Although there are many items on our roadmap that we are excited about, the upcoming decentralized marketplace is a highlight for many among our community. This is understandable; although the idea of a decentralized marketplace with its own cryptocurrency is appealing to many and has been tried before, it has not been implemented successfully.
A legal and functional marketplace; a true Amazon-with-a-blockchain has eluded us all.
We believe the time is now for a decentralized marketplace to be introduced.
Cryptocurrencies have started to become mainstream and they have mostly shaken off their unfair association with illegal activity and have increased their overall user-base. The buyers are finally here in enough numbers to make a marketplace successful and they are waiting to spend their cryptocurrencies on physical goods. We believe it will be very beneficial to vendors to recognize this changing trend and capitalize on moving at least some of their stock over to a crypto marketplace to allow them to become established on the platform early-on.
What Can The Marketplace Offer Sellers?
- Zero listing fees. The only fees on the marketplace are transaction fees. These are paid – as with any cryptocurrency – when Phore is sent. These fees are miniscule (currently: 0.0001 Phore) and paid by the buyer/sender. They will only apply to sellers when the seller wishes to send Phore to an exchange or to another wallet. Also these fees do not increase with the amount sent. Other than this the only fee that may apply will be in the event of a dispute.
- Fair arbitration. There’s no possibility of a chargeback using Phore. You will never log-in to find a transaction has been reversed for an item you have dispatched (as is often the case with other online marketplaces). Funds are held in escrow until both parties are satisfied. In the event of a dispute an independent third party will review the case.
- The only restriction on items is that they are legal. We will filter out any attempts to list items that are illegal by making them unsearchable. Other than this, the free-market will decide what sells and what does not. There are many items that are perfectly legal but are prohibited from listing in other marketplaces. An example of this would be: e-cigarette batteries.
- Helping to keep independent retailers alive. Some of these large tech companies have decimated independent retailers. Often taking the lion’s share of their profits for the work that small traders do. Their low-level employees often don’t fare much better, with reports of them being forced to wear tracking devices or becoming technically “self-employed” while earning less-than the minimum wage. That’s not how we do things at Phore Blockchain. There is no incentive for us increase fees because that’s not how we obtain an income. The Phore team are paid via a portion of masternode rewards, transaction fees do not come to us but are instead “burnt”. The only incentive we have for developing the marketplace and making it a success is to make the Phore cryptocurrency a success. To put it bluntly, there’s no incentive for us to become greedy even if we were inclined to be so. Also, being a decentralised marketplace, we don’t actually run it, you do!
- Buy and sell on your terms. You can either trade privately and anonymously or transparently. Obviously, selling items privately will not gain you a reputation as a trusted seller, but the option is there. It’s in your hands to decide whether you’d like to trade anonymously or gain a reputation on the platform.
What Can We Offer Buyers?
- An opportunity to spend those digits you’ve been collecting on real-word items. If you’re currently holding Phore, we do not need to “sell you” on the merits of cryptocurrencies. You likely already know enough about them. However, we would like you to consider how time consuming it can be to convert them to fiat to spend them, when it would be so much easier to cut out the middleman and simply spend them.
- No data collection. No-one from the Phore Blockchain has any incentive to collect, store and sell your data, nor can they if you choose to use Phore’s in-built privacy features. The only person that will ever see your name and address is the seller of the item you are buying. No-one will ever be building a profile of your spending habits and sending you targeted ads.
We have much more planned for Phore Blockchain’s marketplace besides what’s mentioned above. We are very close to releasing our open-beta. After this we have some exciting ideas on how we will implement smart contracts to improve the marketplace further.