Community Deliberations on Phore Vs Synapse: What is the Best Way To Go? (II)
In the previous article, we looked at two major use cases the Phore community has been revolving its conversations around, namely the creation of a blockchain-based/decentralized e-commerce platform that is being designed to tackle the problems we see today in the world of e-commerce and the implementation of synapse, which happens to be a revolutionary technology that is aimed at enhancing throughput and scalability beyond of what is obtainable in the blockchain space today.
The deliberations within the community II
The Phore Dev team started the conversation by proposing the release of Synapse as a new chain while PHR will be swapped. This is to say that Phore will be rebranded into synapse.
The CEO stated this on the platform saying that,
“The short answer on a rebrand is yes. We are planning to have a new name for the Synapse architecture, and it’s not going to be Synapse. We have been discussing and planning this for a long time. We’re actually right now finalizing some market testing of a shortlist of names.” He added,
“I think it’s also time to bring up another topic related to this that we have been discussing internally, which we will also put to a vote for the Phore community to decide. Phore has been a staking and masternode coin, and one of the primary use cases we have been focused on is the Phore Marketplace, which is primarily an eCommerce focus. We will be continually adding new features and possibly even entirely new applications to the Phore Marketplace, so that direction will continue and expand.”
According to Mike, “the vision for Synapse is much bigger than that. It provides a very robust, secure, and stable cryptocurrency protocol that will handle orders of magnitude more transactions, and allows shard types to be developed that can be optimized for any use case, from fast secure transfers to full Turing-complete smart contracts, to decentralized storage, to privacy, to identity, on and on.”
He rounded off by saying that, “Synapse will allow native dApp development to run directly on the blockchain, we would be able to support issuing other tokens on it — there is just a tremendous array of possibilities and use cases we can grow on top of the Synapse platform. One of our concerns as we thought about this is that with Phore being branded more like an eCommerce focused project, that might make it harder to show people what the Synapse technology is capable of, and what the project is really about. People might mistakenly think Synapse was just a way to add more complex features to the Phore Marketplace. This has led us to think that the best course of action could be to keep Phore operating as a separate project after the launch of Synapse and to launch Synapse as a new cryptocurrency and project. Each would then have its own identity that matches what we are building, and the eCommerce focus of Phore can continue without interfering with the vision of what Synapse is meant to become.”
A community member expressed his opinion towards the subject matter saying that:
“I’m a little confused about the need for splitting Phore into two separate projects. I see the marketplace as a nice application that could be built on top of synapse unless you see issues with integrating it with synapse (hence the need to split the projects to maintain the hard work put in the marketplace). What would the primary purpose of Synapse be? I get the amazing tech, but there are a lot of chains out there, no one is being used really. Having a marketplace up and running would be a starter advantage in my opinion.
On the other hand, having just Phore as the currency of a marketplace leaves plenty of doubts. There are many marketplaces out there that have mobile apps etc and accept bitcoin as payments. Why would someone use the Phore marketplace? (Unless it was an APP of the Synapse infrastructure, a la ethereum with its dapps).
Finally, splitting the projects would make a tax nightmare for a lot of people I believe.”
A follow-up response was given to the concerned member:
“I don’t see any issue with integrating the Marketplace with Synapse, and in fact, I would very likely plan on doing so at some point. The Phore Marketplace will also likely add support for Ethereum and many other cryptocurrencies.”
Like every case of a consensus not all the parties would agree with an idea, no matter how viable. One of the community members expressed his opinion bluntly saying that:
“My personal opinion is PHR is dead if you separate the two. Synapse is the only thing keeping this project alive as of right now. If you think the projects need to be separated, just make two separate businesses under The PHR project. It gives more value to the coin itself”
Phore would not be shut down after that point, and you would continue to own the PHR that you own now. Phore would continue on as a separate project with a more purely eCommerce focus, and the Phore Marketplace would continue on as part of the Phore project. Synapse would have a new name, logo, brand, and message that matches what we have been building — a full global cryptocurrency platform with many different shard types, next-generation security and scalability, and a focus on building dApps and other DeFi use cases that it enables.
What happens to the existing Phore holders?
In all of these, there has been one issue of pressing concern in the minds of many, this is the distribution of the new coins that would be in the new chain. In reaction to this the CEO replied:
“Owners of Phore when we initiate the launch of Synapse will be receiving an amount of Synapse that corresponds to their Phore balance at the time we take the final snapshot of the Phore blockchain prior to launch. We are building in a mechanism using a Synapse smart contract to automatically issue the Synapse tokens to users after they prove their ownership of the Phore addresses in the snapshot.” He also added that,
“My expectation at this point is that ALL of the Synapse coins are being given to Phore owners as of the time of launch. The only premine other than perhaps a minimal amount needed to bootstrap the blockchain would be to issue those coins to Phore holders (as of the time we take the Phore blockchain snapshot) at whatever time they choose to redeem them and even that initial bootstrap amount might be deducted from the rest of the premine or burned once enough other validators are created. Synapse will have a decentralized budget governance system similar to Phore, so there will be ongoing funds generated to fund ongoing Synapse development and marketing, and Synapse validators will have a reward structure similar to what Phore staking and masternodes provide.”
The team said that they will make the swapping process as easy as possible for non-technical users, possibly making it as easy as clicking a button in the Phore wallet to generate the necessary proof, and allow the user to import that directly into the Synapse wallet, either instantly or through some kind of export/import type of function.
Conclusion
The team has said that it is yet to work on proper modalities to fully implement all of the above stated. However, from the look of things the team has a well thought out plan on this and most of its community trust their sense of judgement. Another community member said:
“I agree with this. At the end of the day, I trust the team. They have more invested in this than anyone of us and have a far better understanding of this event in its entirety than any of us. We are in good hands.”
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