In the days past, bazaars were places where everyone could sell and buy with no middlemen, nor authority overseeing. Today, though, much of the trade in the world is controlled by the government and corporations.
You have probably heard of OpenBazaar, a truly decentralized peer-to-peer (P2P) marketplace with no fees (none) and a multitude of cryptocurrency options to choose from. OpenBazaar is a revival of that old notion of an open marketplace but in a digital disguise. Their ultimate goal is to make global free trade a reality.
On the OpenBazaar platform, one can find digital goods, physical goods, and services at regular or discounted prices. Much like in a traditional online store we all are used to, but there is no central authority overseeing and imposing fees.
Since its startup in 2014, OpenBazaar v.1 was aimed to be a bitcoin-powered online market, and the founders have focused almost exclusively on the world’s largest cryptocurrency. But since then, the OB team has worked hard on opening up OpenBazaar to many more cryptocurrencies. In 2018, OpenBazaar v.2 was released. During this tumultuous time in crypto, it has seen big growth and increase in activity since its release in November 2017. Since launch, over 100K nodes have been installed and 20K sellers registered across 150+ countries.
Today, we can trade in more than 1,500 coins on OpenBazaar, which is made possible by integrating price data from CoinMarketCap. Another great thing is anyone is allowed to buy or sell, as there are no KYC/AML requirements as the case is with most exchanges.
The team doesn’t stop on this and has big plans. In December this year, at Token Summit crypto conference, the OB1 co-founder Brian Hoffman announced plans to launch OpenBazaar Token (OBT), and later the team raised $5 million (bringing its total to $10.5 million) from investors like China-based crypto mining hardware giant Bitmain.
Currently, OpenBasaar works as an open-source desktop application, but the OB team is working on a browser-ready website version (no node installation needed) which should be ready in late 2018.
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