OpenBazaar May Integrate Bitcoin Cash and ZCash Soon

The OpenBazaar platform has been well-received by the overall cryptocurrency community. A decentralized marketplace solution with Bitcoin support is a major step toward mainstream adoption. However, Bitcoin is not a perfect currency whatsoever. In fact, there are some big issues with it when it comes to payments. This is why the OB team is working on integrating new cryptocurrencies over time. So far, it seems Bitcoin Cash and ZCash are both on the shortlist.

It is always good to see existing platforms integrate support for additional cryptocurrencies. There is a lot more to this industry than just Bitcoin, to say the very least. A lot of the altcoins in the top 10 are also worth paying attention to. This is why the OpenBazaar team announced they would integrate more cryptocurrencies over time. However, it remained unclear which currencies those would be. There have been some rumors regarding Monero and Litecoin integration, but that is about it. It now seems ZCash and Bitcoin Cash are coming to this platform as well. An interesting choice, to say the very least.

Altcoin Support is a Good Thing for OpenBazaar

One has to acknowledge Bitcoin Cash is slowly making a big name for itself. In fact, this popular altcoin has a pretty loyal following as of right now. That means there are plenty of people looking to spend BCH for whatever purposes possible. With the addition of OpenBazaar support, a lot of new opportunities will be unlocked. At the same time, it is still up to individual sellers to enable these altcoin payments as well. There’s no guarantee anyone will do so, albeit there’s no reason not to either.

How all of this will affect the OpenBazaar platform, remains to be seen. It is quite a remarkable project which has successfully garnered a lot of support. Anyone in the world can sell any legal item or service in exchange for Bitcoin. With no centralized infrastructure, stores cannot be taken down all that easily either. Adding more support for different cryptocurrencies will only result in more exposure for this platform. While it may not replace the darknet anytime soon, it is a worthy competitor to eBay and other auction sites.

While this is still a pull request on GitHub, there’s no reason the developers won’t integrate it. More cryptocurrency support will eventually lead to more users. OpenBazaar is a solution more people need to embrace willingly over the next few years. Although a great concept, it is still a niche project at this point in time. A lot of cryptocurrency communities feel left out due to the Bitcoin-only approach. BCH and ZEC are both valuable additions to this platform.


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The Openbazaar protocol has been well received by cryptocurrency enthusiasts. This platform allows anyone in the world to sell or buy goods in exchange for the cryptocurrency. The first iteration of the protocol has some minor drawbacks, though. For instance, it has no internal wallet, which can cause purchase delays. That will come to change when OpenBazaar 2.0 launches. Exciting changes are coming to this project, that much is evident.

Although OpenBazaar is a great system, it is not overly user-friendly. More specifically, there is no “web address” to conveniently access OpenBazaar listings. Users need to download the software and install it before they can explore available listings or set up their own store. Another drawback is how there is no internal wallet service. Although this is a positive aspect as well, many people feel it holds the project back.

Big Changes are Coming to OpenBazaar

Thankfully, such an internal wallet will be part of OpenBazaar 2.0. An internal wallet will speed up the purchasing process quite a bit. This will be of great value to a lot of OpenBazaar users, to say the least. It is a big step toward making the protocol more accessible to everyone on the planet. Right now, transactions need to be sent from external wallets, which can cause a delay. Funding an internal wallet and using that funds make a lot more sense. Never store too much fund in a  third-party wallet, though.

It is good to see the developers address one issue at a time. An integrated Bitcoin wallet has been part of the roadmap for some time now. OpenBazaar 2.0 will introduce a lot of other changes too. However, this internal wallet service seems to be of great importance to a lot of users. From a convenience point of view, it makes a lot of sense. It will be interesting to see how this change affects OpenBazaar’s popularity overall. Plenty of people have used this marketplace protocol so far, but there is always room for improvements.

More importantly, this internal wallet service introduces another big change. It means transactions can effectively be settled in an off-chain fashion. Not having to wait for network confirmations to complete a purchase is quite significant. It is unclear if the off-chain settlement will be a part of OpenBazaar 2.0, though. However, the possibility is there, which can only be a good thing.  The project will introduce a lot of positive changes to look forward to. 

