Frequently Asked Questions

Checkout the Phore Discord channel if you don’t find an answer

FAQ

General


Phore Coin Specifications

Money Supply: TBC – Once swap has finished
Block Target: 60 seconds
Transaction Fee: 0.001
Confirmation: 6
Block Maturity: 50
PoS Stake: 2.8 PHR
Masternode: 4.2 PHR
Masternode Collateral: 10,000 PHR
Min stake age: 3 hours

What is the purpose of Phore and is it a currency only, a service or platform?

Phore is an anonymous digital currency and a decentralized marketplace utilizing OpenBazaar 2.0 code base, release is set for Q1 2018.

What’s the total and circulating supply of Phore?

The total supply can be determined by subtracting the total supply (Outstanding) by the amount of unswapped coins. After the 18th November and remaining unswapped coins will be destroyed and removed from total supply altogether

The rich list shows someone has 50%+ of the Phone. What is this about? Couldn’t they just dump these when the price goes up?

This address contains the unswapped coins. And is controlled by a 3rd party swap service, they would not risk their reputation by stealing the coins.

The rich list shows an address with 50% of Phore. What is this about?

This address contains the unswapped coins. And is controlled by a 3rd party automated swap service, they would not risk their reputation by stealing the coins.

What about the current inflation of daily coins being generated?

At block 250000, the block reward will decrease to 5 coins. 10% also going to the budget system, 4.5 coins will shared 60% to MN’s and 40% to stakers.

FAQ

Masternode


What are Masternodes?

While stakers are rewarded for providing security to the Phore blockchain, Masternodes are rewarded for validating and serving the blockchain. Also providing services, such as instant transactions, privacy and governance.

What is a Masternode Governance system? Why is it important?

The budget and masternode governance system allows anyone to submit proposals to operators of masternodes, they in turn can vote yes or no. Those who get a majority yes vote are given funding to further improve the Phore ecosytem.

How much Phore do you need for a Masternode?

You need 10000 Phore as collateral to set up a masternode.

Can I host multiple Masternodes on the same IP?

No, to help increase the network security you must setup each masternode on a unique IP.

What are the Masternode rewards?

Rewards are a share of the daily block rewards, approximately 1440 new block per day. 7 PHR per block, 60% shared between the active MN’s. Which is 4.2 coins per block

Around 6050 PHR / number of MN’s

You can look on mnrank.com for approximate daily rewards you will receive per day. You can then do whatever you want with your extra Phore. Sell it, keep it for a rainy day, and give it away to charity, whatever!

FAQ

Proof of Stake


For PoS do you have to keep your wallet open 24/7?

Using PoS 3.0. it no longer uses coin age, meaning your wallet must be open at all times to receive staking rewards. No more users opening their wallet once a month and receiving rewards equal with those that have wallets open all the time.

What is staking? How many coins do you need and how do you stake?

Staking by holding your coins in the wallet will be eligible after 3 hours and the wallet must be open to receive rewards. Only 1> PHR is required to stake, but it’s random and when a large amount of PHR is being staked you need more coins to have a better chance of receiving a reward.

What are the rewards for staking?

Stakers receive a share of the 40% daily block rewards. Which is approximately 2.8 coins per block. Around 4000 PHR per day shared between actively staking wallets.

Staking PDF guide

Download the staking guide: EnglishKoreanJapaneseHindi

FAQ

The Team


Who are the developers?

Phroshi – Lead Developer

Julian – Core Developer

Fish313 – Technical Support & Social Media Manager

Toby – Customer Relations & Social Media Manager

Shanto – Community Manager & Customer Relations

Liray – Technical Support & Japanese Community Manager

Ubermaster – Planning and Partnerships

Why are they anonymous?

Phore is a privacy focused crypto currency. We feel it’s important in today’s world to provide anonymity to those who transact using PHR. And as such feel it also important the Phore team are given the same anonymity.

What experience does the dev team have?

Phroshi is the creator of KryptKoin and its marketplace, Kryptly.

I hear the main developer has health problems. Will this affect Phore?

The main developer had health problems back in 2015, but should he need to step down, Phore has developers ready to take over.