KoreCoin hasn't received much attention in 2018.
So what's the project about?
And is it the next big privacy coin?
In this coin review of KORE cryptocurrency, you'll learn everything you need to know.
1. What Is KoreCoin?
KoreCoin is a privacy coin, focused around protecting the anonymity of it's users.
Their trading symbol is KORE.
The KoreCoin is used as a token for transactions within their privacy ecosystem.
And their ecosystem is built around several products including:
- KorePhone: A smart phone product designed to allow users to remain completely anonymous whilst using their phone
- KORESurf: A browser integrated with the TOR network. Every time someone uses the KoreSurf browser, they automatically connect with TOR - a layered network designed for private internet usage
- KOREVoIPA: This is kind of like an anonymous version of Skype. Every time someone uses KOREVoIPA to make a phone call or send an instant message, coins are burned - removing any record of previous transactions
The use case of this coin is to allow financial, anonymous payments via mobile phones, the internet, the KORE operating system and their own marketplace.
It’s a proof of stake coin.
That means investors who hold KORE’s tokens will receive rewards for staking the coin long term.
This uses Pure Proof of State (AnOn).
I’ve explained how to mine KoreCoin later in this guide.
Kore’s project is split into several different applications, which I’ll now analyse below.
One of the main pieces of KoreCoin’s project is KOREVoIPA.
Their plan is to allow users to make free phone calls via their wallet.
Key features include:
- A contacts list
- Voice mail
- Compatibility for most major OS' - including Windows, MAC and Ubuntu
- Video calls
- Instant messaging
This integrates with a coin burn feature called KOREPoA.
So once phone calls are made, KORE coins are burned.
This creates an extra layer of anonymity for their users because previous records of KoreCoin communications become inaccessible from the blockchain.
It’s like an anonymous version of Skype.
They also have KorePhone, a communication system that’s anonymous via the TOR network.
This is a smart phone designed for anonymous communications.
The phone hasn’t been released to market yet - so we’re still waiting to see a live version of the product.
So what sort of anonymous communications would the phone allow?
- Phone calls
- Video calls
- Instant messaging
- Apps integrated within the phone
- Wallet transactions
KoreSurf is a web browser.
This can be used via the KoreCoin wallet to browse and process payments anonymously via their network.
It's like the anonymous version of Google Chrome or Mozilla Firefox.
This web browser is embedded inside KoreCoin's wallet, whilst connecting with the TOR network to create anonymity for it’s users.
With TOR’s military grade encryption, users would benefit from a secure network that’s already proven to work.
KoreSurf is also built into their smartphone product.
From what I can see, it would act like a VPN or Substratum.
So masternode users would be rewarded with KORE tokens every time a request is sent to access a website.
Their computer would act as a node on the blockchain, verifying transactions via the KoreCoin network.
Kore is planning to list it’s products and tokens via their online marketplace, KOREBay.
So they’d basically create an ecosystem of anonymous products - all transacting via the KoreCoin token.
1.5. Useful Info
Trading Symbol: KORE
Max Supply: 12,000,000 KORE
Marketcap: $3,352,660 USD
KoreCoin Price/KoreCoin To Usd:
Find their latest prices here.
2. Is KORE Legit?
So there’s a few controversies surrounding the KORE brand.
And whilst I’m not sure if they’re legit or not, here’s a few criticisms reported online about KoreCoin.
Kore’s marketing budget seems pretty low.
If you look at their website, it feels low budget and a little amateur.
There’s also not much information about who they are, their team and the technology behind their blockchain.
That’s not a good sign.
KORE’s marketing strategy is essential to their success:
And as an investor, seeing a poor website makes you wonder whether they’re truly serious about the future of the coin
If they want to grow their community, they need a professional brand that demonstrates trust and credibility
Most altcoin projects that fail typically have a poor website. Just check out OneCoin as a classic example of this
2.2. White Paper
The coin doesn’t have a white paper.
That’s always a red flag for cryptocurrency projects.
Because KoreCoin doesn’t have a white paper, you can’t really get a strong understanding of:
Their business model and what they’re trying to achieve
Their ambitions and visions as a cryptocurrency
The technology and blockchain behind the business
Who their team is and why they created KORE
What their plans are for growing the coin’s adoption
However, in KoreCoin’s defence, they recently posted on their Twitter account that a white paper is coming soon.
Also, some investors argue that they’d rather see a real life working product - rather than a dream and a white paper.
So even though KoreCoin doesn’t have a white paper yet, you can’t completely write off the project.
2.3. GitHub Updates
One Steemit critic made a really good point:
KoreCoin’s previous GitHub project hasn’t been updated in 3 years.
Now obviously, that signals a few problems:
- They have no development community actively working on the project
- The project has been abandoned
- Their technology isn’t being updated - and obviously, cryptocurrency projects should never stand still
- The cryptocurrency industry has changed a lot in 3 years
- So if there’s not been any updates, their blockchain probably isn’t optimised
But there’s no official announcement confirming the project has been abandoned.
So what happened?
Well, I checked their Twitter account and it looks like the project has moved/been re-branded.
So you can find KORE’s latest GitHub account here.
(Meaning the Steemit user above posted the old GitHUB URL.)
Definition: GitHub is a development platform for open source communities.
It’s often used in the cryptocurrency world for development communities who want to collaborate on blockchain related projects.
