Phoscoin is a digital currency that aims to offer the future of mobile payments. Find out how it works today in our review.
What Is Phoscoin?
Phoscoin, found online at Phoscoin.com, is a digital currency that emphasizes low fees and easy international transfers. In its announcement thread on the Bitcointalk.org forums, the developers described their coin as “the fastest altcoin with the lowest rates.” That announcement thread was posted on December 12, 2017.
Other unique features of Phoscoin include its CPU/GPU-friendly ASIC-proof CryptoNight algorithm and the lack of a pre-mine. Phoscoin is expecting to launch the coin on January 12, 2018, with mobile wallets scheduled to launch before the end of January.
Let’s take a closer look at how Phoscoin works.
How Does PhoscoinWork?
Phoscoin is a decentralized cryptocurrency designed for everyday use, with fees so low “you will not even notice that you are paying them,” explains the official whitepaper. Phoscoin also has an anonymous blockchain that prevents anyone from seeing transaction details or your wallet funds.
In terms of fees, Phoscoin claims users can expect to pay a fee of around $0.0001 per transaction, which is obviously significantly lower than the fees paid by networks like bitcoin. The development team claims you’ll pay that fee whether you’re transferring $0.5 worth of PSC or $1 million.
Once you own Phoscoin, you’ll be able to hold it and spend it from your wallet (a mobile app). The app has not yet been released, but is expected to be available for download at the beginning of 2018 (the whitepaper lists a launch date of January 25 for the Android app and January 30 for the iOS app).
Phoscoin has a block time of 30 seconds, which is significantly lower than the 10 minute blocktime of bitcoin. Phoscoin also has a total supply of just 15 million tokens, compared to 21 million bitcoins.
The Phoscoin ICO
There’s a total supply of just 15 million Phoscoins. 7.5 million are reserved for the ICO, the team, and the pre-sale, with the remaining 7.5 million reserved for miners. 10% (1.5 million) is allocated to the pre-sale, 6.66% (1 million is reserved for the team, and 33.33% (5 million) is dedicated for the ICO.
Tokens will be sold at a rate of $0.10 per Phoscoin during the beginning of the ICO (the first 1.5 million tokens sold during the pre-sale), rising to $0.33 per token by the end of the pre-sale.
The tokens are listed under the acronym PSC. The pre-sale is underway throughout December 2017 and January 2018, with a general crowdsale scheduled for January 10 to January 20, 2018. The ICO and pre-sale are not available to US citizens.
Who’s Behind Phoscoin?
Phoscoin is led by CEO and founder Henry Lamarre. Other key members of the team include Matthew Frederick (COO and Blockchain/PHP Developer) and Louis S. Hughes (CFO).
Oddly, we can’t find any information about any of these people available online. Google searches turn up unrelated information. The website has no links to any social media profiles, nor does it explain any biographical details about the team or their experience.
Henry Lamarre is listed as the author of the Phoscoin whitepaper. However, the whitepaper has no additional information listed about the Phoscoin team. We don’t know their experience, their location, or why they’re qualified to launch a major international currency.
The Phoscoin Conclusion
Phoscoin is a cryptocurrency project with understandable goals: the project wants to create a superior cryptocurrency that offers fast transaction times at a cheap price. The project is scheduled to launch in January 2018, including mobile apps and wallets before the end of January.
Phoscoin has some unusual features. The website and whitepaper are filled with vague information about the cryptocurrency instead of detailed technical information. There’s also limited information about the team listed online, and we can’t find any information about the company’s CEO, “Henry Lamarre”, available online.
Ultimately, it’s not totally clear how Phoscoin plans to revolutionize the world of digital currencies aside from offering low fees and a lower total supply of coins than bitcoin (15 million Phoscoins in total). The whitepaper spends most of its time comparing Phoscoin to bitcoin instead of explaining why Phoscoin is better or how it plans to achieve its goals.
You can decide for yourself if Phoscoin is worth an investment by visiting online today at Phoscoin.com.