Who says you can’t teach an old dog new tricks? Phore Blockchain, a fork of the PIVX privacy coin, aims to do just that. This micro-cap coin was initially airdropped and rebranded from KTK. Having no ICO or pre-mine has resulted in a completely community funded ecosystem.
Conceptually, the Phore Blockchain can be visualized with the organization and governance of the system, including staking and masternodes, supporting all of the resulting features. Some of those functionalities include what most people are familiar with already, including the Phore coin (PHR), wallet, and upcoming developments including smart contracts and atomic swaps.
However, this is only the beginning of PHR’s vision. They plan to automate their masternode setup and launch their decentralized marketplace (similar to Bitify) by the end of Q1 2018. The market will not only allow users to directly exchange goods and services with each other, but also will serve as a medium for crowdfunding user projects. The integration of smart contracts in the marketplace will add an additional security layer for both crowdfunding and the purchase and sale of goods and services.
Like ETH, PHR has an infinite supply of coins whose staking block rewards will decrease over time to control for inflation. PHR is also offering very generous rewards for early adopters. A PHR masternode requires 10000 coins (currently ~$30,000 USD) and mints a 40% annual ROI, a 50% increase over standard PHR staking.
The governance model of PHR’s masternode system allows each one to vote on community proposals. Afterwards those with the most votes will be those funded via the Phore Foundation allowing development to be truly driven by the community.
The progress of the project thus far as well as the planned releases over the course of the year are both impressive and ambitious. This includes the establishment of several additional entities. The Phore Foundation aims to develop long term e-commerce solutions, investments, and partnerships. Phore Labs will serve as an incubator for digital products and services to be sold exclusively through the Phore marketplace. Phore Scholarships will provide financial incentives to those who contribute in further developing the ecosystem. There’s also a “Blockchain Services” division, but no further information has been provided yet. All of this information and more can be found in the recently updated v2 of Phore’s whitepaper.
To back up their lofty aspirations, the PHR team consists of 30 members who, thus far, have delivered on all major milestones. Within the group there are three full time developers with additional part-time coders, a robust marketing team, as well as personnel dedicated to corporate partnerships, legal, and content creation. Their roadmap has plans to expand the team over the course of the year. As has become common with many privacy coins, the team is a mix of anonymous and identifiable individuals and can be viewed in full on their site, http://phore.io.
Phore is certainly aiming to be much more than just a one-trick pony and may even be one of few unicorns we see in 2018. I’m looking forward to seeing how much they deliver over the course of the year. Let’s hope that the Phorce is with them. 😂