I’m new to the crypto space and I got caught by the fever. I bought into BTC in January and it was literally Dark Souls on nightmare mode for me. Everything bleeding 50–90% from when I bought it gave me many sleepless nights, but I thought ‘HODL’ because that’s the first thing you learn about crypto. I was going to sell at rock bottom and just be done with it. Until one day, a friend introduced me to a crypto gem that set my mind at peace. At first I bought a small portion with my remaining fractions of BTC, after a month of hanging out on the projects discord and doing a lot of research, I cut my losses on coins for which I saw no future and moved my bags into that coin. I added a tl;dr at the bottom along with a graphical comparison of other projects.
The project’s name is Phore Blockchain
Here are the things I noticed about Phore which gave me a lot of trust:
- The team is listening to the community, is very transparent and communicative. You can ask them critical questions, have a chat about the project and there is likely someone responding at any time.
- The development is active and the team wants to over-deliver while under-hyping their achievments. They will deliver on their promises and roadmap (see tech talk)
- Example: When Ledger announced new coin integration for free, Phore’s team worked immediately on delivering the working code. Right now it’s sitting in Ledger’s github and ready to implemented whenever Ledger decides to do so!
- The project has already a use case with a marketplace. I’m selling some items I don’t need anymore. And why not turn useless stuff into crypto which has a massive upside potential?
- The team is expanding their project and team constantly to become not a ‘one trick pony’, but a diverse eco system with many use cases.
- The community is very friendly and helpful. Every once in a while you can earn free Phore for participating in a trivia contest on discord and the next one is tomorrow, 22nd April.
- The coin has no pre-mine, is self funded and has a fair distribution. There isn’t a whale controlling 10–40% of the supply.
So you may ask…
Why do I need Phore? What problem does it solve?
Phore wants to solve the problem of adoption. It wants to be used as crypto currency in real world, and so easy that even my grandma could use it. I tell you, when I first tried to send a token from my ledger, I had to figure out for two hours that I need ETH on the address and how to calculate the proper gas fees. Compared to that, Phore was rather easy to use and I am looking forward when the team facilitates the usage of crypto even further. Recently, the Android wallet was released and soon the iOS Wallet will follow. I’m looking forward to gift a few crypto-sceptical friends some Phore via Phone to Phone transaction!
Phore’s firstoperational use case is the beta marketplace which runs completely decentralized, basically like bittorent. You don’t need a website for it and it can’t be taken down because it is peer to peer. The marketplace can be used for selling anything you want to do. The best part is, you can sell it for free. Unlike Amazon or Ebay, you don’t have to pay fees for selling an item. If you sell lots of items, saving 10% fees can rack up.
Right now, you can buy, for instance, hand-crafted jewerly and perfume on the marketplace. The team is constantly looking for new vendors to sell high quality items.
In future, you will be able to do fundraising on the marketplace. Let’s say you want to build a new instrument, a flying hoverboard, a 3d printer... you just put up your idea and see if people will fund you. If the funding goals aren’t reached, everyone will be automatically refunded. And the best part about is, it still costs zero. You get every donated Phore and can invest all of it in creating your invention. Phore itself will fund new technology or products which will be sold exclusively (for a certain time) on the marketplace, they call it Phore Labs.
Why Phore will have real world adoption?
The marketplace in the crypto environment can’t achieve this by just crypto interested people. It needs to be used by people outside the crypto-sphere, and used for legitimate purchases to achieve adoption. Not porn or illegal substances will become the milestone of adoption, but paying your groceries at a local store will achieve this.
In Q3, Phore will start with the test phase of integrating the marketplace with local vendors. It will first be limited to a few towns before it gets expanded. Adoption is very important for the team and let me quote you the Co-CEO from this article
Through our decentralized marketplace and partnerships with providers, we will bring internet capabilities to unserved and underserved regions, enabling some of the poorest countries in the world to become part of the global economy. Later this year, we will launch a pilot program in an emerging market, giving people with little or no access to the digital economy the ability to buy and sell goods and services.
Let that sink in. The first realization that struck me was, that Phore is helping poor people to connect to the global economy. That is very philanthropic and I like it a lot.
The second realization: They are helping poor people escaping corrupt banks and deflating FIAT currencies. In case you all missed it over moonlambo ‘muh gainz’ — this was the original intention of Satoshi after the massive economy crash in 2008. Crypto is already used in Africa for trading, but Bitcoin lacks flexibility compared to Phore.
