What in the World is "Phoneum"?
Phoneum (PHT) is a TRC10 compliant, Tron (TRX) based mobile-only token that can only be cloud-mined from iOS and Android mobile phones. The Phoneum ecosystem has an app that can be used to cloud-mine tokens and several mobile games that users can engage in and also earn more coins. There are also games on the Phoneum ecosystem that can help offset carbon emissions. According to its creators, Phoneum was designed to deliver a simple, intuitive user experience regardless of user technical skill while allowing users to participate in a cryptocurrency economy.
PHT mining is done on the cloud, similar to the Pi Network and Electroneum (ETN) when it first released. Once you press the "Mine" button, the app automatically cloud-mines for 7 days and stops. Then, you'll simply need to log in again to claim your rewards and mine for another week. The mining does not take place on your phone, and thus, does not require lots of power or infrastructure.
Okay, Cool. How many coins are there and what's it worth?
The Phoneum website states that there are a total of 5 Billion PHT in supply, and just under 900 Million PHT are in circulation. Each PHT token is worth 0.000177 US dollars, and as of now, the token is traded exclusively on the Probit exchange.
In my personal experience, I earned about 700PHT in a week (Worth about 12-13 US cents at the time of writing this article). However, the minimum withdrawal is 20,000PHT. In other words, you'll need about 29 weeks to withdraw a measly $3.50 US dollars. Though it doesn't sound like much over a long period of time, mining PHT is relatively low-effort and the main hassle is remembering to press the mining button on your phone.
What's the Risk Here?
Well, considering you didn't invest anything, provide personal information, or even use power to cloud-mine, there's not much as risk here. At most, you're just wasting a couple seconds a week. In other words, Phoneum may be a low-risk way to try out a new cryptocurrency or learn something new. On the other hand, the Phoneum website's "Roadmap" and "FAQ" sections are currently "Coming Soon", making it very unclear what the plans of the developers are, if there are any at all.
Personally, what I find most concerning is there is no information on the website regarding the developers of the cryptocurrency nor a clearly stated direction of the token.
Summary
All in all, Phoneum is a cloud-mined mobile cryptocurrency with very limited functionality and only one place to trade, but is quite easy to use, free to use, and a way to get another cryptocurrency with minimal effort. Since it's free to cloud-mine the coin, there's pretty much no risk in it. However, the project lacks a team and direction... Which... Is definitely concerning.
Personally, I did use Phoneum for a few weeks, but left due to the lack of direction, lack of community, low revenue, and apathy. It's quite hard to believe in a project if you don't even know what it wants to do in the future. But if you're looking to learn more about cryptocurrency and maybe earn a little bit of passive income once or twice a year, Phoneum might be something worth checking out!
DISCLAIMER: Though I use Phoneum, I am not affiliated with the team, nor am I endorsing or rejecting the use of their platform. I am not a financial advisor either. Remember, investments in cryptocurrencies are like any other investment: Invest only what you can afford to lose. No investment is a guarantee.
Interested in passive income but missed my other article about a review of a passive income platform known as HoneyGain? Click here to read it!
