Marketplace – Avoiding Fraudulent Activity and Scams

One of the many advantages of the Phore Marketplace is that it is an environment where individuals can interact freely without a centralized authority to monitor transactions or collect personal data. However, no good thing is without its inherent risks. When using a decentralized service like the Phore Marketplace, there is always the possibility that unscrupulous actors will attempt to scam you out of your money during a transaction. More likely, however, is that a customer and a vendor will simply have a dispute about the details of a transaction and will need a means of arbitration.

The solution to both of these potential issues is a Verified Moderator. A Verified Moderator is an individual who has been vetted either by the Phore Blockchain team or (eventually) by having earned a reputation in the Marketplace for being an honest actor. In order to become a Verified Moderator, proof of a real identity must be submitted to the Phore Blockchain team via a Keybase ID.

You can identify when a store has a Verified Moderator assigned to it when you see the following icon on a vendor’s page:

It should be noted that not all moderators are created equally. In order to be a moderator you do not need to be “verified”, however, those who do not have this badge have not been vetted by the Phore Blockchain team or deemed reliable by the community. So if you decide to use an unverified moderator, you do so at your own risk.

Some quick points about moderators:

Moderators are third party actors who may settle a dispute between a customer and a vendor.

Verified Moderators are individuals who have been vetted by the Phore Blockchain team or the community, they have a real identity associated with them.

Utilizing a moderator is similar to an insurance policy against unscrupulous actors. You pay a small fee for the peace of mind that both you and the other party will act in good faith. Should a dispute arise, you may be protected from fraudulent activity or scams.

Always consider using moderators for expensive transactions or deals that seem too good to be true.
Although you are not required to utilize a moderator when participating in a purchase or sale, our advice is to always strive for safety and to consider thoroughly the potential costs of undergoing a transaction unmoderated.
Have questions about moderators? Feel free to join our community:

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