Well, it seems to be nothing more than a great idea without a compelling use case. The idea of making crypto available on phones is great. A crypto without a more compelling utility seems without significant purpose.
Mining crypto with my phone seems somewhat pointless, since my phone is the very cheapest and slowest I could get (I don't use it much). There are better devices for mining, and I'm not particularly in favor of PoW as a basis for crypto, anyway.
Thanks!
I love discussions like this. I have to agree about the not being in favour of PoW. I'm not either. But if you look at the site, the developer presents the idea of "prooff of time", in other words, sort of making a game out of certain activities. I'm pretty sure there are little quests on there that you can do, sort of like passive gaming. I like that; I can't game during work, of course, so if I can passively game, that's cool too. I also like the idea of not needing the fastest device in the universe to mine coins, which can be exchanged for others. So, in terms of purposes, do many alt coins have a purpose? I know that privacy is a common one, but there are so many out there. I mean, Steem itself, it doesn't really have much of a purpose, does it, beyond being there to reward bloggers, videographers, and developers? Many other coins could have been used instead ... Keep the discussion going. I'm very interested in what you have to say. You're getting a follow as well after this just because.
I confess I didn't see reference to 'Proof of Time' due to my lack of diligence. While there may be some utility in some passive gaming, and just in being able to mine crypto on the phone, those aren't compelling to me. I'm not much of a gamer, and don't spend my scarce attention on fiscal matters for their own sake.
YMMV (and most do).
No, and better than 60% of ICOs have failed in the last year, in terms of putting out a viable product. While investing in ICOs of such coins would be highly profitable if just a few of them do succeed, individually, the odds aren't good.
The social media utility to Steem is one of the best use cases extant. Not only does Steem meet all the purposes of BTC and ETH, but with better technical capabilities, it also has produced almost a million users through being the token of Steemit, Busy, and the like.
While there are severe issues (which I noted you were aware of) regarding distribution and the centralization of the blockchain, those institutional problems aren't technically Steem itself, but rather the management of it. This is plenty damning however, and more than enough to doom the coin unless those issues are better managed.
Thanks for the follow =)
Happy Easter!
If I like Phoneum, though, I'll definitely be documenting my experiences with it up here, so ... You'll get that if you're interested. I definitely agree about the management of Steem communities themselves, though; makes me sort of think twice about introducing the SMT idea I had to my superiors on a project.
Part of the management issues may well be SMTs being the focus of the devs.
There's time to wait and see what SMTs are actually going to be when they do come out. There are times to play your cards close to the chest and let the pot grow.