Launching a new digital currency is not all that difficult these days, but coming up with an idea that will capture the imagination of the community is something else entirely. Phuketcoin wants to become a digital currency mined and stores through a mobile app, with a built-in exchange and message board. Ideas like this are hardly ever viable, especially when there is a presale involved in the process. This appears to be just another ICO with lots of promises and a hollow mining structure that people will hardly care about.
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PhuketCoin Looks Rather Strange
Every time a digital currency is named after or dedicated to one particular region of the world, there is an immediate negative reaction from the Bitcoin community. These projects never work out the way they were intended to, such as Auroracoin which failed to bring financial benefits to the people in Iceland, and lost just about all of its value in the process.
PhuketCoin seems to be designed to help the people living in Phuket, although there is a bit more to this digital currency than meets the eye. The team behind this project wants this coin to be the first “perfected digital currency”, which can be mined and managed with a smartphone application.
It is not the first time someone comes up with a project that focuses on mining digital currency with a smartphone. Even though these devices become more powerful over time, it is not advised to use a smartphone for mining purposes. Not only will this drain the battery incredibly fast, but it will also reduce the lifespan of the smartphone by quite a margin. Not all devices are built for this kind of “work”, no matter how powerful they might become.
That is not keeping the PhuketCoin developers from trying to do so, though. By combining all different aspects of digital currency into one mobile app, Phuketcoin wants to focus the project on the smartphone entirely. Mining of coins will occur by physical movement of the device owner, or users can upgrade their account to earn “passive mining income”. Moreover, there is a referral system which will earn the affiliate 10% of the coins mined by referrals, and 1% from tier two referrals.
What is of particular interest is how the developers plan to build an exchange into the mobile app as well, which allows users to trade Phuket against BTC and CNY. Especially this last currency is of great interest, as users would allegedly be able to deposit CNY through AliPay.
All in all, this project sounds good on paper, but it is not all that different from similar efforts attempting this approach. Creating a new digital currency is easy, and promising a ton of features is not the same as backing up the claims. There is no reason to believe Phuketcoin will have any level of success in the long run, as there is nothing appealing about this project for digital currency veterans. Especially their pre-sale is not instilling much confidence, as users will buy codes which need to be redeemed through the QQ platform.
Source: Phuketcoin
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