NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

OpenBazaar Secures $1m for Its Decentralized Marketplace

Yashu Gola
Yashu Gola
4 years ago
2 mins read
OpenBazaar Secures $1m for Its Decentralized Marketplace

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A startup called OB1 recently raised $1 million for its decentralized e-commerce platform, OpenBazaar, after receiving support from notable investors like Andreessen Horowitz, Union Square Ventures and William Mougayar.

The startup’s CEO, Brian Hoffman, plans to use the money to speed-up their project’s development, which, despite being announced an year back, has still fallen short of meeting the expected deadline. It, according to Hoffman, was mostly due to the absence of round-the-clock workers that can invest their unshared concentration to the project.

“Despite our best efforts as part-time volunteers, progress was slow,” he, and his team, explained. “The project needed the core contributors to make development a full-time effort in order to release a robust application within a reasonable time-frame. This funding allows us to commit our full-time resources to develop OpenBazaar.”

A Decentralized e-Bay, Literally

Unveiled during the 2014 hackathon, OB1 caught everybody’s imagination for amalgamating file-sharing technology with Bitcoin to create an eBay-like decentralized marketplace. Soon after its introduction, the OpenBazaar project gained support from the Bitcoin community who were always open towards backing decentralized technologies.

OpenBazaar therefore was conceived to do one specific job, i.e. to cut middlemen out of an online marketplace. In its operative state, the marketplace is expected to be a platform where sellers and buyers can interact directly and conduct their business in private, without an eye peeping into their matters.

Arbiters Replace Mediators

Unlike eBay which solely acts as the mediator between a seller and a buyer, only to take an important chunk out of the deal, OpenBazaar prefers to rely on arbiters — some sort of self-chosen mediators that negotiate the deal between the two parties. This third party watches over a deal and created a multi signature Bitcoin account that can release money only if two of three people give their consensus.

Expecting Legal Troubles?

Hoffman however confirms that he has not been approached by legal authorities, but the platform he is trying to shape can certainly raise alarms. We can fear OpenBazaar to become another Silk Road until a proper monitoring protocol is implemented on the website — something that will eventually kill the idea of decentralization. But unlike Silk Road, which was itself centrally controlled by just-convicted Ross Ulbricht, OpenBazaar won’t be run by anyone. The legal complications therefore can fall on its creators — the OB1 team.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Web2 Habits, Web3 Rewards: How FUNToken Makes Crypto Feel Natural

Millions of users spend hours each day engaged with mobile games, chat communities, and social platforms. They expect seamless interfaces,...

News BTC 4 hours ago
Bitcoin

Bitcoin SOPR Signals More Gains Ahead Despite New ATH – Analyst

In the past week, Bitcoin has grabbed the major headlines as prices surge to a new all-time high of $118,856...

Semilore Faleti 6 hours ago
Dogecoin

Dogecoin Megaphone Pattern Confirms Price Blowup, ‘Don’t Miss This Last Rally’—Analyst

Crypto analyst TradingShot has drawn attention to a bullish pattern for Dogecoin, indicating that a significant price surge is on...

Scott Matherson 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Bulls In Cloud 9? Analyst Identifies Where Risk Lies

Opeyemi Sule 11 minutes ago
Bitcoin

Bitcoin Price Break Above $118,000 Just The Start, Analyst Unveils ‘Golden Number’

Scott Matherson 3 hours ago

Pi Network Turns Heads With Symbolic Transfers, $20M Volume Spike

Christian Encila 4 hours ago

Premium Sponsors

Press Releases

  • ビットコインが11万8,000ドルの最高値を記録する中で注目すべき仮想通貨プレセール

    ...

    4 hours ago
  • 仮想通貨 おすすめ|急騰するDogwifhatとFartcoin、注目の低価格ミームコインとは?

    仮想通貨...

    4 hours ago
  • 新しい仮想通貨価格動向|話題の最新コインの成長可能性

    ...

    4 hours ago
  • アルトコイン注目銘柄|2025年7月第2週に見るべき3銘柄

    ...

    4 hours ago
  • ロビンフッドが1ドルから始めるETHとSOLのステーキングを開始──今注目の仮想通貨投資はこれだ?

    ...

    4 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.