Could One of These Cryptos Become Amazon/Ebay of the Decentralized World?
Currently there are few cryptos/platforms that act as an online marketplace without a "real" central authority to arbitrate between buyers & sellers
Below is the list of 2 of these platforms/cryptos:
1- Syscoin (SYS)/BlockMarket:
Syscoin is a global network, a distributed ledger, a decentralized database and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency and a tradeable token. Syscoin is based on a fork of the Bitcoin protocol and is merge-mined with Bitcoin, giving us one of the most secure, stable and scalable networks to ever exist on the planet.
The Syscoin Blockmarket Wallet offers all the features you need to send and receive Syscoin, keep your transaction logs in order, buy and sell items, resell others items, send encrypted messages to others and more.
2- OpenBazaar:
OpenBazaar is an open source project to create a decentralized network for peer to peer commerce online—using Bitcoin—that has no platform fees and no restrictions.
OpenBazaar is planning to launch its own native tokens, OBT, on the platform in 2018. For more information on OpenBazaar Token (OBT) check here.
The token will be used as inputs for OBT smart contracts, executed on Ethereum, to embed data pointers for content hosted on the OpenBazaar network.
What Is Escrow in decentralized online market?
Escrow service allows safer payments of offers by securely holding a buyer’s tokens in escrow until the terms of the sale are met and the buyer releases payment to the seller. For example, Syscoin uses an arbiter-based system, whereby arbiters act as trusted third-parties between buyers and merchant for a sale in the decentralized marketplace. An arbiter is paid based on a dynamic fee set in the rates peg for the offer that is sold. At the end of the process of completing an escrow all three parties can be rated and given feedback related to the sale. Similar process is done within OpenBazaar platform such that a moderator supervise the transaction between the 2 party of seller/buyer.
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Source:
- https://medium.com/@BlockchainFoundry/syscoin-identities-blockmarket-1-1-release-masternodes-and-more-f15070a386c5
- http://syscoin.org/whitepaper.pdf
- https://syscoin.slack.com/messages/C03643FG4/
- http://syscoin.org/
- https://openbazaar.zendesk.com/hc/en-us/articles/208020193-What-is-OpenBazaar-
- https://www.openbazaar.org/blog/openbazaar-tokens-smart-contracts/