2.4. Pump And Dumps
KORE’s price has been temperamental over the last few months.
Just look at KoreCoin's price history in December.
The coin's price took a huge jump and then dipped straight afterwards.
That’s probably because KORE’s been the victim of price manipulation, which is another red flag.
I tend to stay away from investing in pump and dump coins like these.
2.5. Kore Team & Founder
I couldn’t really find any information about the KoreCoin team.
Maybe that's because they're a privacy coin.
But it's worrying because there’s no accountability.
Of course, technologies like Bitcoin remain anonymous in terms of their founder.
But Bitcoin is backed by a huge development team, community and millions of dollars in market cap.
KoreCoin doesn’t have those kind of resources.
And without any information on their team, it’s hard to judge their project’s credibility.
Essentially, you don’t really know if they have the experience, expertise and leadership skills to build a project that’s going to be successful.
2.6. Privacy Coin Saturation
There are so many privacy coins out there now, the market is already saturated.
Plus there are already loads of TOR related cryptocurrencies, that already integrate with it’s encryption services.
After researching KoreCoin and it’s technology, I can’t really see any USPs.
So that leaves me asking:
What makes their technology unique?
Why is their privacy technology better than existing coins on the market?
Do they have the resources to compete with other privacy coins - that are backed by bigger development communities and a larger budget?
Where’s the white paper and working product to back all of this up?
What’s the main use case of the technology?
Whilst there are loads of privacy coins out there, only a few projects can make it to the top.
The rest will struggle to gain market share and captivate an active community.
I’ll be interested to read KoreCoin’s white paper when they finally release it.Hopefully the KORE team will release info on their business model and how they plan to grow the coin’s adoption.
3. KoreCoin Future
3.1. KoreCoin Predictions
I think there’s definitely a positive future for privacy coins.
But is KoreCoin part of it?
I’m not convinced.
From what I’ve seen so far, I think the KoreCoin project will struggle to gain a stronghold on the privacy coin market.
3.2. Why Invest In KoreCoin?
Here’s what I like about KoreCoin cryptocurrency:
- Their mining network is Proof Of Stake - that’s a great way to grow their community
- Their KorePhone is a really interesting and unique project - I’ve not seen anyone else doing that yet
- The privacy coin market has a bright future
- Their token has an obvious use case - to protect their user’s anonymity
- The KOREVoIPA has potential
- They’ve integrated their technology with TOR - a proven privacy network that already has millions of users
3.3. Why Shouldn’t You Invest In KoreCoin?
Now here’s a few reasons why I don’t think KORE is a good investment:
- The privacy coins market is too saturated
- It’s too competitive - they don’t have the resources or millions of dollars in funding to compete with coins like NAV, Substratum or Monero
- Their website doesn’t demonstrate trust or credibility
- They’re haven’t released a white paper yet
- Their announcement about releasing the KorePhone was made ages ago, but no product has been released just yet
- The cryptocurrency market doesn’t have the type of investment and market cap previously in 2017 - so it’s extremely difficult for smaller coins like KORE to rise up in popularity
- I haven’t seen any real USPs about the project
- There are loads of privacy coins with working products that are already using TOR
- They’ve faced a lot of criticism online from the Reddit and Steemit cryptocurrency communities
- There’s no real information about the credibility, expertise and experience of their team
- There’s no real marketing strategy in place
At the end of the day, this all comes down to trust.
Investors have been burnt too many times by similar projects with all of the red flags listed above.
And KoreCoin are going to struggle to convince potential investors that they’re not just another privacy coin.So until they have a working product, a bigger community and a better marketing strategy, personally I wouldn’t invest.
4. KoreCoin Mining
4.1. How To Mine KoreCoin
KoreCoin actually switched to Proof of Stake recently, re-releasing their coin’s wallet.
Their wallet is non-GUI.
This means you can’t mine it - instead, it’s staked.
The Kore team have switched to a staking model because:
Staking rewards people for holding KORE tokens
It’s a growth strategy to expand the community
This helps transactions on the blockchain process faster
Transactions become more secure and private
Their wallet lets you stake KoreCoin via a TOR Masternode and collect rewards in KORE tokens.
To stake KoreCoin, you need:
Their masternode software
A wallet that holds KORE tokens
A computer with the masternode software installed
4.3. KoreCoin Masternode
Korecoin’s masternode is integrated with TOR, so they recommend using a VPS to run it.
As a masternode, you’ll receive KORE tokens passively for being a part of their network.
You’ll also get voting and governance rights too.
4.4. Is KoreCoin’s Masternode Available For Windows?
The KORE team have publicly stated they won’t be releasing updates for the Windows masternode.
However, despite a lack of KORE masternode tutorials, their wallet is available for Windows OS.
4.5. KoreCoin Burn
The KORE wallet comes with coin burning functionality.
This featured is designed to protect your privacy and removes your transaction history - meaning transactions are difficult to trace.
So how does this work?
Let’s say you want to send a payment to your friend’s KORE wallet:
You’d transfer KORE tokens to another user’s address
This would create newly minted coins that would land in your friend’s wallet
Your original coins would get burned
After processing the payment, there’s no trace of your transaction:
Your coins are burned, and your friend’s KORE tokens are newly minted.
5. KORE Project Faqs
5.1. Where To Buy KoreCoin?
If you’re wondering how to buy KoreCoin, you can purchase it via the following exchanges:
- Trade Satoshi