The Prom price ((PROM) price) is a function of supply and demand economics on liquid exchange markets. The determinant of supply is the core implementation for running a node on the Prom network to validate and secure transactions by staking Prom (PROM) price tokens.
The staked tokens qualify participants to act as a node on the network, because the implementation punishes participants that do not follow the network's blockchain protocols for ensuring network consensus of authentic transactions.
The coin has a circulating supply of over 16 million in 2022, and this blockchain has a max supply limit of 19.25 million, so it is a deflationary proof-of-stake cryptocurrency. When the max supply is reached, increases in the market cap can only be affected by increases in the coin's market price at exchange.
Determinants of demand are the other salient factor in Prom price, as with other liquid markets for digital currencies. They include use value for the tokens and speculative long positions by investors seeking to profit from the business on the network.
Market cap reached an all time high of $77.76 in April 2021. So if the Prom price going into Q2 2022 reaches future price ATH again, long positions taken at that time would return at least an over sevenfold increase.
What Is Prom?
Prom is a blockchain ecosystem designed to solve real problems in using the Internet to call data from servers online.
It was developed by data scientists to bring the benefits of blockchain: censorship resistance, data privacy, accessibility, transparency, security, and cost reduction to calling data from other servers.
As a second layer solution, the chain is designed with interoperability in mind to create a decentralized version of popular social media apps, live and on demand streaming services, messaging apps, marketplaces and content sharing platforms, and data management clients.
It was created to solve real world problems in data brokerage, and created for the influencer marketer, with the medical and insurance data and insurance data market industries in mind.
Prom Founders
Prom network is developed by data scientists to solve real world problems in data brokerage. The founders of Prom (PROM), developed by Prom Labs, a company existing in concert with data engineers and business entrepreneurs, envisioned bringing blockchain's benefits to the influencer marketing medical and insurance industries.
As such, this P2P network was created for the influencer to have access to the security, immutability, and other decentralized network qualities as they go about their work. While the original founders of Prom have decided to remain silent, its blockchain is a secure and decentralized ecosystem with the business side is managed by Vladislavs Semjonovs and Iva Wisher, along with others.
Semjonovs has a degree in international law from Moscow State Law University, and joined the cryptocurrency industry with a stint at BlockchainSaw LLC. He also founded Ignite Social.
Wisher holds a degree in Marketing and Public Relations from the Russian Presidential Academy of National Economy and Public Administration. He's worked in communications management at High Sierra Pools and as an investment banker for VTB Capital, and currently serves as the COO for Prom.
With their oversight the coin reached an all time high market cap in excess of $77 in April 2021.
How Does PROM Work?
Prom (PROM) works by issuing a circulating supply of tokens that operate on the Prom network with the support of other interoperable blockchains to provide first layer validation and security, while increasing network speed and decreasing fees for users.
By going around network congestion on primary chains, PROM decreases costs and increases transaction settlement speed for network users. PROM is the native network utility token, and is used by network nodes to achieve consensus and receive block rewards for staking their coins.
Participants stake coins to become nodes in the chain's Proof of Staked Authority consensus (PoSA) architecture. This keeps the integrity of the network and secures it against network compromise.
PROM is also used to make payments for apps built on the platform in a secure and decentralized ecosystem designed to solve problems with data use online for influencer markets working in the medical and insurance data sectors.
How to Buy PROM?
The Prom price ((PROM) price) and market cap are volatile, as many digital asset and use coin instruments are in this still emerging industry.
Though its circulating supply is coded to remain relatively stable, the number of investors and users in the ecosystem, and the number and quality of its apps, as well as the volume of network usage and the value the network brings participants will all have an effect on the Prom price.
Whether you're interested in buying the coin as a speculative investment on its future price, or to use the network's apps, you can buy Prom and sell Prom on a number of cryptocurrency exchanges. At the time of writing, these include Binance, FTX, DigiFinex, KuCoin, and BingX.
