- What is Phore?
- How does the Zerocoin protocol work?
- What is Phore Projects purpose?
- Who is Behind the Phore Project?
- Where is Phore Now?
- Noteworthy Information
- How to Buy Phore
- Final Thoughts
- Questions and Concerns
1. What is Phore?
The Phore Project is a fork of the PIVX blockchain designed with anonymity in mind. It is one of the latest iterations of true privacy coins that utilizes a custom-built Zerocoin protocol to ensure the anonymity of its users (see next section for details). Phore coins are mined through a PoS 3.0 (proof of stake) system with masternodes and have a block target of only 60 seconds. The Phore Project, like many other privacy coins, is Tor enabled to hide users’ IP addresses. Additional block information and rewards can be found here.
2. How does the Zerocoin protocol work?
The Zerocoin protocol works by obfuscating the history of the coins that you send. In a traditional blockchain you can clearly see detailed transaction history, address A sent X amount to address B. With the Zerocoin protocol the history of your transactions becomes non-existent. Simply put, by minting coins (converting them to zPHR within the wallet), the Zerocoin protocol burns the originals and creates a new coin in the blockchain that only you have access to. What this does is destroys evidence of transaction history. It becomes impossible to trace transactions because Coin A that you received is now destroyed and known as Coin B by the blockchain, but there’s no way for anyone to know that. Below is a graphic to help simplify the protocol from ZCoin’s website.
3. What is Phore Project’s Purpose?
Phore is aiming to be a leader in the privacy coin arena. They claim to be the first privacy coin to implement private smart contracts. A private smart contract is one in which two parties can create a smart contract but remain anonymous to each other. Other privacy coins have smart contracts but do not enable anonymity between users. Phore’s intent is to create an ecosystem that prides itself on privacy and anonymity. They aim to create real world usage of their coin in everyday life such as an online marketplace or crowdfunding campaigns.
4. Who is Behind the Phore Project?
The Phore Project, according to their current whitepaper,
has a seven person team consisting of two developers, four social media and technical support staff, and one person in charge of planning and seeking out partnerships. The entire team appears to have remained anonymous, only going by the pseudonyms. The upcoming whitepaper revision may detail any new staff and this article will be updated accordingly.
Update: One of the Phore CEOs reached out to me to clarify some of the details in this article. The current staff is as follows:
- 2 Co-CEOs; Sage & Ubermaster.
- 1 Head of Operations; Shanto.
- 4 (soon to be 5 upon confirmation) developers; Phroshi, Moonshot, Julian, (unnamed), Iced.
- 3 Marketers; ThePinkCrypto, La_moquette, Ramon.
- 5 Advisors; Toby, Liray, cHope, hman, King.
- 2 Legal team members; Willich, (unnamed).
- 2 Planning & Partnerships team members.
- A vendor relations team.
5. When Did the Phore Project begin? Where is it Now? Where is it Headed?
The Phore Project was previously known as Kryptkoin, a cryptocurrency created in 2014. The rebranding was a result of a change in technology and required a new currency to continue. PHR appears to have began trading in November of 2017. Phore’s current market cap according to CoinMarketCap.com is $52,391,503, with a per coin price of $6.43, and 8,143,014 coins in circulation with a total supply of 11,643,167.
Their wallet is very straight forward with a well thought out design. It also features the ability to request payments from other users within the “Receive” tab. The “Privacy” tab is where you convert your PHR to zPHR if you wish to send a transaction anonymously. Having a wallet at this stage is more than most half-decent alt-coins can say.
What’s most exciting about Phore, however, are their plans for the future, especially 2018. Phore released a video version of their roadmap, which gives a basic overview of their plans for the year, and it looks super exciting!
Throughout 2018, the team plans on building their anonymous decentralized marketplace and crowdfunding platform, expand their team size and increase development, introduce Segregated Witness (SegWit), and to develop and release iOS and Android mobile wallet apps — and this is just through Q2!
In Q3 and Q4 we should expect to see the implementation of atomic swaps, private smart contracts, additional mobile wallet upgrades, team expansion, the “Click and Collect” marketplace (buy online with PHR, pickup in store), and Phore Foundation investments. The Phore Foundation will operate a division called “Phore Labs” that will act as an angel investor to help kick-start new products and services seeking to get on their marketplace.
5. Noteworthy Information
Some additional technical details regarding Phore:
- Block Maturity set to 50 blocks
- PoS reward 2.8 PHR
- Masternode Reward 4.2 PHR
- Masternode Collateral 10,000 PHR
Phore does not have a max supply. The developers have said that in the future they plan to reduce the block rewards in order to control for inflation.
Phore is decentralized and has the desire to remain democratic. To help realize this goal, Phore has a governance system in which masternode owners have the ability to cast votes on the project’s direction. The developers hope that this system will allow the community to grow and maintain its identity.
10% of block rewards go to the developers to fund development and advertising.
While they can’t make any specific mentions, they are seeking partnerships that will help people part of the “side hustle” generation. That is, the people who make a living off eBay, Amazon sales, Kickstarter, and the like, who are burdened with fees.
They are working on Ledger and Trezor support.
6. How to Buy Phore (PHR) — Where to Store Phore
To Store: Currently the best way to store your PHR coins is with the Phore Wallet.
7. Final Thoughts
Update: One of the Phore CEOs reached out to me and clarified that their staff is much larger than the current whitepaper states. Due to this change in facts I am updating my final thoughts section.
The Phore Project is certainly an ambitious one. The team appears to have a detailed roadmap of where they want to be by the end of the 2018,
but I do question the feasibility of it. The team only has two developers currently, but all of their prospective projects appear to require a lot of developer hours (iOS and Android App, Marketplace, SegWit, Click and Collect, Smart Contracts). Because of this, I do have some concerns that with only two developers they will have problems meeting their roadmap goals. Of course, the team did mention that they will be adding new developers this year. The team is much larger than the original whitepaper entails, and as a result I believe their goals are achievable.
Aside from lofty goals, I suspect the developers are competent enough to continue advancing the Phore coin. Given that they had been working on Kryptkoin since 2014, and their very well designed wallet, I’d believe that they know what they are doing at this point.
Does the world need another anonymous privacy coin? I cannot say. Phore seems to be trying to differentiate itself from other privacy coins in that it wants to have more than just privacy. It is seeking to become a competitor in online and brick and mortar sales.
Overall, I would give it a favorable review because I believe the development team knows what they are doing, they have an active social network, they have a working wallet, they have an attainable vision
, they will be one of the only private smart contract enabled privacy coins, and they continuously update software. This is definitely one coin that I hope pans out in the end.
8. Questions and Concerns
I would hope that going forward we can get some more background on the developers. While it is not inherently bad that they have remained anonymous, as someone looking to learn more about the project and its potential, knowing the capabilities and accomplishments of the people in charge may make a big difference.
Masternodes, in general, are capable of being attacked. In order for masternodes to function their address must be known. This could potentially allow a hacker to take down nodes. However, with the large amount of masternodes Phore has, it is less likely that such an attack would disrupt the system to a large degree.
Users’ IP addresses must be revealed to the masternodes in order for them to function. This is a problem with masternodes in general, not specific to Phore. At the same time however, if the use of masternodes compromises the very purpose of the coin, to remain anonymous, was it the correct way to handle mining?
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