Dedicated to the global fintech community, it is our great pleasure to continue this series of interview with fintech and blockchain leaders with Anthony Alleyne, co-CEO of Phore Blockchain and thought leader within the blockchain community.
Hi Anthony, can you please introduce yourself to our readers and explaining when and why you entered blockchains and crypto currencies world?
My name is Anthony Alleyne. I came into the Blockchain Space as I was researching underground and alternative payment systems for an entertainment project. I ended up staying, and getting more entrenched into the system, and now here I am!
In your opinion what is the trigger that led to creation of crypto currencies (Bitcoin and alts)?
A frustration with the status quo. Financial institutions, their fees and the way in which the small guy is constantly stepped all over. The cards are stacked against you, whilst here your life, and how you live it, is in your own hands.
From emperors to central banks, money intrinsic value is always guaranteed by an authority. How does it work for crypto currencies?
Cryptocurrencies are decentralised meaning that no authority guarantees their price. Instead this is done through pure supply and demand on third party or decentralized exchanges. This can be extremely risky as some currencies can disappear in the blink of an eye, taking their value, if any, with them, but with proper Due Diligence, this can in most cases be avoided.
In liberal economies capital should led to new employment, technology advancements, goods and service creation. New profits could/would be re invested too. Do all those aspects exist with crypto currencies too?
It depends on the organisation. There have been a number of scams whereby money invested into a certain coin has been stolen in what’s called an Exit Scam. For legitimate Blockchain organisations the money invested is put into Business Development, Marketing, and further recruitment, in order that the objectives outlined in the White Paper are fully met.
Can external entities such governments, banks, corporation influence open/public blockchains validation process?
No. These are decentralised and spread out all over the world. Therefore, it is not possible for an entity to tamper with enough of them at the same time to change their processes. Also, as the data is constantly being copied to another block keeping up with this process would be near impossible.
You are Co-Ceo of Phore, a technological project with its own crypto currency. Can you tell us Phore history and development?
We established ourselves in 2014 as Kryptkoin, rebranding in late 2017 to Phore, and then again in 2018 to Phore Blockchain. We strive towards mass adoption and integration of a wide-array of decentralized applications (dApps) and real-life use cases. We also have an exciting roadmap set out for the next year.
How was Phore team formed?
The Phore team came together after looking for a project that was different and unique. We found that in Phore, as well as a shared work ethic. The team are focused on overdelivering. Phore is a restless organisation that will never be satisfied by the speed or level of our progress.
Phore was incorporated in Gibraltar: why did you decided to give a legal aspect to Phore?
We knew that regulation was coming and wanted to do it on our terms, and in our own way. We identified Gibraltar as crypto friendly and conducive to our future aims and objectives.
Phore is defined a technological platform with its own crypto currency: what is a platform?
A platform is an ecosystem on which separate things can be built on top of. So, with Phore Blockchain, we have the currency Phore, as well as the Decentralised Marketplace, and soon to be debuted, Smart Contracts and Decentralised Crowd Funding. In the future other elements such as DApps (Decentralised Applications) and even a DEX (Decentralised Exchange) could be built on top of our infrastructure.
Can you tell us which problems Phore want to solve?
Phore wants to make the Blockchain accessible to the individual user. We have seen a great deal of Blockchain solutions tailored to companies and institutions, but the general user has been forgotten about. The individual can use Blockchain for empowerment as well saving costs. For example, if someone could use it to execute a will without involving lawyers then they would save a lot of money. That is a potential use case for Phore in the future.
In your opinion which are main challenges for blockchain and crypto currencies projects?
Adoption by the mainstream. Right now a lot of the stuff is theoretically exciting, but not making a dent in the real world. It’s confusing to most people, and something theyalso see as a threat which could take their jobs away in future. The challenge is to make them see this as a tool of empowerment instead. Cryptocurrencies in particular need to work harder to gain trust, especially as they are decentralised and not back by any form of institution or security.
Can you tell us steps to fund a new project with its own crypto currency?
It’s getting harder each day to do this. First of all you need to find a real problem to solve and do this in an innovative and inclusive way. You will also need to limit the funds you are requesting to a minimum, so that your potential investors do not see it as a cash grab. You will also need to position yourself as a utility coin because otherwise you run the risk of being classed as a Security by the SEC, and you will need to avoid any investment from America. In addition to this, exchanges are asking for strict KYC information to list with them, as well as other assurances.
In your opinion and experience, which suggestion you could give to a cryptocurrency project startup?
Plan, plan and plan. Also, invest in good community managers who have strong communication skills and who have the ability to defuse a potentially explosive situation in a way that the product does not end up suffering negative PR.
Which blockchain projects do you consider the most interesting?
Phore, of course! but in terms of other projects, Lympo and Capacity are coins which I really like. This is because they are operating firmly in the real-world.