Phore is a secure digital privacy cryptocurrency that focuses on sustainable growth and development. The platform uses Masternodes and proof of stake to secure the network and offer users with a deeper level of security and privacy. Phore is relatively fast block times and low transaction fees compared to other cryptocurrency platforms such as Bitcoin. Phore is a rebrand and update of the Kryptkoin (KTK). KTK was pre-announced in May 2014 and the distribution of the coins started on 21st may the same year. KTK was a non-pre mined coin that was distributed equally among those who qualified for a stake.
To facilitate a brand new platform and new features, the existing KTK code needs to be rewritten afresh. It required a swap from the old KTK to the new Phore. A two-month window was given for KTK holders to swap to the new phore on a 1:1 basis. The core features of the new platform include:
PoS and Masternodes: Phore network uses PoS and masternodes to secure itself. It uses incentives masternodes for services such as privacy and instant transactions. Each masternode requires 10, 000 PHR as collaterals. Users receive 60% block rewards and 40% goes to stakers. The network is secured through staking.
Privacy: Obsfussion through coin mixing is made possible using the decentralized masternodes. Phore provides you with private transaction unavailable with standard bitcoin transactions.
Instant: Phore ensures fast transactions with 60 seconds block time. Instant transactions are guaranteed by masternodes. There are no confirmations required and it spendable within seconds.
Phore is a currency that will see key changes and challenges going forward. The Phore platform wants to introduce real-world use, which attracts people. In order to achieve this, the team behind Phore wants to implement advanced features to clearly differentiate Phore from other privacy-based digital currencies. During the Q3-Q4, 2017, Phores build the Zerocoin protocol, Masternodes governance and online marketplace.
In the QI, 2018, it wants to segregate witness, decentralized Micro crowdfunding and creation of the Phore Foundation. Q2-Q4, Phore want to incorporate smart contracts to allow Dapps run on the platform, iOS and Android apps, Ledger and Trezor Support and Phore labs.
The foundation will invest in projects to reach a market and to reinvest profits in further projects. The foundation has a strong and committed team of Phroshi, lead developer, Julian, the core developer, Toby, customer relations and social media manager and Ubermaster Planning and Partnerships among others.