Phore Your Information - An Insight into Phore Blockchain

One of the goals of Phore Blockchain's development goals is to create a decentralized currency, with the community at the fore front. In doing so, the Development Team has put together a educational campaign that we call Phore Your Information. If you follow our twitter account (@PhoreCrypto) you may have seen some of these tweets, which are simple blurbs about the features of Phore.

As an extension of those tweets, I will be posting more detailed information about Phore You Information right here!

Today, we'll go over a brief history of Phore Blockchain as an introduction. Phore Blockchain originally began as a re-brand KryptKoin ($KTK), which was launched without an ICO. $KTK was originally distributed among 500 stakes, and distributed in equal stakes to all that qualified, rather than a pre-mine. The vision of Phore eventually out-grew $KTK, and the original Phore ($PHR) was coin-swapped from $KTK, and forked off code from the PIVX ($PIVX) Privacy Coin project.

KryptCoin Logo image courtesy of digitalcashassets.com

One of the core concepts of $PHR, which separates it from many other coins forked from the original Bitcoin ($BTC) code, is that it uses the 'Proof of Stake' model, which is more cost effective than the 'Proof of Work' model originally utilized for $BTC. This model rewards $PHR holders by 'staking' their $PHR online to act as part of the blockchain network by using a wallet, or masternode. In doing so, the energy required to create $PHR and utilize the Phore Blockchain is drastically reduced to that $BTC for example.

Proof of Stake image courtesy of http://virtualrealitytimes.com

The Phore Blockchain also utilizes Zerocoin Protocol (zPHR) to allow for private holding and transaction of $PHR. Wallet holders can transfer their $PHR into $zPHR through a process called 'minting' for a small fee. This has two benefits: The first is that individuals can send transactions over the Phore Blockchain with anonymity if they so please. The second is that utilizing zPHR allows large stakeholders to remove their public presence over the Phore Blockchain, yet still receive rewards for staking. This essentially can act a safeguard from having a wallet, or masternode targeted by hackers searching for large deposits of $PHR.

Earlier this month, to evolve with the scope of Phore Blockchain's project, Phore was re-branded to "Phore Blockchain".

Phore Blockchain Logo courtest of http://www.phore.io

I hope you enjoyed this introduction to Phore Your Information, and a brief history of Phore Blockchain.