The OpenBazaar platform has been a godsend for cryptocurrency enthusiasts. A decentralized solution to create a global marketplace is quite a significant development. Up until a few years ago, such a concept was almost unthinkable. Moreover, it appears OB1, the company creating this protocol, has been getting a lot of interest. As a result, they raised US$200, 000 from Digital Currency Group.

OpenBazaar Is Looking To Expand and Improve

Securing additional funding has never hurt any cryptocurrency project. It is good to see OpenBazaar get the attention it deserves. Digital Currency Group is known for its strategic investments in cryptocurrency-related startups. In this particular case, they feel OB1 has a lot more to offer than what we have seen so far. An additional US$200,000 can go a long way in this regard.  This brings the total amount of funding for the project to US$4.2m.

The open-source, decentralized marketplace solution has been well-received so far. Cryptocurrency enthusiasts can buy and sell anything they want. No one needs to rely on centralized servers or governing bodies. It is a free market for everyone in the world to enjoy. Some people like to compare OpenBazaar to a decentralized eBay. Moreover, the only accepted payment method is cryptocurrency rather than credit cards or wire transfers.

This new round of funding will help OB1 improve the OpenBazaar platform. It appears a new version of the source code will be made available at a later stage in 2017. That is quite a significant development for everyone who has been keeping an eye on this project. There is a growing need for decentralized global marketplace solutions. OpenBazaar checks a lot of the right boxes for a lot of people. However, there is always room for improvement.

It is good to see Digital Currency Group acknowledge the potential of marketplace protocol. It will be interesting to see how the developers decide to improve the existing platform in the future. The goal is to keep working toward peer-to-peer and blockchain-based solutions. OpenBazaar is just one example of how both concepts combined result in a powerful and a global solution.

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It has been coming for a long time, but OpenBazaar successfully integrated Tor support. It was only a matter of time until this change took place. The OpenBazaar team wants to ensure their marketplace services can be used with all protocols, including those which provide more anonymity. It is now possible to run a darknet marketplace off one’s own computer, albeit that may not be the best course of action.

To put this news into perspective, OpenBazaar has always been compatible with Tor. It took a bit more work to get everything set up, the marketplace protocol was never opposed to Tor to begin with. The bigger question is whether this news will help the software project gain more mainstream traction. OB Remains one of the most promising decentralized projects the world has seen to date.

Decentralized marketplaces are direly needed, yet the association with Tor can reduce its appeal. Many people think of Tor as something that is only used for illegal online activity. That is not the case, of course, yet the public perception may not work in OpenBazaar’s favor. Developing a proper decentralized marketplace does require some proof to show the idea works. Giving people an option to transact illegal goods is one way to do. After all, the team developing the decentralized technology is not responsible for the listings posted.

A Big Step Forward for OpenBazaar

In the end, solutions such as Openbazaar will prove to be beneficial to everyone. Criminals will look to take advantage of the technology first. Slowly but surely, mainstream consumers and enterprises will see the merit in decentralized marketplaces as well. It is pretty normal for disruptive tech to start gaining traction in the fringe markets first. Projects such as OB may not be all that different in this regard.

As is the case with any project introducing Tor support, the code can be vetted on GitHub. It is important independent coders take a look at this implementation. A proper security audit is scheduled to take place before Openbazaar 2.0  will be introduced. Until then, everyone is welcome to check the code and make any suggestions as they see fit. The bigger question is what effect this development will have on regular darknet marketplaces in the future.

With no central platform controlling the market anymore, exist scams are less likely to occur moving forward. While Openbazaar can be used to operate a darknet market, its potential use cases are virtually unlimited. All things considered, the integration of Tor is great news for the project and the cryptocurrency community. While OB is anything but perfect in its current stage, things are progressing in the right direction.

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The blockchain asset exchange platform ShapeShift  and the online bitcoin-enabled marketplace OpenBazaar have entered into a partnership via the former’s integration of the ShapeShift Shifty Button.

The integration paves way for transactions using cryptocurrencies like Bitcoin, EthereumZcashMonero, Dash etc on the platform. In simple words, customers will now be able to purchase from OpenBazar using digital assets.

