Phore: Q&A

1. Why the name Phore?

Phore (roughly defined) means bearer or producer. To date we have upheld this name without fail with our continuous outputs of both technical and corporate developments.

2. What problems Phore solves?

Most cryptocurrencies today require a lot of technical knowledge, are not user friendly enough, are not accessible enough, and in very many cases have no functioning real world use case beyond holding and trading them as a digital asset. Many cryptocurrency blockchains are also lacking important features that would be needed to be able to function as a superior currency and enable commerce, such as fast transactions (for things like retail POS), anonymous transactions (to make it resistant to economic censorship, third party data aggregation, and in some cases oppression or confiscation from corrupt governments), or the ability to run complex decentralized applications and transactions (to allow decentralized and potentially even autonomous business models for both commercial and charitable organizations and causes).

The Phore Blockchain ecosystem is being created to solve all of these problems and gain real world adoption. We want Phore to be easy to use even for people who are not technical and may not have prior experience with cryptocurrency — in fact a large number of our users are already exactly that type of person. We want to not only provide solid blockchain technology but also decentralized applications built both by the Phore team and by others to promote private, decentralized eCommerce and other decentralized business models.

3. How Phore came to be?

Phore itself is a rebirth and rebrand of KryptKoin (KTK). This was the very first marketplace project within the crypto industry with Kryptly.

It also had its very own fiat gateway with Krypteer, as well as a fantastic community which included many of the well-known names in the crypto community today.

Unfortunately the lead developer of KTK developed a serious illness which meant he had to step down whilst he underwent treatment. This resulted in the demise of KryptKoin in late 2015. This unfortunate type of situation is no longer a worry as we now have a team of over 30 members — including 5 developers.

There was never any ICO or developer pre-mine for Phore. KryptKoin was originally airdropped, with the developer receiving one share like everyone else. After the coin swap, everyone who owns Phore received them either through block rewards or by purchasing them on exchanges. The Phore community has grown considerably since the original launch, and many of the current developers and other team members including myself joined after learning about the project, becoming an investor, and making contributions as a volunteer.

As a general point as no one ever paid for coins at inception, meaning it would be hard to call us a security coin. In addition with the marketplace and the buying currency being Phore this further establishes the utility of the currency. This is going to become increasingly important as time goes by. Exchanges are asking coins to legally certify that they are not a security.

phore.io/marketplace/

4. Many things under development, what are the key features in the marketplace that will help Phore propel?

The Phore Marketplace is the first of many decentralized applications (Dapps) that has been released as a real world problem Phore can solve. One of the key features is the ability to purchase items privately, using Phore’s anonymous transactions (zPHR) to prevent any direct linkage on the blockchain being recorded between the buyer and seller addresses. Coupling this with the completely decentralized, peer to peer design of the marketplace — no centralized servers, no centralized data aggregation, no centralized authority — empowers people around the world to trade products and services directly with each other and only share the information they choose to share with each other to complete the transaction (e.g., shipping address). The interface is available in many languages which helps to enable local merchants in many countries around the world to use the Phore Marketplace.

This also gives people an easy, direct onramp to purchasing Phore cryptocurrency. They can simply sell any digital or physical product or service and receive Phore in return. They can also use their Phore to purchase other products and services to receive real world direct benefits — as one example, there are Amazon gift cards available for purchase on the Phore Marketplace right now, allowing anyone to convert their Phore into credit that can purchase anything Amazon sells.

By removing the expensive centralized platform that most eCommerce marketplaces include, the Phore Marketplace also reduces the costs and friction of the process. There are no listing or ending value or other fees, which can often add up to a very significant percentage of a seller’s total revenue. They can choose to keep this as additional profit, or pass the savings on to buyers with lower prices and increase their sales volume.

As we move forward, we will be adding crowdfunding and other significant features to enable other types of direct, decentralized commerce. We think it offers a very compelling value proposition for decentralized commerce around the world, and will continue to expand its usefulness as we add functionality to the platform.

5. According to Phore whitepaper, “The vision of Phore Blockchain is to provide a platform that facilitates decentralized commerce that is free to use and sustainable in nature.” Why not build a Decentralized Exchange, which could help Phore be at the forefront of Decentralization of Things?

A DEX is not on our Roadmap but it’s something that we are currently debating amongst ourselves as we see how this could potentially compliment the other parts of Phore Blockchain. We have actually registered a few domains for the purpose of a DEX but there are no concrete plans in the roadmap as of yet.

