Thursday 2/2/18 Q&A Session Summary

Welcome everyone to the 2nd weekly Q&A session with Ivan Likov, founder of Phoneum — the first truly mobile decentralized cryptocurrency. It’s been an amazing week, full of development, meetings, and ideas!

Question: Is this ERC20?
Answer: In order to make it available to as many people as possible, we chose to distribute the token sale as an Ethereum ERC20 token, converting it in our custom built Phoneum Coin upon launch of the main network in July.

Question: I know here we all have smartphones, but there is a huge amount of unbanked people that have basic mobile phones all over the world. They could really boost Phoneum if the money transfer could also happen by sending a SMS to a phone number and then approving the transaction with another SMS. Perhaps this is not in PHM Roadmap, but, please, take note for a future update.
Answer: A wonderful approach, and a great question by Noma! Because Phoneum is truly mobile, we are definitely taking into consideration the unbanked world. We believe SMS integration will be possible in the future! Thank you for the recommendation!

Question: After a user presses the send button, the amount we fill to send should be become blank, to avoid double send in case the user accidentally presses the send button twice.
Answer: The newest update (0.9.1) fixes this issue by disabling the button once pressed until the transaction is finished or canceled.

Question: When will the real app be released?
Answer: The main network is set to be released in July 2018.

Question: Is the hash rate going to be included in the app mining info?
Answer: We are definitely going to integrate as much mining information as possible, including hash rate.

Question: I am urgently awaiting the iOS app, when will it be released? And will it also run on iPads?
Answer: I thought you guys would never ask! The iOS app is scheduled to be released on 14th of February, as a Valentine’s Day present to every iOS lover. Stay tuned as we are going to release a sneak peak of some screenshots next week. And yes, it will work on iPads as well!

Question: What can we do with Phoneum coins, once we get them?
Answer: We have had conversations with retail stores, mobile operators, apps and gaming companies. We have seen a huge interest by everyone, to integrate Phoneum into their system. More details will be released as we progress.

Question: Have been having an issue with the app. It shuts down when on background, so I must watch often if it is always on. Would you consider providing a document that walks us through successfully setting up android?
Answer: With version 0.9.1, 99.3% of the bugs have been sorted out, and the issue might not show up again.

Question: Not everyone in the world can afford to buy a high-end phone. Would a low-end phone with Android running 4.1 work?
Answer: Absolutely. Phoneum gives equal mining rights to every smartphone, because it operates based on proof-of-work and proof-of-time consensus mechanisms.

Question: Regarding security. You commented briefly last week about a 3-step security process. Could you expand on that at all?
Answer: Security is our number one priority. There are numerous ways to secure an app. We are focusing on unique identity verification process to guarantee personal security. We are also going to team up with professional ‘white hackers; to hack-proof our app and server infrastructure.

Question: I am sure you have seen it posted in here and elsewhere, but would you comment on the fact that ETN is stating that: “Mobile phones are not built to withstand or cope with the complex calculations required to perform actual crypto mining, your phone would overheat very quickly and potentially damage hardware. So instead we give you a mining experience which has all the rewards of actual mining with none of the complexities of having to setup mining software, a mining rig, ventilation, etc.”
Answer: I totally agree with the statement. This is because most cryptocurrencies are based on blockchains built for PCs. This is why, we give 100% focus on building Phoneum on a custom blockchain, to suit the computing power of a mobile device. The world is going all mobile, so will everything else.

Question: When will you guys be working on deals? Once the product is fully completed or are you guys actively looking at opportunities now.
Answer: An interesting fact is, that we have been approached without seeking. We are also looking for opportunities as well.

Question: Regarding mining. Does the app actually use the CPU or benchmark it and give an estimated hashrate depending on specs?
Answer: The final release will benefit from the use of the CPU, therefore will present hash rate, but because of the proof-of work, the earnings will not vary much between devices.

Question: What is your main target market? What platforms would you like Phoneum to be integrated and use din? Is Phoneum aiming solely at telecoms and mobile payment providers?
Answer: Because of Phoneum’s simplicity, it has the potential to reach not only the telecoms and mobile payment providers but to be used within apps and games. Retail stores could also take advantage of the system. Phoneum also offers a great opportunity to the unbanked countries.

Question: What is the minimum iOS operating system Phoneum will run on?
Answer: iOS9 +

Question: With the recent ban of crypto ads on Facebook, was there ever any consideration of using Facebook to gain exposure before the ICO?
Answer: The marketing budget includes Facebook ads, but not for the ICO, therefore we believe we are safe.

Question: Will there be a way to print a PDF paper wallet directly from the app?
Answer: Absolutely, paper wallets are handy, and will help anyone ‘cold store’ their coins.

Question: Can you comment on the upcoming Crowdsale. Will there be a KYC in advance? Will there be any countries that can’t participate?
Answer: We do not currently know which countries may be excluded from participating, we are actively working with our law firm to make Phoneum available to as many people as possible.

Question: The previous white paper mentioned a weekly bonus — could you expand on this?
Answer: The earlier you participate in the ICO, the larger bonus you will get. It will be highest the first week and decline over time OR as a percentage of the coins are sold.

Question: Do you have an ETA for the new whitepaper?
Answer: There is a lot to take into consideration, we cannot give an ETA yet, but will share more details about it next week.

Question: No presale?
Answer: This is something we are taking into consideration.

This concludes our weekly Q&A for Thursday, February 1, 2018.

I would like to thank each one of you for the amazing support! Can’t wait to share with you the amazing opportunities that knocked on Phoneum’s door! Stay tuned, as next week is going to be phenomenal! Have a great weekend and until next Thursday. Good Night.

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