Launched in April 2016, OpenBazaar is an open source project with the goal to create a decentralized, restriction-free network for peer-to-peer online commerce using bitcoin. The platform is different from its counterparts for instead of visiting a website, the program can be downloaded to directly connect you to other people looking to buy or sell goods and services.

“We feel a distinct kinship with the OpenBazaar project, both companies foster permissionless exchange between anyone, anywhere on Earth,” said ShapeShift CEO and Founder Erik Voorhees.

After the integration of Shifty ButtonOpenBazaar is now open to many other cryptocurrencies and not just Bitcon.

OpenBazaar CEO and Project Lead Brian Hoffman said that OpenBazaar had always wanted to enable its users to pay via cryptocurrencies and now finally Shapeshift has enabled them to do so quickly and easily. He further adds that the community has been waiting for this feature eagerly and they are happy to provide it through a great partner.

ThShapeshift Shifty Button generates an easytoimplement snippet of code in order to let the website accept various currencies as a mode of payment. The Button’s code is free and open source and has been integrated by dozens of bitcoin-friendly merchants to broaden customer payment needs quickly and easily.

The partnership has been appreciated alright with OpenBazaar taking home three of five awards during the 2016 Blockchain Awards in New York City in MayThe awards included ‘Best New Startup,’ ‘Bitcoin Champion of the Year’ and ‘Most Promising Consumer Application.’ They also announced $3 million in new funding this month, led by BlueYard, a Berlin-based VC, with participation from Andreessen Horowitz and Union Square.

Seems in accordance with its tag of most talked about commerce projects in the blockchain space in 2016.

Ever since OpenBazaar launched, people have been drawing parallels to Silk Road. Both projects offer a marketplace system, where people can buy and sell anything and everything. No strict rules are enforced, and Bitcoin is the only accepted currency. But other than that, both platforms could not be more different from one another.

Despite the success of Silk Road, the platform was not decentralized by any means. The vast majority of darknet marketplaces are hosted on servers that are theoretically off-limits, but in reality, are very different. It is possible to keep switching servers and run such a platform locally, but that only paints a bigger bull’s eye on the administrator’s back.

OpenBazaar, on the other hand, exists solely on the Bitcoin blockchain, without hackable servers involved. This aspect alone makes it “better’ than Silk Road, even though that platform will always be dear to Bitcoin enthusiasts’ hearts. Moreover, no one at OpenBazaar controls user funds, whereas Silk Road offered an escrow system controlled by Ross Ulbricht and his moderators.

OpenBazaar Is Not Your Next Silk Road Clone

The difference between a website and a decentralized platform could not be greater. Peer-to-peer accessibility is virtually impossible to shut down, whereas Silk Road was taken offline with relative ease. Nor does OpenBazaar host product listings themselves, and no transaction data is stored either. In doing so, OpenBazaar as a protocol remains unbiased, as it set out to do from day one.

As far as offered products go, OpenBazaar has not fallen victim to illegal listings just yet. The project’s team will not enforce the delisting of illegal goods or services, but they envision a far bigger future. In fact, they want to compete with eBay, Amazon, and even Alibaba in the future. Quite an ambitious goal, but it is not as unachievable as some people think.

OB1 CEO Brian Hoffman made the comparison as follows:

“While it may seem amazing that Silk Road did hundreds of millions of dollars, maybe even a billion dollars, worth of illegal goods, a billion dollars is nothing in terms of how much e-commerce gets done each year. If six months from now OpenBazaar is just flooded with drug listings and illegal services, then most likely it wasn’t a good enough solution for the world’s trade. I would consider that a failure, because this is more about building a free market, not just an illegal market.”

So far, OpenBazaar has been somewhat of a success. It has not achieved the appeal Silk Road once had, but that situation may change in the future. Decentralized free trade has a bright future, as it is quite beneficial to both smaller and large businesses. Moreover, the fact that Bitcoin is the only payment method makes OpenBazaar a global solution everyone can embrace in a heartbeat.

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OpenBazaar, the decentralized marketplace built using blockchain technology has launched its latest version. The launch of OpenBazaar version 1.1.8 was announced earlier today on the platform’s official blog.

