What is Sphere? What Does SPHR Do?

What is a sphere? Sphere is a decentralized payment network with a Proof-of-Stake consensus system running on its own Blockchain network. Koindeks.com In this article, we answered the questions of 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 guaranteed by a Proof-of-Stake (PoS) consensus mechanism. This project works in a decentralized form. It basically offers its users a peer-to-peer payment network service. The payment platform is designed to act as an efficient and reliable 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 working with the Proof-of-Stake consensus mechanism. The project’s website does not have a random whitepaper contact. Also, the project does not have a random blog or a frequently asked questions section. 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 field of social sharing despite the fact that user data only benefits companies. For this purpose, the project has developed a social media platform of its own. This platform rewarded users with cryptocurrencies in exchange for their information and interactions. The Ethereum-based platform has lost its popularity over time. Subsequently, 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’s the use?

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, apart from staking, questions remain largely unanswered about what SPHR does.

What is a sphere? How to take SPHR?

According to its website, Sphere is currently trading on Bittrex and Upbit Korea exchanges. 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 stock market.

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