Phore is already available for trading on the CryptoBridge decentralized exchange, and is expected to be available for trading on the Bisq decentralized exchange within the next two weeks. We want Phore to be as accessible as possible to people, and while a DEX built by the Phore team is not currently on our roadmap, the architecture and protocol underlying the Phore Marketplace actually already has much of the underlying support and features in place that could support DEX transactions.

6. Couple similar projects, what is your closest competitor?

Phore is actually forked from PIVX (we did this as PIVX provided an excellent foundation from which to build), however from what I understand about PIVX, we have different priorities and therefore aren’t really in competition — In fact, there are no real ‘close’ competitors to what we are doing here at Phore Blockchain.

Yes there are others creating decentralized marketplaces. Yes there are others creating decentralized crowdfunding and smart contract platforms…etc, however we aren’t limiting Phore to just one use case, unlike the rest. 
We believe that those who are provide the most utility and are most versatile have the greatest chance of success. We feel we are ahead of the curve in both these regards.

7. What sets Phore apart?

Phore is a self funded, no ICO or premine, privacy currency which makes use of a customized Zerocoin protocol, and offers fast, scalable and secure transactions. Phore itself is one of many features within the Phore Blockchain ecosystem, the primary goal of which is adoption — aided by way of both providing and seeking use cases for Phore.

The Phore Marketplace already provides actual utility to the Phore currency. You can actually buy and sell things using Phore. This is pretty much unheard of in coins outside Top 20/30.

Further use cases which will be provided by Phore Blockchain include a Decentralized Crowdfunding platform, and private Smart Contacts — the first of their kind. All of this is happening alongside numerous business ventures which include (but are not limited too); ‘Phore Labs’, ‘Phore Scholarships’ and Blockchain Products and Services.

So, to answer the question more directly:
- We produce rather than make promises (every deadline set to date has not only been met, but in numerous cases has been ahead of time).
- We work hard and promote our achievements rather than hype.
- We started with no funding (many of the team members actually covered some of the initial costs we incurred out of pocket), but have still experienced tremendous growth — Phore now consists of over 30 team members spanning many different departments.
- We have a working product!
- Things are actually being bought and sold right now with Phore.

8. Plans for other exchanges?

We are talking to a number of major exchanges about listing with them. The ball is now in their court but we are pushing them on a regular basis and updating them with our progress as an ecosystem.

This was one of the main reasons for our eagerness to incorporate — this is now a requirement for the majority of major exchanges.

We are in discussions with some, and applications have been sent to others — due to NDA’s, we are unable to disclose further.

9. Community is tight and active, how you planning to create the next wave of hard-core Phore evangelists?

I think they are called Phorevangelists. The next wave will be drawn to our real world presence and delivery of features on time and in some cases ahead of schedule. The team has a constant thirst for improvement and breaking perceived limits. As we are community governed through our Masternode Voting system, the community will always be at the very centre of our existence.

10. Who is behind Phore development? Backgrounds?

As Phore’s CTO (Moonshot), I bring over 25 years of technology consulting experience, working for one of the world’s leading professional services firms serving Fortune 100/500 companies across many major industries. My clients include high volume discount brokerage, banking, wealth management, micro-lending, hedge fund, pharmaceutical, high tech, and consumer product companies among others. I have managed project teams of up to 200 people, and have a long track record of successful, on time delivery and solving complex problems for my clients. I have directly advised many CIOs and other senior executives at large global companies.

I also led the development team for two years for a payment related Software as as Service startup to create, launch, and expand the functionality of their flagship product that processes billions of dollars in payments every month. This was before blockchain existed, and that product solved a problem that included many features that are similar to what blockchain provides today, such as digital signatures and escrow. That company went on to do a successful IPO and was later acquired for over half a billion dollars.

We have several other very smart and talented developers on the team.

Julian has led development of many of our efforts this year and is absolutely outstanding. He has extensive blockchain knowledge and has already done an excellent job delivering the Phore Marketplace, Phore core wallet upgrades, and many other things, and is nearing completion of the work needed to launch SegWit on the Phore testnet. Prior to Phore, Julian developed Ethereum disassemblers and decompilers as well as several different blockchain applications relating to sales systems.

Diógenes is a winner at ETHWaterloo and has a proven track record of full-stack and mobile application development in multiple programming languages. We have several other developers and contributors that have been engaged full time, part time, or for specific projects with extensive cryptocurrency, mobile application, front end and back end development experience, and we are currently in discussion with several others to expand our capacity and accelerate the delivery of our 2018 roadmap.

