Thursday 1/25/18 Q&A Session Summary

Hello Everyone!

Thank you for all your support and we are happy to have everyone on board! We are having our first weekly Q&A with Ivan Likov, founder of Phoneum — the first truly mobile decentralized cryptocurrency.

Question: Can we mine using an emulator?
Answer: Initially, emulators worked, but we have disallowed them since Version 0.6. Going forward, we do not anticipate allowing emulators as an option. The thought is allowing emulators is contradictory to our mission of making a truly mobile cryptocurrency.

Question: How is the apple app coming along, do you have any ideas on when this will be available?
Answer: We previously announce that the iOS app is currently under active development. The data we have received from the Android Alpha testing has been very helpful. We have set the release date for the iOS version for February 14, 2018 — Our Valentine’s present to Apple fans.

Question: Could someone tell me please if Phoneum is based on DLT (Distributed Ledger Technology)? Will it also be able to be used with Smart Contracts like ETH?
Answer: Phoneum is definitely based on Distributed Ledger Technology (DLT), but the chain is stored in a different, more mobile-friendly way to keep storage space on the device low. It is not supporting Smart Contracts in the Alpha version, but the final release will have full integration.

Question: I downloaded the Alpha stage last night and was able to mine 25 PHM in roughly 10–12 hours. I’m new to this mining thing and wondered, when the full app is out and there are way more users can I expect roughly the same mining rate, or would it be more/less due to so many more miners?
Answer: The mining rate is calculated by the number of miners, coins in circulation, and other factors, therefore the rate may vary. This is also the reason we chose to include the POT — Proof of Time — consensus mechanism to balance out the difficulty by rewarding miners based on the time they are connected to the network.

Question: What is the optimal device to use for mining, as well as significance of internet speed. Can it be mined on data service as well as Wi-Fi?
Answer: Any Android device running version 4.1 or newer is required. As far as device specs, that doesn’t really matter as the Proof of Time (POT) is balancing the rewards. The significance of internet speed: You really only need a stable internet connection for sync speed.

Question: How will you handle someone with a thousand phones that can build “mining farm”? Will this be allowed?
Answer: We are going to implement a maximum number of devices that can be run from a single account, but that won’t be able to stop someone from buying 100 devices and connecting them through different accounts. This is technically a good thing, as those miners are making the network more stable and fast.

Question: Will there be more ways to pay for tokens when the ICO starts? I mean, there’s a large number of people who don’t have any of the coins accepted for the sale at the ICO.
Answer: We will be accepting wire transfer as well, for all the non-crypto investors.

Update: We are working on adding Visa and Mastercard as a payment option as well.

Question: Tell me what will happen to the coins that we are currently mining?
Answer: They will be deleted. The app is being tested right now. We will burn all coins generated in the Alpha and Beta stages. You can get real coins by participating in the airdrop on the site.

Question: Will iOS app require user to pre-register to download the app.
Answer: Just like we have done for the Android testing, we will do a test network stage with limited seats. So, while you won’t have to pre-register, there will be a limited number released.

Question: Obviously you can’t give away trade secrets, but could you comment on the importance of security and what Phoneum is doing to address this?
Answer: We are going to implement a 3-step security process to access and operate your accounts. This process will allow you to choose the level of security you want.

Question: If all the tokens that we mine will be destroyed in the Alpha and Beta stages, what do we gain by mining?
Answer: Currently, we have a number of Airdrop tasks to reward you with real coins by completing them. Sign up here.

Question: How do you see PHM being used? Could you comment on this?
Answer: Because of the simplicity of our product, the many uses and the huge potential, I have been contacted by people in different fields for many different opportunities. It is standard to sign a non-disclosure agreement (NDA) for any partnership, so we will only make announcements on the topic when we are able.

Question: Do you plan to have PHM listed on an exchange, and if so how soon?
Answer: Definitely! One of our main goals is to get listed on the most popular exchanges. We have been discussing the opportunity with 2 of the top 10 exchanges and will release more details once we have an agreement in place.

Question: How is the transaction tracked? How can we know if the wallet is in sync with server?
Answer: You can track transactions from the app or on our website (feature coming soon). At this stage, there is no visual “Syncing” feature, because we wanted to start with a handful of features and expand as we progress. This, along with hashing results will certainly be a part of the final release.

Question: What if I lose my passport for Mobile wallet used without Gmail?
Answer: We are working on implementing a way to retrieve your account on a different device by signing in and performing a security test.

Question: If I use a Gmail account on another phone, I am unable to login unless I add my Gmail account in that phone. If I don’t want to use my Gmail account on 5 phones to receive emails, how is this resolved?
Answer: Great question! We will be adding Register with Facebook very soon!

Question: More of a comment, as a suggestion I was thinking of the possibilities of adding an embedded exchange into the application itself.
Answer: Great comment! We are already working on something like this for the final release.

Question: How many mobile devices can be used at a time by a single user?
Answer: The max is 20 on the same account.

Thank you, everyone, for all the questions! I wish everyone a wonderful weekend and until next Thursday!

We are just getting started, the best is yet to come!

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Fone is a decentralized cryptocurrency, that operates on mobile devices via app ONLY. For more information, please visit our website: https://fone.dev/