Mini-Analysis: Procurrency (PROC)
- Website: https://www.procommerce.io/
- Coinclarity: https://coinclarity.com/coin/proc/
- Github: https://github.com/procurrency/procurrency
- Bitcointalk: https://bitcointalk.org/index.php?topic=1747896
- Total Supply: 15 billion
- Price (8/16/17): ฿0.00007565
- Volume (8/16/17): ฿0.4
What it is
Describing itself as a “gateway to cryptocurrency” in its whitepaper, Procurrency (PROC) is a user rewards-based coin that offers holders incentives for spending their coins. It emphasizes simplicity of use and retail-friendliness. PROC attempts to emulate traditional rebate programs by giving spenders discounts on purchases of future items through its “coin back reward” system, which is set by each individual merchant. Merchants also have the opportunity to earn credit rewards through completing a series of online courses related to Procurrency use. PROC has some advanced coin functionalities, like multisignature transactions and a rewards tracking feature and relies on a Proof of Stake algorithm to keep its blockchain up to date.
This is not exactly a novel or inventive idea, and we’re not entirely sure it should be the role of a currency to provide discounts or incentivize purchasing. The lead blockchain developer remains anonymous (a bad sign for any coin), and things have slowed down tremendously on the coin’s bitcointalk page (another bad sign) as of late. Though it does command a respectable $12+ million total market capitalization, its poor trading volume and lack of liquidity make PROC not a highly-suggested investment. Without much word from the developers as of late, there seems little reason for this coin to keep going, so until these things change we have to give it a “sell” rating.