Phore AMA (Ask Me Anything) on November 11th, 2017
This is the transcript from the AMA held in the Moonshot Group Discord. Many of the team members were in attendance, answering questions from the community. The PHR team was represented by: ubermaster, Toby, cHope, and Shanto.
Phore (PHR) AMA
Moderated by Pamela Paige @ThePinkCrypto
Let’s put together a list of questions we can come up with for our 2nd upcoming AMA (Ask Me Anything) with Phore on Nov 19th (invite your friends!). It looks like a very interesting POS privacy coin with obfuscation, masternodes and 60 second block times (https://phore.io/). Let’s please limit this channel to ONLY questions for the AMA.
ubermaster: We’re seeing a bunch of new MN coins flood the market with little or no difference between them. Phore aims to launch its online marketplace in 2018 which will open it up to a new audience. i.e. those who may have never used Crypto before. We want to become part of people’s daily lives.
What plans do you have to expand the development team?
Toby: Developers will be hired as needed depending on the size of the project. Payment will be issued from the dev fund. Right now we have enough developers but we’re always happy to hear from people that are interested in being involved in Phore.
Why the rebrand from KTK to PHR?
ubermaster: We rebranded in order to enable Masternodes and other key features the older code couldn’t sustain.
How does a user who has submitted for your future incubation program remain protected from intellectual theft?
ubermaster: We are currently looking into how to thoroughly protect both parties in this instance. We are launching this in Q1, 2018 when all of these concerns have been addressed.
Do we know the exact day of the coin burn?
Shanto: We’ve had some last minute requests to swap KryptKoin to Phore but lately our resources have been focused on releasing the newest version of the wallet. We decided to extend the swap service for one week. Once the swap service ends, we will have the coins destroyed completely as to remove it from the wallet lists as well as the supply amount.
When can we expect Cryptopia listing?
Shanto: We will e-mail Cryptopia when we are ready to list. They had been given over 2.5 weeks to prepare. We expect a quick listing once they have installed/updated their Phore wallet to the newest version. We will notify them of the release at the same time we notify our community.
What problem does your product solve?
ubermaster: The online marketplace is an area a lot of coins are trying to crack. However, we aim to be market leaders by introducing the incubator, known as Phore Labs. This allows us to stimulate interest and use in our market by investing in supply through seed funding.
Why the rebrand…
Shanto: A little note to those who would like to do more research on KryptKoin; KTK had a functioning marketplace called Kryptly and a KryptKoin to Fiat exchange called Krypteer. KryptKoin was created in May of 2014.
What’s to stop a handful of investors from setting up a large amount of masternodes and collecting the majority of the rewards?
ubermaster: There are already a large number of loyal KTK holders who have held their coins from the very start. This gives us a solid base. It doesn’t make us whale-proof, but it does give us some security.
Users that are connected to masternodes expose their IPs to that node, do you have a plan to protect the users IP from the masternode in the future?
ubermaster: It’s an issue with all MN coins. I think it’s something the wider community will need to look at as the MN market exponentially grows. However, a large number of MN’s are connected via a VPS, which in most cases, have some degree of protection. We are always looking at ways in which we can protect our community, so watch this space.
Max Supply decision?
Shanto: We do not have a max supply but we have set block reward reductions. 5PHR at 250000, 4 at 518399, 3 at 1036798. We will control inflation in order to maintain the value of Phore long-term and protect investors.
With masternode addresses being public, what’s to stop a malicious actor from attacking masternodes and rendering them useless?
ubermaster: I think my answer above covers this too. But just to add, we are fully aware of this.
What are your thoughts on countdown timers?
Toby: We’re not interested in creating useless hype or increasing the probability of Pump n’ Dumps. So we will not be using them.
Will you be accessible to answer investors concerns?
ubermaster: Always. You’ll notice that these questions on our Discord are answered very quickly, sometimes by more than one of us. We are as transparent and work exceptionally well as a team, as we share the same objective.
How is the dev team funded?
Toby: 10% of bock rewards go towards the dev fund. Developers are paid at the end of the month.
Dev fund % and use of funds for marketing?
Shanto: We have enough experience in marketing to minimize the cost by a considerable amount. We want to focus on using funds for development. We are already on multiple social media websites and are expanding to popular international platforms commonly used in the crypto space. The dev fund will come from 10% of block rewards which will accumulate, paid out and be used for whatever is necessary for Phore to advance.
Toby: It can be found here: https://phore.io/phore-roadmap/
What makes PHR better than all the other ones already in the market? That is very important to know and it has to be purely true and with Zero fluff.
ubermaster: We have massive talent and unrivalled application in our two developers Phroshi and Julian, matched with the tireless ambition of our supporting team. We simply will not rest until we’re a Top 20 coin. Take a look at our Discord to gauge the sentiment. That’s something we can’t control.
Do you plan to work with specific merchants for coin acceptance?
ubermaster: We don’t have specific names we can give right now, but an area we are specifically targeting is the ‘side hustle’ generation. Those who can sell their product and/or services without the fees taken by Ebay and Kickstarter, meaning they keep most of their profits, enabling them to leave that dead-end job, or reinvest in their business, allowing them to progress further and faster.
When is the official burn date?
Toby: Once the swap is completed on November 26th the coin burn will occur.
What’s your plan for handling the community relations and marketing of your coin/team/general enterprise?
ubermaster: Well, as we’re aiming for, and purposely stimulating real-world acceptance through the marketplace and through this process there’s a certain amount of natural PR that will be generated. We also have second stage sponsorship plans in place, as well as offering paid internships to talented young developers at Phore and this could potentially lead to tie-ups with tech universities and institutions. To read more about this access our White Paper at phore.io
Level of privacy we’re trying to offer?
Shanto: Our newest wallet release will include ZeroCoin Protocol.
How do you plan to increase PHR use case?
Shanto: Let me add to this since I didn’t see any questions concerning Masternode Governance. The latter is a feature we will implement into Phore to establish a democratic system. If you hold a masternode, you get a say in what the developers do, shape and make.
I see on your roadmap, you have decentralized marketplaces like OB…are you already talking to Brian or is that just a personal goal you’d like to reach?
Toby: Previously KTK had a marketplace based on Open Bazar and the new one will be superior re-vamped version of that.
Speaking of zero, how does Phore make use of the zero coin protocol?
Toby: In terms of zerocoin, people can choose at any time to use this protocol with their coins for added safety and security. It is an option that is selected when you access your wallet.
Shanto: It’s being debated by the team. Some may argue honeypot.
The difference between Phore and X-privacy coin?
Shanto: For now, it is common to see comparisons concluding that Phore is simply a clone of x privacy coin. Q1 2018 is where we branch out on to our own turf. The integration with marketplace, crowdfunding, and external project development are a key part of the project. These often separate Phore from the pack, as well as governance.
cHope: On top of that Phore will be having Smart Contracts in place. Other coins are just privacy coins…no more than that.
ThePinkCrypto: Okay, I’m going to lock the channel now asap.Thanks to everyone who participated from Phore and the public. Feel free to send people here or utilize this in your FAQ.
More information about Phore:
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2307909.0