Phoneum is a decentralized cryptocurrency, designed to deliver a simplified user experience and platform that enables all users, regardless of technical aptitude, to fully participate in the new cryptocurrency economy.
Phoneum mining farm
Start Date
July 30th 2018 15:00 UTC
End Date
September 30th 2018 15:00 UTC
Category
Mining
Website
phoneum.io
Project Type
Blockchain
White Paper
OpenOpen White Paper
Algorithm
SHA-256
Bitcoin Talk
OpenOpen Bitcoin Talk
Jurisdiction
Virgin Islands, British
Masternode
No
Milestones
30/07/18Phoneum ICO Starts
30/09/18Phoneum ICO Ends
01/10/18PHM Token Lists on Exchanges
30/12/18Phoneum Main Network Launch
Q4 2019Phoneum Achieves Mainstream Adoption
Questions
Why is your company going to succeed?
For too long now, cryptocurrency mining has been out of the reach for the average person. It is expensive to mine BTC, with some estimates suggesting that 0.5% of all electricity consumed in 2018 to be going towards BTC mining. (this is the equivalent of energy used by 6.7mil US households)
Because it is also now possible to mine on a smart device (Android or iOS) without causing damage to the device by overheating or draining the battery-life. Phoneum is a decentralized cryptocurrency (PHM) and product that is revolutionary with its customized blockchain and algorithm for consensus, optimized especially for mobile devices. The revolutionary Phoneum application and product focuses on ease-of-use and speed of transaction to be able to deliver on Phoneum’s mission to drive mainstream adoption of cryptocurrencies and mining them.
Finally, we have been putting partnerships in place to benefit Phoneum and its supporters. We recently announced our first Exchange listing, BEFORE the ICO even began. We have partnerships with other projects that will soon be announced as well. We believe that Phoneum can benefit many in the crypto space and help lead to widespread adoption.
Where did your team members meet originally?
Our team is spread throughout the world but has one thing in common, telegram. Our founder Ivan resides in Canada, having emigrated there as a teenager. He still has ties to his native Bulgaria and connected with a number of developers there to build out the team. We also have team members from the United States, Mexico and India. All were brought together by the common thread of helping to make mining accessible to everyone.
What are the top five risks you see for your business?
In no particular order:
- Market Acceptance – As with all cryptocurrencies, this is the single most important factor today. Slowly the tide is changing, but for every win in the marketplace, there is a perceived loss as the status quo is not ready to easily give up. Banks, Credit Card Companies, Brokerages and other investment vehicles are slow to adopt and work hard to put a negative spin on all things crypto-related.
- Apple and Google – Apple and their closed environment could make things difficult if they blindly lump Phoneum in without knowing the true nature of the app. Google has recently implemented a ban on mining apps, due to all of the malware that has been hidden on apps disguised as something else. We applaud both for taking this stance, but also humbly request they take a look at our data and see that what we say is true. We don’t overheat phones or drain their battery life any more than the most popular apps on the market today.
- Competition – Currently there is no true competition. The closest, Electroneum, has raised $40mil and not yet delivered on the promise of mobile mining. It is simulated mining, meaning a desktop is still required to do the heavy lifting. It is possible in the future that others will figure out a similar algorithm that will allow for true mobile mining, but we anticipate having a head start and brand recognition due to first to market.
- Regulations – Cryptocurrency is still in its infancy. Each country is trying to determine how to best handle crypto. Some are opening up their arms and embracing, while others have yet to determine just how to handle crypto. Until there is a better understanding due to education, regulations can always be a risk.
- Perception – Many people today do not believe that it is possible to mine on a mobile device. They believe that mining rigs are required. Until the public is educated and shown that mobile mining is for real and can be done effectively, there will always be naysayers who want to put it down. This was true in the beginning with Bitcoin and still to this day exists in many circles, although this is slowly changing.