Bitcoin's Breakthrough is Fueling "Impossible" Future Platforms Part 2: Counterparty, Open Bazaar, and More

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Open Bazaar – The Leading Decentralized Market System

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Open Bazaar’s beta 3.0 release has opened up the decentalized market platform, which utilizes Bitcoin for transactions, to a much larger userbase, thanks to the inclusion of a windows executable.  Open Bazaar has the potential to become a system that could both rival mainstream eCommerce and auction sites, such as Ebay or Amazon, while also providing the black market with an outlet that has no centralized point of attack.  Our own Sean Wince interviewed Sam Patterson, the Operational Lead Support for Open Bazaar, and discussed some of these topics (along with much more).

Unlike the Silk Road, or other darknet markets which have been taken down by the US government, Open Bazaar cannot be shut down by arresting the creators, or seizing servers.  The network it is creating would continue to run, without interruption, even if the creators of the system were removed.

While this idea can be frightening to some, as a decentralized market such as this means that anyone could sell anything through a network that is out of the control of anyone, it is a necessary, and inevitable, next step in decentralization.  The Silk Road, and other darknet markets, have focused on illegal and/or taboo goods and services.  Open Bazaar will surely provide an outlet for these types of transactions, but it is unlikely that they will be anywhere near the majority of sales that go through the system.  Instead, there is a good chance that Open Bazaar’s lack of required fees, and uncensored sales, will pull in users to sell a variety of goods and services that are too numerous to be mentioned.

Combining Open Bazaar’s decentralization with a fair, robust escrow and arbitrage system has the potential to open up many of the markets that are currently limited in the global economy.  African, Asian, South American, and many other groups of manufacturers, businesses, and individuals, are often left out of global trade due to incredibly high banking fees, or lack of banking access altogether.  This may soon come to an end.

Coin Brief is an open source website for digital news. It provides cryptocurrency tools, mining calculators, tutorials, and more. It was acquired by 99Bitcoins on September 2015.

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1 comments on “Bitcoin's Breakthrough is Fueling "Impossible" Future Platforms Part 2: Counterparty, Open Bazaar, and More”

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