Phoneum uniquely combines Proof of Work (PoW) and Proof of Time (PoT)
Recently we have been made aware of Google banning cryptocurrency mining apps in their Google Play Store. This comes on the heels of Apple banning mining apps a month ago.
We, at Phoneum, applaud this decision. Sometimes cleaning house is required in order to re-establish credibility. Gone will be the apps that overheat phones, destroy battery life, mine in the background without permission, or make promises that can’t be delivered.
Unfortunately, we fully expect that our app will be thrown into this basket, without fully understanding the capabilities or the science behind ‘Phoneum’.
But we also believe that as the word gets out, acceptance will come. And with that acceptance, the ability to truly mine on a smart mobile device.
Ivan Likov, the founder and lead developer on the Phoneum project, has spent years creating an algorithm that can mine on a smart mobile device, just as one would while using an expensive mining rig. He took the unusual route of self-funding and creating a Proof of Concept (PoC) to prove the naysayers wrong. Phoneum believes in transparency and will be releasing the code on GitHub when we are on the main net later this year.
Imagine for a moment how true mobile mining changes the game. With over 2.1 Billion smart devices worldwide, the playing field has never been more even.
How does this work?
Phoneum uniquely combines Proof of Work (PoW) and Proof of Time (PoT) consensus mechanisms in which to earn PHM tokens. This combination ensures all miners are rewarded for their participation and contribution to network growth – rewarding all miners for any time that is spent running the Phoneum app, unlike traditional PoW consensus algorithms, that only reward the miner who is first to solve the cryptographic puzzle. The algorithm has been developed to separate ASIC or computer-based miners to ensure they do not game the network, and ensures a level-playing field for mobile-only miners.
The app is designed to leverage a device’s built-in battery and CPU sensors to monitor device temperature, and ensure that it does not overheat. If a smart mobile device approaches overheating, the user will receive a notification that they are temporarily “off” from mining. However, unlike in a PoW only consensus mechanism, where a computer must be constantly doing work in order to earn rewards, (which can lead to increased risk of overheating), Phoneum’s customised algorithm integration of PoT will enable miners to continue to earn rewards. While the mining function in the app is not active, it is still functioning as a node while the app is open and this PoT applies to help miners to continue to earn rewards.
We have data to back this up. We began alpha testing first on Android in January 2018. We maxed our cap of 10,000 downloads, with not a single reported incident of overheating or shortened battery life. In fact, the data in many cases showed that the Phoneum app used less resources than the majority of popular apps on the Google Play Store. The iOS Beta was launched in February 2018 and was capped at 10,000 downloads. Again, no reports of overheating or shortened battery life. Currently we are running on a combined testnet that allows for both Android and iOS to co-exist. We have over 13,000 active miners online. They too have not reported any issues with the apps and applaud its simplicity and stability.
Our mission is to provide mining for everyone. While Google (and Apple) feel the need to ban mobile mining apps, we have made the conscious decision to release Phoneum outside of the Google Play environment. The incredibly popular game, Fortnite, has recently announced a similar approach.
Starting today, you can download our Android app directly from our website: https://phoneum.io/
We have also made it available on the following popular third-party vendors:
We recently undertook an ICO to raise the funds to finish the app. The ICO runs through September 30, 2018. To learn more, visit: https://phoneum.io
If you would like to contact Ivan Likov for inquiries or to invite him to speak at your event, please send an email to: [email protected]