’re a fan of Phore you probably already know that Phore will have its own decentralised marketplace launching soon.
It’s the feature I’m most excited about (already writing two blogs on the subject). In an attempt to be concise I’ll avoid saying too much.
The Phore marketplace will allow users to buy and sell items to each other in privacy and peer to peer using Phore.
It’s likely to be the first decentralised marketplace with its own cryptocurrency. If Phore can attract the vendors — and if users are willing to trade their secondhand goods on there — it will mean Phore could become the first cryptocurrency that you can use to buy everyday items without taking additional steps. No verification, no data collection and no ridiculous conversion fees.
It’s running with adapted OpenBazaar code initially. This means arbitration will probably function in a similar manner. There are plans to allow smart contracts to function as an escrow system in the future (which I’ll cover later).
New Wallets
There are two new wallets planned for Q1. An Android wallet and a webwallet. While not particularly exciting compared to other items in the roadmap; it does show developer skill and commitment. It also gives users more options.
It will be interesting to see if staking makes its way over to these new wallets. This might also allow webwallet providers to function as staking pools if the webwallet code is open to third parties.
An iOS wallet will launch later in the year.
Smart Contracts, Atomic Swaps, Crowdfunding And Segwit
This is where Phore will undergo a complete transformation to its architecture and become something completely different to the Dash-derived masternode coins out there (Phore is based on PivX; a Dash fork).
Smart contracts will mean that Phore becomes its own platform on which to launch other projects. For examples of how this will work look to platforms like Ethereum, Neo and Waves.
This may also open up further possibilities. One thing it might allow is a DEX (decentralised exchange). Look to EtherDelta or the Waves Platform DEX to see how they operate. A DEX can either be coded by the Phore team within the wallet or by a third-party (as is the case with EtherDelta).
Atomic swaps are being built into Phore to allow easy sidechain support for the smart contracts and crowdfunding.
The decentralised crowdfunding will be designed to function more like Kickstarter-with-crypto than an ICO. Crowdfunding has become politicised and there are examples of crowdfunding sites such as: Kickstarter, Indiegogo and creator support platform Patreon removing things that don’t fit their sensibilities.
A decentralised crowdfunding system can be truly apolitical. While this may come with some reputational risk to Phore, projects that are funded are not endorsed by Phore, it will simply mean that projects are immune from censorship. If users want it; it will be funded.
VR/AR Marketplace
This seems to be a cool add-on (or gimmick) that’s rather less essential than other items on the list. Nevertheless, I am excited to try it at least once.
It shows the team’s willingness to try new things and shows they’re not afraid to experiment. Personally, I’m ambivalent about VR/AR. Even as an avid gamer it’s never really resonated with me. However, I’ve often felt that way, only to be enamoured by new tech when I try it. It’s also something that no-one else will have.
All of this together is very exciting. There are top 20 cryptocurrencies that won’t have a fraction of the functionality that Phore will have by 2019. This means that Phore is still very much under-the-radar and it’s a good time to get on board.
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