HOW PHORE'S SYNAPSE ARCHITECTURE & MARKET PLACE COULD AID IN THE MASS ADOPTION OF CRYPTOCURRENCIES IN WEST AFRICA
Introduction
While there is no argument about the fact that there has been quite alot of modifications to the beautiful concept of POS/masternode coins into the world of cryptocurrency, it is also agreeble that a number of other projects like Phore have been able to successfully modify this concept and come up with other ways of adding value to this space, although it could still be accurate to say that in a bid to create other masternode coins over the years we could clearly see that oversaturation is already setting in, as a group of coders who feel excited about the core idea behind masternode projects or cryptocurrencies in general could simply decide to create their own coin without even giving proper thoughts to other factors that should make the project survive such as use case and actual value which would be given. Just like the co-founder of the titan ventures @MrMichaelNye said in one of his tweets and I quote.
"I still see too many people building products and targeting the crypto community.
I don’t see enough people buildings solutions for real world problems that integrate $crypto.
As much as I love this industry, we aren’t there yet."
This goes to further buttress the fact that even in the general cryptosphere this is still a challenge that has been slowing down the pace at which the growth of the Blockchain evolution would have traveled at.Even if there have been some bad eggs in the space that haven't delivered up to their expectations, there is no denying the fact that some projects however slow paced they might have been over have been able to stand the test of time in this space.
Phore synapse and it's application
Phore blockchain has been able to introduce Synapse which is Phore's sharding architecture this feature however complicated it might sound aims at increasing performance upgrade and enhancement and this goes a long way in achieving the issue of scalability which is a topic that had been of major concern for some time now, the sharing technology which would be harnessed simply refers to the partitioning of database which breaks down a compound database into smaller units called data shards for the purpose of enhanced speed and and ease of data management. The Phore sharing architecture affords scalability in a very high magnitude with an expected speed of transaction that could accommodate a massive volumes of transactions theoretically the anticipated maximum TPS for the Synapse sharding architecture could be as high as 29,400,000 tx/s.
*Image source: Phore website*
A dive into Phore's Market place
If you are thinking about a platform for buying and selling that the blockchain technology has made possible through the use of decentralised apps(Dapps) then you must be talking about Phore market place as this has turned out to become one of the real life problems this project can solve. And it gets better with enhanced features such as the abily to buy items anonymously using zPHR which is Phore's anonymous transaction feature.
In addition to the completely decentralized, peer to peer design of the marketplace (this is considering the fact that there is no centralized servers, data servers or authority)— which would empower people around the world to trade products and services directly with each other and only share the information they choose to share with each other to complete the transaction.
How the African continent can benefit from this
In recent times the African continent has a started to become more and reliant on the Asian countries especially China for commercial activities especially e-commerce, Asian countries are known for their ridiculously cheap labour allowing them to easily coordinate mass production of various items at low costs which which eventually gives the liberty to sell products at very affordable prices. Africa on the other hand especially west Africa which consists of countries with the highest commercial activities do not exactly have in place the cheap labour as well as level of industrialization which we can find in the Asian countries hence the need for the two parts of the world to transact, the increase in commercial activities that exists between them could be seen through the undeniable growth of Asian based e-commerce platform such as Alibaba, AliExpress etc, it could be deduced that the most commercially active parts of Africa being west Africa maekup the majority and considering the fact that there is still a problem of cost of transaction during payment where local banks and centralised e-payment palforms interface with both buyer and seller, Phore can effortlessly fill this void allow buyers to purchase without unecessary exploitation from local banks and centralised e-payment palforms that are meant to serve as payment gateways.
Image source here
This image reflects the largest e-commerce markets in the world with the Asian market being the highest and although it doesn't seem like there is much going on for Africa, there has been some traction in e-commerce activities in recent times with the most affiliation with China.
With Africa being among the fastest-growing consumer markets in the world having household consumption increase faster than its gross domestic product (GDP) in recent years — and this average annual GDP growth over time has consistently been able to outpace the global average. In light of the increasing, population growth, industrialisation ,as well as the andpid spread of access to the internet and the exposure to the blockchain technology, Western Africa’s emerging economies present great opportunities for expansion in retail and distribution.
Jumia one of the e-commerce gaints of Africa with its highest. consumer market West Africa, view source here
Jumia which happens to be one of the leading e-commerce establishments gives a clear indication that West Africa is a target market that when conquered makes the other parts of Africa a walk in the park.
And this is where were the outstanding features of Phore would come to play out with its already designed market place Dapps and payment system between buyers and sellers being Phore coin users would hve the liberty of a one-stop platform to merge two potential e-commerce markets. The continuous increase and awareness of cryptocurrencies in Africa in these recent times also makes this timing impeccable as there would be a real life application that users could utilize as a solid use case for cryptocurrencies without necessarily having the need to go through the risk of trading the coins while giving value to the coin. With two outstanding features such as the sharding architecture which would equip the platform for massive amount of transaction and the market place feature which already makes it a trading platform the possibilities are endless for Phore blockchain.
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