On 23th of October 2020, Blockchain Infinity's main administrator Zanity had a live AMA session with Thomas Amber (COO of Phore Blockchain) on Blockchain Infinity telegram chat.
Segment 1: Introduction
Zanity: It’s great to have you here
@Cryptokingxy, before we start our first segment kindly introduce yourself to the community.
Crypto Kingxy: Hello everyone!
I’m happy to be here, so in this AMA I’ll be standing in for Thomas Ambler the COO of Phore Blockchain, and happy to be here!
Zanity: Thank you for the introduction. let’s now move on to the first segment. Are you ready?
Crypto Kingxy: I was born ready.
Yes I am.
Zanity: Awesome here’s the first question.
Question #1
What is Phore Blockchain?
Crypto Kingxy: Phore (PHR) is a scalable, secure, and flexible platform being built to empower individuals, businesses, and the cryptocurrency industry. Alongside this, a decentralized application ecosystem is being created in order to challenge industries in which users are suffering as a direct result of centralization.
Ecommerce is an example of industries being challenged by Phore, where centralization has lead to huge problems such as mass censorship and significant data leaks. The Phore Decentralized Marketplace already allows for free commerce of physical or virtual goods and services, with support for Cryptocurrency trading.
Zanity: Great, thank you for explaining us about Phore Blockchain.
Here's the next question.
Question #2
What is the use case of $PHR Tokens?
Crypto Kingxy: Decentralized governance: masternode holders of the PHR coins are usually at the core of the decision making of Phore community, this boosts the tokenomics of the coins as it forces it out of supply.
Decentralized marketplace: this is also where there would be need to hold PHR as holders are expected to carry out transaction in the Phore marketplace using its native token.
Zanity: Thanks for the great answer.
Here's the last question.
Question #3:
What are the capabilities of your platform?
Crypto Kingxy: The capabilities of the platform can be divided into two the first part is what I just explained, the second part is the newly released Graphene, formerly known as Synapse architecture. Graphene will aims to create different fragments of transaction called shards and run them efficiently in order to solve the problem if scalability without compromising security and decentralization.
Graphene will make use of the CASPER algorithm which will enhance security by helping blocks become finalized more quickly, will solve known issues with previous PoS algorithms such as the nothing-at-stake problem, and will increase performance by supporting BLS aggregation signatures that vastly reduces block processing and validation.
The Phore Blockchain team are developing Phore Synapse using Golang. The development has been getting significant interest from other projects, including Prysmatic Labs, one of the teams working on Ethereum 2.0, who have suggested they will be using some of Phore’s code in Ethereum 2.0
Zanity: Great! Thank you for your answers, now let’s go to our 2nd segment which is the
Twitter questions.
Are you ready?
Crypto Kingxy: Great!
Yes I am.
Zanity: Splendid, here’s the first twitter question.
Segment 2: Questions from the Twitter
Question #1 From: @Osh_941
How Phore Blockchain is different from other Ethereum-like blockchains? Does it give other advantages besides enabling the transfer of value through an open and structured ecosystem that is secure, versatile and scalable?
Crypto Kingxy: Thanks for the question @osh_941.
Phore operates on a different blockchain, not Erc20, being a more advanced version and fork of pivx, the codebase has seen a lot of adjustments that have sealed any possible vulnerability.
Zanity: Brilliant answer.
Here's the second twitter question.
Question #2 From: @cryptofever01
Will Phore Synapse blockchain "Graphene" set aside grant funds to encourage dApps projects on it?
Crypto Kingxy: Ok well...
Recently, so much focus has gone into the development of Graphene and hasn't allowed for some other minor developments like updates but yes there would be.
Zanity: Thanks for that explanation.
Here’s the next twitter question.
Crypto Kingxy: Alright.
Zanity:
Question #3 From: @Eimi_Japayuki69
I'm yet to determine what I'm more excited about between the latest release of the online edition if the Phore marketplace and the wallet update. Are there any chances of seeing an update soon on the android wallet app?
Crypto Kingxy: Actually we get this question quite often...
We just released the web version of the marketplace for ease of access and will explore how this performs first, and as regards how long if will take to operate globally, the goal is for the marketplace to operate across border so eventually it will.
Zanity: Very informative thank you.
Here's the fourth one.
Question #4 From: @KathDM3
As for the Phore Marketplace Mobile App, how long until launch? Will it be available in all regions of the world?
Crypto Kingxy: Like I said, as we have just released the web version of the marketplace for ease of access and will explore how this performs first, and as regards how long if will take to operate globally, the goal is for the marketplace to operate across border so eventually it will. No certain time frame but very soon.
Zanity: Awesome let me send the last twitter question.
Question #5 From: @y1sus_afp
If in Phore Blockchain you can make profits only by participating in DEX of the platform, these profits will be paid in some native token? How do you plan to manage this attractive concept?
Crypto Kingxy: Ok on the issue of DEXes.
There is lots of potential for this with Synapse (now Graphene).
We might look at creating a truly decentralized DEX shard, possibly not just for tokens created on the Synapse platform, but also for cryptocurrencies on other blockchains. Maybe we'd have other interoperability shards that form bridges between the Synapse blockchain and others as well.
The possibilities are endless.
Zanity: I guess we’re done for the Twitter segment now let’s move on to the exciting part, community question.
