What is a sphere? Sphere is a decentralized payment network with a Proof-of-Stake consensus mechanism running on its own Blockchain network. cryptocoin.com In this article, we answered questions such as what Sphere is, what it offers, what is SPHR, what it does, and how to get it. Let’s examine this PoS-based crypto money project together.
What is a sphere?
Sphere is a blockchain project secured by a Proof-of-Stake (PoS) consensus mechanism. This project works in a decentralized way. It basically provides a peer-to-peer payment network service to its users. The payment platform is designed to act as an efficient and secure trading tool. It also has a cryptocurrency called SPHR that rewards investors and long-term holders.
There is not much information on the internet about the network that works with the Proof-of-Stake consensus mechanism. The project’s website does not have any whitepaper links. Also, the project does not have any blogs or FAQs. Originally launched in 2015, Sphere was an Ethereum-based social media network. In this decentralized network, users could interact with other users. However, in 2019, the project was rebranded as a decentralized payment network.
What does Sphere offer?
In 2015, Sphere emerged in the social networking space despite the fact that user data only benefits companies. The project has developed its own social media platform for this purpose. This platform rewarded users with cryptocurrency in exchange for their data and interactions. The Ethereum-based platform has lost its popularity over time. After that, in 2019 the team behind the project rebranded Sphere as a payment network. With this branding, Sphere has moved from Ethereum to Ubiq Network.
What is SPHR? What does it do?
Although the website describes Sphere as a payment network, there is not much information about it. It remains unclear what use cases the project’s native ERC-20 token, SPHR, has. Currently, CoinMarketCap classifies SPHR coin as “untracked assets”. SPHR coin is currently traded on several exchanges and users can earn new token rewards by staking this coin. However, questions remain largely unanswered about what SPHR does outside of staking.
What is a sphere? How to take SPHR?
According to its website, Sphere is currently traded on Bittrex and Upbit Korea. If you want to buy the cryptocurrency, you need to be a member of one of these exchanges. After that, you can get the crypto money by following the steps to buy SPHR on the exchange.
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