Everybody now knows about one of the main bottlenecks in cryptocurrencies world : the great amount of energy it demands for computers to be able to « mine » those sacred « coins ». It has been said that Bitcoin mining consumes more energy than 159 countries… ! Which is not so huge actually, if you compare to regular « Fiat » currency, but still. This kind of cryptocurrencies’ market greatly relies on the mining capability, and the ability to get some ROI out of the mining process. More miners mean more value for the currency. If the mining get more and more energy-consuming, it becomes more and more expensive, and the ROI gets thinner… until it becomes negative. As it is the case now, if you consider the current difficulty level and the fiat converted value of BTC.
Phoneum team, consisting of not less than 12 people, Russian of course (cause we all know that Russian devs rock big time !), has had this idea, what about… mining crypto on a regular smartphone ? Some are gonna think « yeah, we heard of another team who had the same idea before… ». Well, partly. ETN, not to name it, is only mineable on the same powerful and energy-consuming computers as BTC or any other cryptos. To expand their community and add more hype to their project, Electroneum team added a possibility to install an app on your smartphone, and click a « start mining » button. Which triggers some fake mining on your phone. It doesn’t actually « mine », and it’s more like some kind or airdrop, where you can get some free coins in exchange for some app running in the background on your phone. Which is nice, actually, but once again, it’s just to expand the community, as 100% of the actual mining is done on computers. And the reward from the ETN app mining also depends 100% on the will of the team, to distribute those « free coins » or not. It can be 10 coins a day now, and 0.1 per week tomorrow, if the devs decide.
Phoenum works differently. They use their own home-made algorithm to really mine some coins on your phone, and to keep it fair to all users, and to respect their « smartphone mining » goal, they don’t have any mining app working on any computers.
And it’s only the visible part of the iceberg. Their roadmap is rock-solid, their team is really working great, constantly debugging the app, really helpful with users with a very active and friendly telegram group. For now the apps are realy mining, but the coins will be burnt when the final app is launched. So you’re being a « beta tester ». But not exactly for free As they have some really nice and rewarding airdrops, which allow you to get some real tokens when the crypto really gets live. You can get some reward after mining 1000 or 2000 PHM on their beta app, or after sending 50 PHM to a bunch of random guys. Which allows them to test their app in real situations.
Go to https://phoneum.io/ and check everything on your own ! Crowdsale starts on June 21, so get ready for action !