Segment 3: Live questions from the community
Zanity: Are you ready?
Crypto Kingxy: Yes I am.
Zanity: Chat closed! Really great question from the community. @Cryptokingxy you may now pick questions.
Crypto Kingxy: Wow there are so many questions already how many do I have to answer?
Zanity: You can answer 5 questions in the first round and 5 more in the second round.
Crypto Kingxy: Alright cool.
Round 1 of Community Questions:
Q1 From: @KalamanikA
Yeild farming is a new trending so do you have any plan to yeild farming system development?
Crypto Kingxy: Yeild farming is a new trend an while I understand that the cryptocurrency market works with hype it is also imperative to stick to the vision of the project which is to be a scalable, secure, and flexible platform being built to empower individuals, businesses, and the cryptocurrency industry. however, the closest we have to this is the masternode staking which requires 10000 PHR has high returns as well.
Q2 From: @topind7
Can I stake PHR? What are the Staking structures?
Crypto Kingxy: Hi Femi, Phore is a project that runs on the Proof of stake (POS) consensus algorithm so you can stake your phore by way of acquiring masternodes (10,000 PHR per masternode) you can visit masternodeonline.com to see the yield per time. Also there is pool staking which requires that you share the staking process and the reward but are not as certain as the complete staking.
Q3 From: @Cryptotech3
Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
Crypto Kingxy: Hi Harmen, Phore is a project that is purely driven by the need to contribute to the crypto ecosystem so no money was raised from any ICO or public offering at all. The team has contributed so much by way of development even to the development of ETH 2.0 as there is a healthy relationship between both parties.
Q4 From: @Yami_Ochinchin
What is the essential difference between Ethereum 2.0 and Synapse? And about a masternode, can you tell me more about how that thing works?
Crypto Kingxy: Hi Yami, Ethereum 2.0 is the new improved release from the Ethereum that aims to solve the problem of scalability while sharding is a computing process for scaling tx speed ETH 2.0 has this and the new Graphene is working on its new release as well. Masternodes are simply joining the validation network and earning rewards she being a part of the governance system. Visit phore.io and medium.com/@alokings2020 for more details.
Q5 From: @ZabethRamos
Do you believe that Phore Blockchain have a big advantage and going to be mainstream in the world of DeFi since you’re already built in your own blockchain?
Crypto Kingxy: Yes I do but time might not permit me to break it down fully visit here for a full breakdown.
https://medium.com/@phoreblockchain/phore-synapse-the-future-of-defi-8671e7ca5501
Thank you.
Zanity: Okay thank you for answering questions for the first round.
Are you ready for the second round?
Crypto Kingxy: Yes I am.
Zanity: Chat closed! @Cryptokingxy the floor is yours.
Crypto Kingxy: Wow. I wish I could give everyone here a response but well...
Round 2 of Community Questions:
Q6 From: @mukul009
Does Phore Blockchain tokens have any coin burn/buyback systems or any token burn plans to increase the value of tokens and attract investors to participate in investments?
Crypto Kingxy: Hi Mukul, there are no coin burns or buy backs however we have an event that is similar to the Bitcoin halvening and this is meant to boost the coin’s tokenomics.
Here: https://medium.com/@phoreblockchain/birthdays-and-block-rewards-916e338c9c09
Q7 From: @ponsiuto
What is the biggest challenge for you while creating Phore Blockchain?
Crypto Kingxy: Hi Pon, I know the Devs will be in the best position to answer this but, from where I stand in one of the biggest challenges I see is in the mass adoption of this beautiful technology and the marketplace although more efforts are being out into the marketplace to serve more people around the world.
https://phore.io/marketplace/
Q8 From: @m_olla
Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Crypto Kingxy: Well to begin with we never did any ICO or fundraiser and we’ve been around since 2017/2018 so that in itself is enough litmus test.
Q9 From: @John983
Can you tell us some of your partners in Phore, what type of partners do you plan to work with in the near future?
Crypto Kingxy: Currently our partners are Flits, vault these are our recent partners, and we hope to add more as soon as we seem them fit.
Q10 From: @demacio
My question is about Phore Blockchain marketing. As we know, every crypto project needs to be used for growth. So what are the plans for mass use in the future?
Crypto Kingxy: There are many marketing efforts that are underway and will boost the price especially with the incoming bull run but one of them is the creation of an enlightenment platform where participants can answer questions about the project while the earn rewards every Thursday on Phore trivia Discord channel.
And for the last question.
Q11 From: @noneb
As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
Crypto Kingxy: The team has be untouched by the pandemic as there has always been a blend between office operations and remote operations. So we are very BULLISH in our operations!
That's it guys!
Zanity: Okay I think that’s all. Thanks for having an AMA session in our community @Cryptokingxy.
Crypto Kingxy: Thanks for having me.
Apologies for all unanswered questions. For all unanswered questions, you can always bring them to Phore discord and Telegram platform. And for more quiz and adrenaline engagements and rewards like what you have here, you could also come around to the trivia night every Thursday!
Thanks guys!
Zanity: Don’t forget to join Phore Blockchain Telegram group and also follow their Twitter page.
Phore Blockchain Telegram
https://t.me/PhoreProject
Phore Blockchain Twitter:
https://twitter.com/PhoreCrypto
-END of AMA session-
Really love this is straight forward and understanding