Please note: The following guidelines should be followed in order to become a successful moderator on the Phore Marketplace. These guidelines apply to existing Verified Moderators and those interested in becoming Verified Moderators only.
1) Always respond to a dispute if selected
Moderators on the Phore Marketplace have a great deal of power due to the nature of moderation system within the (decentralized) application. If a moderator is chosen to resolve a dispute, the transaction will be frozen until this moderator responds. This will result in both buyer and seller being unhappy and the moderator losing credibility. Please do not abandon your duties to users who have placed their trust in you. If you no longer wish to offer moderation services, simply remove yourself as a moderator in ‘Settings’.
2) Be completely unbiased
Moderators should be act with professionalism and remain unbiased at all times. Disputes should be resolved based only upon the information which is provided by both parties, nothing else.
3) Attempt to contact both parties involved in the dispute
Moderators should attempt to gather a complete set of information on the dispute (if possible) in order to make a fully informed & unbiased decision. Moderators are free to set their own terms, however please understand that users may not be able to respond within a short period of time. It is recommended that moderators allow both buyers and sellers a window between 5-14 days to respond.
4) Resolve disputes quickly
Cryptocurrencies are extremely volatile and therefore in order to reduce the cost variance associated with disputes, moderators should resolve the situation as quickly as possible.
5) Set clear terms regarding their services
As a moderator, it is your responsibility to set clear terms for your services, otherwise you may get selected as a moderator for a case which you are unhappy about.
Terms can cover a wide variety of things:
- Minimum / Maximum transaction sizes
- Different Jurisdictions
- Types of good/service (digital/physical/cryptocurrency)
You can see an example of some clear terms below:
If you need to learn how the Phore Marketplace moderation system works, please read the section which follows.
How the Phore Marketplace Moderation System Works
In order to protect users, the Phore Marketplace makes use of 2-of-3 multisig addresses for moderated payments, meaning when using the Phore Marketplace Moderation system, the buyer sends the payment to the multisig account instead of directly to the seller. The buyer and seller both have access to this account alongside a trusted third party ‘Verified Moderator’.
How are these funds released from the multisignature address?
There are five possible ways in which these funds can be released from multisig addresses:
1) Both the buyer and seller are satisfied with the transaction and together they release the funds.
*Buyer & Seller happy = Funds unlocked
2) Both buyer and seller make a mutual decision to put a stop to the transaction. Possible reasons include seller not being able to ship product as agreed / buyer becoming unhappy with listing…etc. In this situation, buyer and seller come together to refund the buyer.
*Buyer & Seller unhappy = Funds refunded
3) Buyer and seller are unable to come to an agreement. The moderator listens to both sides and decides the seller is as fault. The moderator and buyer come together to issue a refund to the buyer.
*Buyer & Seller dispute > Moderator sides with Buyer > Moderator & Buyer issue refund to Buyer.
4) Buyer and seller are unable to come to an agreement. The moderator listens to both sides and decides the buyer is as fault. The moderator and seller come together to release the funds to the seller.
*Buyer & Seller dispute > Moderator sides with Seller > Moderator & Seller issue refund to Seller.
5) Buyer and seller are unable to come to an agreement. The moderators listens to both sides and decides neither or both parties are at fault. The moderator joins either party in order to release funds split between buyer and seller.
*Buyer & Seller dispute > Neither/Both at fault > Moderator & Buyer/Seller release funds split between the two parties.
Each of the scenarios above serve to protect users who opt to use the Phore Marketplace Moderation system, however it should be noted that although Moderators offer protection in the majority of cases, they are still a third party and could be prone to errors. Please choose moderators extremely carefully when using the Phore Marketplace Moderation system.