What is Phoneum?
With over 2.1 BILLION smartphones existing in the world today, the market is ready for a truly mobile only cryptocurrency that appeals to the masses.
The Problem
Today, only those who own specialized, high-powered mining rigs or develop mining farms are able to successfully profit from cryptocurrency. While mining is still technically possible for anyone, those with under-powered setups will find more money is spent on electricity than is generated through the mining process.
The Solution
The dedicated blockchain and custom algorithm is for mobile devices only (no PCs). This means equal opportunity for all miners, as well as low power consumption, and no need for expensive equipment purchases. Earning PHM can be done through the mining, by verifying transactions — Proof of Work (POW) — on the blockchain as well as time spent in the app — Proof of Time (POT).
The Blockchain Technology
Blockchain technology and cryptocurrencies are quickly becoming mainstream, but very few are used as a preferred payment method. ePayments and e-commerce still rely almost exclusively on financial institutions serving as trusted third parties to process transactions.
What is Phoneum?
Phoneum offers scalable blockchain technology designed for mass adoption through the use of a free mobile app. This app is available for Android™ on Google Play and in the App Store for iOS™. This mass availability allows for everyone to be involved in decentralized cryptocurrency.
Potential Opportunities
· In-game purchases, replacing ad networks
· Standard software installed on all cellular phones so that out of the box the owner can mine to offset the cost of their service plan
· Fiat currency replacement
Android is a trademark of Google LLC.
iPhone is a trademark of Apple Inc.
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How is “mobile-only” defined? Are phablets included? What about car phones?
How does the mining app know it running on a mobile? Any checks the app would make could easily be spoofed. Indeed, there are a number of emulators available right now.
CoinSchedule claims that the hashing algorithm is SHA256 – the same one used by Bitcoin (and many others). If this is the case then it will run on just about anything, including ASICs.
What stops me spinning up an ARM mining farm? I don't need a mobile phone to do that. To make matters worse mobiles run on a variety or architectures. The most popular probably being ARM, i386 and MIPS. Well, I can buy mining rigs for all of those. How does Phoneum plan to overcome this?
Why would anyone mine on their mobile when any rig is capable of doing so? How does Phoneum ensure that this will not occur?
I am very interested in this project, but these fundamental questions are not answered anywhere, and they really need to be.
This is a good project. Hope that the project works out as planned
Awesome, good project Phoneum
Yes! I am glad you are here. Welcome to Steemit!
This has the potential to be a game changer in the cryptosphere, considering almost the entire almost the entire planet earth people own mobilephones this could be huge.
The potentials of this project will change the whole crypto game
I am happy to be a part of that
0x19716dC9A261aF037f13b01e1B20C27ed4182c36
I have 80 PHM :)
great, congra!!! good project...!
I have followed and already listed my username in the task column but it has been more than a week this task has not been approved..
Please check again..
damn, i'm curious - can't wait for your reconstructed white paper!