According to the blog post, the latest update has lots of new features for the benefit of vendors on the platform. The new version also features few code improvements and bug fixes. A long list of changes made to the platform in its latest release includes a significant amount of changes to the listing feature.

The new pinned listings feature allows vendors to always display selected products on the top. With no maximum limit for pinned listing, merchants can now choose to display the latest, best-selling or discounted products on the shopfront. Similarly, if the vendor doesn’t want to sell or display any of the products, he/she can simply hide that particular product. This saves the vendor from deleting and recreating the listing for products that are temporarily out of stock. The same hidden listing feature can also be used to offer exclusive products to select customers.

The new version of OpenBazaar also allows vendors to set the maximum quantity of products buyers can add to their carts. OpenBazaar says that the feature will enable merchants to manage their inventory more efficiently.

Other improvements to the OpenBazaar platform includes efficient management of addresses, allowing users to set and change the default addresses. The minimum required information in the address field is reduced to include just the name and country.  Even the avatar of users on OpenBazaar can be altered on the platform itself. Users can change the orientation of their image with just one click. Also, all mentions of the vendors and buyers, especially on dispute resolution window will now be accompanied by their respective avatars.

OpenBazaar shipping section has also undergone some changes along with optimizations to page rendering on various browsers, last viewed data, tag lengths, and chat messages.

OpenBazaar is constantly evolving by improving the user interface and experience. Since its early days, the platform has come a long way and that day is not far when it attains mainstream adoption and gets listed alongside other e-commerce platforms.

 Ref: Blog | Image: NewsBTC

OpenBazaar is one of those Bitcoin-based projects which has gained a tremendous following right off the bat. By letting anyone run their own decentralized marketplace and accept Bitcoin payments, this solution will take ecommerce to a whole new level. But as it turns out, there is a man-in-the-middle attack opportunity during the update process.

When OpenBazaar users conduct an update, the process is completed within the browser itself. Instead of using a HTTPS connection, the protocol uses standard HTTP connectivity. This leaves the door open for a man-in-middle attack, which could create a fake JSON update response.

OpenBazaar Man-in-the-middle Attack

To put this into perspective, a malicious JSON update reply could trick OpenBazaar users into downloading a fake payload. If the platform conducting the update does not enforce code signing, a hacker would theoretically be able to execute remote code. If that were to be the case, it is impossible to predict what the consequences may be.

The issue was initially reported on the OpenBazaar GitHub a few days ago. The person responsible for discovering this flaw also wrote a very simple script that could exploit this opportunity. As it turns out, it would not take an assailant much effort to pull off a man-in-the-middle attack during the update process.

What is even more disconcerting is how this exploit can be used on every operating system and platform, albeit it was only tested on OS X 10.11.4 so far. It also does not matter what hardware is used to run OpenBazaar, as this is a software-side exploit that works in the same manner for every device. Moreover, this vulnerability can always be reproduced, and the OpenBazaar developers have issued a hotfix earlier today.

Judging by the GitHub comments, the developers were aware of this potential issue before it was reported. It is good to see them actively tweak the OpenBazaar software package around the clock, as exploit like this could have caused serious harm in the long run. After all, the assailant only needed the IP address of the target machine to try and execute this man-in-the-middle attack.

Source: GitHub

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OpenBazaar, the decentralized marketplace has spread across 183 countries. The announcement was made earlier yesterday by the company on its Twitter channel. The project, started small in a hackathon has now become an international product fueling global e-commerce, in a decentralized fashion.

The OpenBazaar platform has achieved the remarkable success of becoming a global product in less than a month of its launch. The platform was opened for public on the 4th of this month. There has been no turning back for the platform since then.

openbazaar-twitter

While OpenBazaar accepts the only bitcoin as the currency on its platform, its model is unique compared to other bitcoin-only sites that are available on the deep web. OpenBazaar can be better explained as a blend of eBay and BitTorrent that uses bitcoin for transactions. In order to use OpenBazaar, both buyers and merchants have to download and install the OpenBazaar application on their desktop. Once they have the software installed and running, they can create their accounts on the start buying and selling on the platform. Open Bazaar is a complete peer to peer platform that operates without interference from any company or government.