11. What is/will be Phore marketing plan? Funding?

Phore had no premine and no ICO. The entire project has been self funded and built from the ground up. On the surface this may appear a disadvantage, however I feel this shows that we have a talented and dedicated team who have a fantastic knowledge of the crypto industry in general.

This isn’t to say we have no budget, a % of each block rewards goes to the Phore Development Fund. These ongoing rewards, coupled with the reserves we have amassed since our inception, provide more than adequate funding for all of our marketing needs.

We prefer not to make our marketing plans public, as this way we retain the maximum impact factor.

11.2 Million Phore swapped from a total of 18.8 Million KryptKoin in autumn 2017 at a ratio of 1:1. There were roughly 7,600,000 coins unswapped. The community voted for half of the unswapped coins to go to the development fund of Phore, and the other half to be burned. However, Phore (KTK) was airdropped (in equal shares) because we believe in decentralization. We felt like we would have sufficient funding from block rewards, and therefore decided to burn ALL unswapped coins.

12. Plenty of competition on the privacy-end, what is the plan to tackle it?

Privacy is a choice by the user. Phore allows the user to utilise this provision or not. It depends on individual circumstances. There are people for whom this is not something they will ever use, while for others it is essential. We’re not in competition with other privacy coins specifically because Phore Blockchain, as an ecosystem offers much more in addition to most others.

13. How will Phore simplify the usage of smart contracts for “true integration to mainstream commerce”?

We will integrate smart contract features directly into the decentralized applications (Dapps) we are building. A trivial example would be for decentralized crowdfunding: a configurable template will be available for people and organizations that want to raise funds for a project, make a movie, build a product, etc. The template will allow them to specify the timeframe and amount they must raise for the crowdfunding to be successful, any maximum amount to raise, etc. People wishing to contribute can send Phore to the smart contract with a user friendly interface similar to a website, and the smart contract will keep their funds in escrow until the goal amount is reached or the timeframe expires, and then will automatically either release the funds to the project if it was successful, or refund the contributions of it was unsuccessful.

A more complex template could be created to tie the release of funds to an oracle that measures completion of project milestones and releases the funds to the project only when those milestones are completed.

With the marketplace, a variety of more complex options could be made available as terms of sale that can be offered to buyers — sellers may be able to access a certain portion of the funds immediately after the sale to cover their costs for a product or service, but the remainder could be held automatically in escrow until delivery / buyer acceptance, or potentially some of the purchase could be placed in an escrowed fund for warranties, refunds, taxes, etc.

However those are all very simplistic examples of what Phore smart contracts can do. Entire decentralized business models will be built around smart contracts — something similar to Airbnb or Uber could potentially run completely on the blockchain with no centralized authority or massive fees paid to the company controlling those platforms. Reputation systems and smart contract payment protections can take the place of arbitrators or centralized authorities, allowing individuals to participate in these types of commerce in a completely decentralized way, removing massive costs from the process and preventing centralized authorities from aggregating and selling user data, empowering people to conduct these types of commerce directly in a safe and secure way.

We will be building tools to make the process of writing smart contracts easy for developers, and applications and interfaces to make them easier to understand and use for end users.

We also want to make it easy for everyone from individual entrepreneurs and small businesses to large global corporations to add Phore smart contract enabled transactions into their existing eCommerce systems.

14. Decentralized Crowdfunding or Decentralized ICO platform?

Decentralized Crowdfunding. This is targeting the side hustle guy/girl. Someone or a small startup who have been passionate about their product or service for a while and needs to find a way to make that dream a reality without paying the fees that Kickstarter and IndieGogo charge. It’s this main target user that makes our offering unique.

15. Examples of usage of the Decentralized Crowdfunding?

Jane, 23, has been singing part time since her teens. Now, stuck in a series of dead-end jobs she wants to raise enough money to produce an album, and sell it on the Phore Marketplace. Her demo which she pulled favours to record three months ago, is strong and she uses this as the jewel of her crowdfunding marketing. After 30 days Jane manages to raise 1000 Phore. At this point she Exchanges this for studio time with a business on the marketplace offering this service or converts the Phore to FIAT using a third party service.

Phore Team

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I cannot praise Phore enough. Core team and community actions speak louder than anything good I could say about Phore. Truly humbled and honored to join Phore team as Strategic Advisor.

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