Phore Coin – A Blockchain Ecosystem
Phore is a blockchain platform that accommodates decentralized applications (dApps), side chains, smart contracts, a decentralized marketplace, initial coin offerings, and atomic swaps. Simply put, Phore is an all-in-one blockchain ecosystem; more similar to Ethereum platform. Let us learn more about Phore and its Phore Coin (PHR)
And, the default cryptocurrency of the platform is Phore Coin (PHR). It is a rebranded version of KryptKoin. Also, the coins were moved from an old blockchain of KryptKoin to Phore blockchain.
Moreover, initially, Phore Coin used the source code of the PIVX project.
Phore uses proof of stake mining mechanism. Miners have to stake PHR to participate in the mining process. And stalking more Phore Coin ensures better earnings. A new block is targeted to be published every 60 seconds. And, the current staking reward is 2.8 PHR per block.
Similar to Dash, Phore Coin also implements Masternode concept. To become a masternode, one must stake 10,000 PHR, and the node should have high availability. In turn, Masternodes get a portion of block reward, which is currently 4.2 PHR per block. As Phore allows both private and transparent transactions, Masternodes are responsible for processing private transactions.
In addition, 1 PHR from the block reward goes to the development fund. So, the total reward for each block is 8 PHR (staking reward + masternodes reward + developer fund). Plus, any transaction fees will be burned.
The rewards go down from the block number 755, 601, which will happen on 9 Mar 2019. And, the current supply of PHR is around 13.5 million tokens.
iOS mobile wallet to be available soon.
How to get Phore Coin
At the time of writing, PHR is trading at 1.43 USD according to CoinMarketCap.
Mining is a good option, but you need to have some PHR for staking.
You can get Phore coin from cryptocurrency exchanges: Cryptopia, Nanex, IDAX, CrytoBridge.