This review is just my thought process and own opinion this is not financial advice.
Lets begin with the basics the MVP.
First impressions + test of the MVP.
I downloaded the App today and tried it both in my Smartphone AND my Desktop.
( with Nox )
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Actually it behaves exactly like it should ( Pros ):
- Responsive
- Mining start after one click just as described in the White Paper
- There is a Wallet which you can use ( I made a second account and transfer the mined COINS and they were INSTANTLY there, what I thought was a bit odd but according to the whitepaper every transaction is actually a block but it is still beta so we will see about that )
- No technical knowledge to mine
- no real investment since everyone has a smartphone
Cons : - This works on a android emulator
- You can have many instances of android in a good gaming pc BUT I don't think that the profitability will be significant enough to do this since you need a lot of ram to have many simulated android devices. But still a good thing to know because if someone can just spoof* an android device with the CMD ( console )
this was possible with pokemon go you could just use the api of the app and spoof* everything.
But hey STOP the crap now stay with me I will give an example 
:
You could use this bot to just use like 40 mb of ram and almost no CPU usage and level up it was all automated and the servers of pokemon go could not do anything about it a lot of people just had accounts that are overpowered and killed the hype.
You dont want that to happen in a cryptocurrency. It will just create more inflation that will translate in a price drop.
THE WHITEPAPER
The problem(s) they are claiming to solve :
They claim that they will develop a Blockchain that is mined with smartphones and it will be SOO energy efficient that it will be profitable to mine it without the high costs of mining equipment.
( If achieved it can help mass adoption since there are 2.1 Billions smartphones and climbing )
When ?
September 2018 is the project release.
Q3, 2019 in the roadmap is Mass Adoption. ( so I think this is more the date where everything will be ready )
Use cases :
Loyaltie token to reward miners.
payment medium for participating merchants ( None already mentioned but a framework to achieve partnerships is there, you will be the judge )
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Warning technical mumbo jumbo incoming.
The mining rewards from blocks are based on two Mining algorithms :
- POW ( Proof of Work ) : that is optimized for mobile mining and mobile mining only ( but I still want to know how are they going to block spoofing here ).
- POT ( Proof of time ) : How much time you actually spend in the app and this will give you extra rewards too ( thats how they are trying to monetize the currency advertising, ingame purchases, use cases of the coin ).
Of course since the app should not eat your battery this is very eco friendly compared to Bitcoin or ethereum ( The MVP is doing this already and it works pretty well in the frontend ) But how secure is all this, we dont have Code audits to proof the security of the coin. The code is king I would of loved to see some code.
I wanted to share with you a cool website that I use, to search for ICO and check coins and everything pretty helpfull.
The ICO is starting in 60 Days ( Today is : 22.04.2018 )
11 089 Telegram users.
11243 Twitter Followers.
8012 Youtube subscribers.
I used https://www.coingecko.com/en/ico to get these infos
The White paper was for me not that helpfull, because for me, it looked more like a Marketing plan.
Comparison with Electroneum :
| \ | Phoneum | Electroneum |
|---|---|---|
| Type of Blockchain | Mobile light | Monero fork full fledged |
| Mining | optimized POW+POT | POW + Virtual mining as incentive |
| Equipement | "Smartphone only" | GPU for real mining with cryptonight and virtual |
| Size | "optimised for mobile" | Full fledged with light wallets |
| Marketing | Same aproach | Same aproach |
| Hype before the ICO | Yeap | Yeap |
The Team
Ivan Likov founder and lead developer
has little experience in Blockchain programming but what troubled me was that in his linked in his Formation was ONE year, thats it. but thats the main dev for this ICO. lets look for some more devs.
So in the list there are 3 Blockchain developers but they are all from Limechain and work there and they do consulting and Development.
So I suppose that the funds of the ICO a big portion of them will go to Limechain ( since they are doing the developement )
so that is a big red flag for this ico since they dont really have their own dev team.
Tell me what you think this ICO is going in the comments, lets have a conversation.
If you have any question just ask.
And of course dont forget to leave a follow, I would love to better my self and Help others with crypto.
It took me a lot of time and research to write this article so Upvotes/ likes ( hey Busy.org users :D ) are always more than apreciated.
if you leave a consctructive comment I will always try to upvote you to thank you for your input. ( When I have enough SP )
All the profits made with this article will be used to finance this blog and in time grow steemit as a whole :)
Nice article! I was put up simply for someone who is just starting to understand the basics of cryptocurrencies. I like this alternative a lot.
You earned a follower!
I learned a lot in the last year and I decided I need to do something with this knowledge and meet some people that think like me :)
Thanks a lot for your follow means a lot to me !
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Coins mentioned in post:
Potcoin ? thats nice :D 420 FTW
(ICO) WELL - Airbnb of Healthcare
powered by blockchain
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