By Thomas Ambler, Co-CEO to the Phore Blockchain project, for The Fintech Times.
Phore Blockchain is a fairly new and ambitious project in the rapidly expanding distributed ledger technology (DLT) space. But unlike a myriad of others, Phore Blockchain is a multi-dimensional product with real-world use cases. In fact, their team would be the first to tell you that the currency function of Phore (PHR), even with its flexibility allowing for both transparent and private transactions, is only a small part of the platform.
Phore Blockchain supports an entire ecosystem of applications. Among their plans for this year alone are; the implementation of atomic swaps, that can instantly trade one cryptocurrency for another without a third party exchange; SegWit integration, for faster transaction speeds and added network security; smart contracts that control binding agreements between separate parties under predetermined conditions; and side chains that allow for interoperability between different Blockchain ecosystems and platforms enabling mass scalability.
These types of features in any given project would make it stand out from the rest, however, what is perhaps most interesting is that they have developed a real-world, practical use for PHR. March 25th, 2018 marked the launch of their version of a completely decentralized marketplace. Here buyers and sellers can transact for goods and services using PHR as the medium of exchange.
So, why would someone what to use the Phore Marketplace when they can use Amazon or eBay? That is, indeed, a very good question. After all, those are large entities with endless choices of items for sale. There are four primary reasons why the Phore Marketplace stands out. First, there are virtually no fees involved in transacting on the Phore Marketplace. This means, no listing fees, no monthly fees and no platform fees. Ask any seller on the big two and they will tell you that they pay a very steep price for the privilege of selling and listing their items for sale on those platforms.
The Phore Marketplace can eliminate these fees because buyers and sellers transact directly between each other, peer-to-peer, without the need for a middleman. This removal of an intermediary takes away the need to charge for facilitating a sale. As a result, sellers have the potential for higher profit margins for their goods and services, and those savings could be passed on to consumers. The only fees that could be incurred on this platform are for third party mediation to resolve disputes between buyers and sellers. The removal of standard fees experienced on the larger platforms alone could be a game changer for online commerce.
Second, the Phore Marketplace does not collect or sell any data from its users. With the current system, nearly everything people do online is tracked, recorded, stored, and sold. This information can than be used against the interests of its users for various things such as advertising and political influence.
Third, the Marketplace gives people a place to actually spend PHR. This should be the single most important purpose of any currency – to enable the transfer of value between different physical and digital assets. So, if a holder of PHR wants to purchase a product or service, they no longer have to go through the hassle of converting to fiat, or government backed securities, adding real value and flexibility to their holdings.
The fourth is that this technology can serve the billions of people located in developing countries or in counties that are experiencing political corruption or unrest. Having access to a decentralized marketplace supporting both local and global commerce has the ability to save, and forever change countless lives. For those of us living in first world countries, it’s easy to take for granted the ability to earn stable, government-backed “fiat currency”, and spend that currency on things supporting our daily lives. But, imagine living in a country where you don’t have access to a traditional bank, a trusted currency or even ability to buy and sell goods and services.
According to various reports, this affects over 2 billion people globally. This number is staggering. With the ability to participate in the global economy, unbanked and under-banked people can become more financially resilient resulting in the reduction of poverty. In addition to having access to basic goods and services, these under-served people can invest in education, plan for the future and manage financial risks. Phore Blockchain has just signed an agreement with a key partner to embark on a pilot program in a developing nation that will see real people interacting with the Phore Marketplace in their everyday lives.
Real-world applications of decentralized DLT such as the Phore Marketplace have the potential to change the commercial and economic landscape on a global scale. Phore Blockchain is among the leaders in this field and there are many more practical use applications of Phore Blockchain that are in development and planned for release this year. To learn more about this project, please visit Phore.io.