Phore PHR: Rebranded KTK KryptKoin PoS Digital Currency & Wallet?
Phore PHR is a Proof of Stake-based cryptocurrency that emphasizes secure, private, and instant payments. Find out how it works today in our review.
What Is Phore PHR?
Phore PHR, found online at Phore.io, is a cryptocurrency that aims to provide the ultimate worldwide payment solution. Phore currently offers a wallet for Windows and Mac OS.
Phore’s currency is listed under the acronym PHR. Phore coins were launched in November 2017 at a price of around $0.30 USD. As of late December 2017, the coins have a price of around $5 USD with a market cap of $40 million USD, placing Phore close to the top 200 cryptocurrencies in terms of market cap.
There’s a total supply of 11,514,939 PHR, with a circulating supply of around 8 million. Phore is an update and rebrand of a project called KrpytKoin, or KTK, which was first announced in September 2017. A coin swap of 1:1 with Phore ended in November 2017.
A “phore”, by the way, is defined as “a thing that produces or delivers”.
How Does Phore Work?
Phore is a proof of stake, privacy-based cryptocurrency launched as a rebrand of KrpytKoin, or KTK. The project describes itself as “development-oriented” and collaborative in nature. It’s an open source project with a community-first approach.
The goal of the project is to create a high-performance, decentralized, fairly distributed global currency geared towards universal adoption by users, merchants, and traders. Phore’s development team implemented features like Zerocoin protocol and governance masternode voting in Q4 2017.
Governance masternode voting allows masternodes to vote for or against proposals put forward by developers. The Zerocoin protocol, meanwhile, is an academically verified protocol for true privacy and anonymity.
By Q1 2018, the developers hope to implement a decentralized marketplace, with Segregated Witness (SegWit) arriving in Q2 2018. Phore’s blockchain, by the way, was built on Bitcoin Core 0.10.x. It also has BIP38 encryption and decryption of private keys.
Phore Tech Specs
Phore is a 100% proof of stake network. The developers describe their network as PoS 3.0. Some of the key tech specs of the network include:
- Money Supply: 11,268,429
- Block Target: 60 seconds
- Transaction Fee: 0.001
- Confirmations: 6
- Block Maturity: 50
- Block Reward: 7.7 PHR
- Budget System: 0.7 PHR
- PoS Stake Block Reward: 2.8 PHR
- Masternode Block Reward: 4.2 PHR
- Masternode Collateral: 10,000 PHR
- Minimum Staking Age: 3 Hours
Phore Features
Phore’s core features include all of the following:
PoS and Masternodes:
The Phore network is secured through staking. Meanwhile, incentivized masternodes are used for services like instant transactions and governance. Each masternode requires 10,000 PHR as collateral. Masternodes receive 60% of the block reward, with 40% of the block reward going to stakers.
Privacy:
Phore offers coin mixing through the Zerocoin protocol. Zerocoin was based on libzerocoin, which was originally created by academic cryptographers. Through this system, Phore claims to offer 100% untraceable private transactions – a level of privacy that isn’t available through bitcoin and other coins.
Instant:
Phore has 60 second block times. Meanwhile, instant transactions are guaranteed by masternodes, with zero confirmations required. Funds are spendable within seconds.
Encryption:
Phore offers BIP38 encryption and decryption of private keys.
Overall, Phore aims to be a PoS 3.0 digital currency that provides fair rewards to stakers and masternodes along with an anonymous transaction process and low transaction fees. It’s everything an anonymous digital currency should be.
Who’s Behind Phore?
Phore emphasizes decentralized development and a collaborative, open source environment. However, the Phore.io website lists a number of major team members involved with the project.
Key team members include Phroshi (Founder and Lead Developer), Julian Meyer (Software Engineer), Moonshot (High Level Tech Consultant), Missa Brady (Marketing Manager), Ramon Freriks (Marketing), Pamela Paige (Marketing), Shant Kel Khatcherian (Head of Operations), Thomas Ambler (Communications Manager), Anthony Alleyne (Strategy & Partnerships), Tobias Thecat (Advisor), Shunsuke Kurita (Advisor & Technical Support), Harrison Fischberg (Advisor), and Willich (Legal Consultant).
The Phore PHR Conclusion
Phore is a digital currency currently available for trading on Cryptopia (which has a PHR/BTC and a PHR/LTC pair). The currency emphasizes fast, cheap, and anonymous transactions using a PoS 3.0 system. It also emphasizes decentralized development and an open source, collaborative environment.
To learn more about Phore and its ongoing development goals, visit the official website today at Phore.io.