My third realization: This means Phore will be used as crypto. Like Fiat, except as crypto. Once Phore is used as currency for payment, it has value and will not disappear like a shitcoin.
My final realization: Wait? They have a partnership to provide internet capabilities? Meaning, they give internet (needed for crypto) to people who need money and they already have the android wallet ready? Keep in mind that people in poorer countries do have phones and they rely on internet to connect to the outside world. And they won’t use an iPhone — Android is by far the most adopted system and Phore’s wallet is already working there.
As I connected the dots and realized that massive potential, I asked the team if the partnership was real and sealed. Their CTO said yes but could not say any details due to NDA, but the partnership will be revealed in due time. Again, let me tell you — Phore is massively underhyping their intentions. They will announce everything when it is done and released. They won’t make make an announcement about an announcement, or ask people to donate Phore to tease a potential partnership and delay the revelation for another 1–2 weeks to pump their coin. They are very fair and transparent, which is why I adore the team a lot for their ethics.
Tech talk — which features has Phore and where is it going?
Phore is a fork from PIVX. This means it also has optional private transactions via ZeroCoin.
Phore has Masternodes and Proof of Stake as passive income. For a Masternode you need 10k Phore worth around $18000 which makes it currently the cheapest Masternode coin with privacy features. Right now, you earn ~40% per year from Masternodes and ~35% from the amount you’re staking. The Masternode holders have the power to shape some aspects of Phore. Recently, they voted to extend the ~40% ROI until March 2019 and then it will drop lower or be voted for another extension.
Currently, the team is running SegWit on the Testnet, which increases the transactions you can include per block. SegWit integration is the first major difference from PIVX and more will follow this year. Smart Contracts, Sidechains and Atomic Swap will be added in the next 5–8 months. Sidechains will allow more use cases for Phore, such as additional dApps running — or maybe someone decides to run their next Crypto on the Phore Blockchain?
This is from my perspective huge, because Phore will be the first Dash-based Masternode coin with
- Proof of Stake
- Segwit
- private programmable Smart Contracts
- Sidechains
Combine those features and you get a multi-purpose Ecosystem. BOOM.
Achieved without: ICO, a massive team or massive budget. In fact, Phore runs on a tight monthly budget of ~$75000. You can look it up here. If you are a Masternode holder, you can even vote for every month’s budget proposal.
Moonshot (CTO)
I want Phore to have the best combination of blockchain technology and decentralized applications.
Judging by Phore’s work ethic and their aspiration to always deliver on time, I’m looking forward to them nailing their Roadmap goals. The team is constantly recruiting and have 5 Developers going through probation.
Where can I get it?
Nanex.co, CryptoBridge and Cryptopia
Cryptopia has the best liquidity. It might be listed on other exchanges in future, the team is working hard and in talks with a lot of exchanges to get Phore listed. They can’t talk about “when Binance/Kucoin” due to NDA’s.
Phore is currently trading around $1,80. Even compared to the ATH at $9.24, it is in my humble opinion a massively undervalued coin with all the upcoming features.
Here is some final material for you. Do your own research, not investment advice.
- Phore has been nominated for Best Crypto 2018 on the Blocks
- Phore on Medium
- Phore Blockchain is now a company. Required for large exchanges
- Nano Ledger Integration being worked on.
- Large Article in 21 Cryptos’ March edition. Get a free copy here until May.
- Dev Update about SegWit & future development
- Q&A Session from Panama_TJ
- Crypto Bulldog Fundamental Analysis — This is an independent review. He was not paid, nor is he part of Phore’s marketing.
You can earn free Phore by joining their discord and participating in regular Trivia Contests.
TL;DR Version
Phore @ $1.8 Low marketcap $25m. Low coin supply. Has a great and active team that overcommunicates, overdelivers on progress & underhypes achievments.Phore will be the first PoS privacy coin with SegWit/Sidechains/programmable Smart Contracts (Read: ETH/NEO with privacy!)
Use case: growing decentralized marketplace with more features coming in Q3, like ‘buy with Phore’ for local vendors. Applied for larger exchanges.
To clarify about the title. After I understood these fundamentals I mentioned, I absolutely didn’t care about Phore going lower than my entry point.
