Nobar – interview with founder Joyjit Bhowmick

1. Tell me about your career / work prior to Nobar – have you always been an entrepreneur?

I have been in International trading business for almost 3 years prior to starting NOBAR. I had seen the hurdles that the businesses had to face because of the payments going through LC, TT and other traditional methods. I always wondered that there should be a better way to do this and when I came across blockchain, I realized that there can not be any better way. I started my career from our own business. Therefore, in a way I had always been an entrepreneur.

1. What appeals to you about cryptocurrencies?

The features that appeals most to me about cryptocurrencies is that

• there is no need for any middleman to verify, thousands of machines verify automatically as soon as the transactions are broadcasted onto the network
• It is much faster for larger transactions compared to traditional bank transfers
• trust in the algorithm rather than trusting people
• one of the biggest fears with traditional currency is “Seigniorage” which is not possible with cryptocurrencies
• it is very easy to perceive them as a universal mode of payment

2. What is their main downfall (s)?

The current downfall with cryptocurrencies are that

• They are being used as a speculative investment tool rather than a transactional tool which I think was the main intention behind the invention of it. Therefore, it is our responsibility to use this revolutionary technology in every sector where cash or money transaction is associated.

• The second downfall is that we have not yet achieved the scalability to support a massive amount of transactions even with the biggest names in blockchain. However, this scenario will certainly change as many experts are working on day and night to bring cryptocurrency into mass adoption stage.

3. How does NOBAR address the main issues with cryptocurrency?

Cryptocurrencies are failing to fulfil their main purpose, which is acting as a currency. Except for speculative trading, there is no impactful commercial use of cryptocurrency. There are some marketplaces that offer some usage, but they are fragmented and don’t provide a holistic solution, which resulted in the use of different cryptocurrencies & crypto tokens for different activities. What NOBAR is doing is that we are developing one single crypto token operating on a platform that connects all the commercial and transactional activities to increase the token’s usage commonality and create a unified crypto commerce.

4. How will you reduce volatility on your ecosystem?

The main source of volatility of any crypto comes from where they have no real use cases and the driver of valuation only comes from nervous speculation. NOBAR is facilitating a wide ranging of activities with crypto payments. Therefore, the main driver of valuation will be usage on the platform of NBR tokens rather than nervous speculation.

Also, as an extra layer of investment protection for the investors, DeHedge (www.dehedge.com), a risk hedging platform for cryptocurrency investments, is providing 50% hedging protection for the NBR token buyers. This means that the buyers of hedged NBR tokens will be able to claim 50% of their investment if any of the following scenarios take place –

• The price of NBR token falls below the listing price within the first six months after getting listed
• NBR token does not get listed on any exchanges
• NOBAR project gets closed or turns out to be scam

So this is a very rare and unique protection that is available in the crypto space. It helps the investors to create a breathing space so that they can invest without any fear uncertainty and doubt.

5. What types of services can you buy / sell on Nobar – give me some examples?

You will be able to buy and sell any kinds of goods and services through NOBAR platform. Our platforms facilitates global and local businesses, selling  used products, sharing or renting assets, advertisement on the platform, job advertisements and payments and also point of sale (POS) payments. Therefore, people ranging from business persons to grocery shoppers to freelancers can engage with the NOBAR platform for their benefit.

6. What is the Shop App?

Shop-app is an integrable function on the NOBAR platform which can be plugged in on any other e-commerce platforms or any retail stores so that we can spend NBR tokens anywhere. It also expands the possibility of creating mass apoption for the usage of NBR token.

7. How do you protect your customers – both buying and selling?

Any kind of fraudulent activities can prevented as every user on the NOBAR platform will have a blockchain verified ID with snapxplatform  ( www.snapxplatform.com ) This will create a layer of protection for the users to safely transact and engage in buying and selling activities. Also, the payment functions attached with NBR token ensures that all the conditions are met before any transaction takes place and the rightful owner receives payment with the successful delivery of goods and services.

8. Why would someone use NOBAR as opposed to a dedicated business platform?

NOBAR is the first unified e-commerce platform where people can engage in a wide range of e-commerce activities. All of the other e-commerce platforms focuses only on a specific segment of the market. If we want to build a large enough usage commonality and functionality attached to NBR token then a unified model is a must.

There are other crypto e-commerce projects out there but none of them are following a unified model. Therefore, there is a problem while using those tokens and platforms. As they are focusing on a specific segment the token holders have to face a lot of hassle for using those tokens. For example, if a token holder of a freelancing token wants to engage in other activities then he has to go to an exchange and exchange with some other tokens and then use that token on some other platforms. It clearly creates a lot of hassle for the user, transactional losses and not to mention the tension and stress of “exchanging when the time is right”.

9. What is your secret weapon?

The unified e-commerce model is the main secret weapon of NOBAR. The holder of NBR token will be able to engage in any kind of e-commerce activity with just one token. Also there are other unique points of NOBAR such as –

1. Creating purchasing power
2. Regulation complaint
3. Zero severity issue in the solidity code
4. Two decimal token
5. Flexible transaction fee
6. Token burning after the tokensale
7. Loyalty program for frequent users

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