Phore 101: Basics of The Phore blockchain I
Over the years, the world of cryptocurrency has evolved and is adapting very quickly to various sectors of the world. And it is understandable to state that, just as the first telephone was not the best, The first cryptocurrency does not have to be the best. Although, so many cryptocurrencies with numerous use cases have been churning out over the years, only a few of them stand out. As quite a number of them just create tokens or coins (as the case may be) and create complex use cases that aren’t feasible to achieve. In the end, we have a classic case of creating a use case for a coin, instead of the other way round.
Introducing Phore into the industry
The Phore blockchain happens to be in the category of cryptocurrencies with spectacular and simple use cases, that can serve real-world problems. It is a scalable, secure and flexible platform which has been designed to empower individuals small scale businesses as well as the cryptoworld at large. In addition to all of these, a decentralised application ecosystem has been designed to challenge the monopoly that too much centralisation has flooded the financial and commercial system with.
What Phore Decentralised Marketplace offers
The Phore Decentralised Marketplace is an outstanding example of this, as it allows the free transaction of physical and virtual goods as well as services. It is also intended, for this platform to support cryptocurrency trading alongside. A decentralised censorship-resistant crowd is also one of the major additions to the pack of end-user application of Phore.
The blockchain supports fast and secured transactions, as well as creates a platform for its users to earn passive income through its staking and masternodes: it has since added many features that would further make the platform easier for its users to utilize. It is, however, pertinent to state that Phore was the first project to have implemented SegWit(a process by which the block size limit on a blockchain is increased by removing signature data from transactions) when using a 100% proof-of -Stake algorithm with Masternode. This further enhanced the system by improving the security of transactions as well as the scalability.
The architecture of Phore currently allows any member of its community, to participate in the security of the Phore network through staking or hosting Masternodes. Thereby sharing the voting power on matters such as budget proposals or any crucial decision on whatever happens within the system, amongst its members, using a fully Decentralised governance system. This eliminates the possibility of manipulation from any single entity over the future of the project.