At the same time, there are no fees or additional charges for listing the products, selling and buying on the platform. However, in the case of disputes, OpenBazaar users can make use of moderators for resolving the disputes, in such cases, fees will be payable to the moderator involved in dispute resolution. The platform is able to operate on a zero fee model mainly due to its usage of bitcoin as the mode of transaction. Bitcoin being an open source, decentralized peer to peer transaction protocol is free to integrate and even the transactions happening over the Bitcoin protocol do not carry any transaction fee, except for a small fraction charged by the miners for enabling the transactions.

OpenBazaar was created by Brian Hoffman along with fellow contributors. the project itself is a fork of the DarkMarket project created by Amir Taaki, which was presented at the Toronto Bitcoin Hackathon in 2014. Based out of Washington DC, the project has already raised $1 million in seed funding from Andreessen Horowitz, Union Square Ventures, and William Mougayar.

For those who are new to OpenBazaar, a lot of independent developers and enthusiasts have created documentation and user manuals, most of which are freely available. There are also communities built around the e-commerce platform on Facebook, Reddit and other social media platforms where both buyers and sellers can interact with the OpenBazaar community as well as each other.

By using bitcoin and blockchain technology, OpenBazaar has changed the face of e-commerce, making it easy to use and accessible to everyone irrespective of geographical boundaries. With increased adoption of the digital currency technology, we can expect the boundaries that separate nations to disappear sooner than later.

Ref: OpenBazaar Image Courtesy of NewsBTC All Rights Reserved

OpenBazaar is one of those projects Bitcoin and blockchain enthusiasts have been looking forward to for quite a long time. Although the software was available in beta form for general testing as well, the marketplace solution is not officially released to the public. This decentralized peer-to-peer trade network has a lot of potential to shake up the world as we know it, as it cuts out any middleman, and there are no fees.

Also read: Investment services firm with a new angle on anonymity and security

The Arrival of Peer-to-peer Marketplace OpenBazaar

One of the main selling points for OpenBazaar is how this peer-to-peer marketplace solution will use Bitcoin as the primary currency. Not only will this give the platform a more global appeal, but it also helps reduce the trading fees to zero, and allows for much quicker and convenient payments compared to traditional options.

OpenBazaar project leader Brian Hoffman stated:

“Trade was meant to be free. This idea inspired us to spend the last two years building OpenBazaar. Starting today, anyone in the world with access to an Internet connection can use Bitcoin and OpenBazaar to exchange goods and services freely. We can’t wait to see how people will use this tool.”

Although there is a lot of competition in the world of online marketplaces, OpenBazaar feels they will have a leg up over their competitors. One thing platforms such as Amazon, eBay, or Alibaba do not offer, is the decentralization aspect. Companies who are in full control of their marketplace do not embrace the ideology of directly connecting buyers and sellers, without imposing a middleman for each trade.

Users who have dealt with the aforementioned marketplaces before will notice there is always a fee associated with listing items for sale on each of those platforms. OpenBazaar removes those fees from the equation, as well as any cut other companies would take when processing the payment itself. All in all, a much more convenient and cheaper solution for both buyers and sellers.

Peer-to-peer trades are the way these types of transactions should be completed, rather than putting one’s trust in an external third party. Moreover, since Bitcoin is the primary payment option for OpenBazaar users, there will be no delays to send or receive funds, as everything will occur in the same way as a regular Bitcoin transaction would.

What makes OpenBazaar a rather unique marketplace is how there are no terms and conditions to take into account. Any other market in the world lets users “sign” an agreement when signing up, but there is no need for those trivialities when using a decentralized peer-to-peer marketplace. The entire platform prides itself on being a permissionless trade solution, without restrictions and fees.

It is important to note the development of OpenBazaar is still ongoing, as the founders and developers have formed a company, called OB1. The primary purpose of this entity is to continue development full-time, and improvements and new features will be added over time. Additionally, the company plans to bring additional services to the marketplace solution, although no specific details have been revealed at the time of publication.

Source: OpenBazaar Blog

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