OpenBazaar is a Decentralized Marketplace and Crypto Exchange. It reminds me of what the ideal Selling Marketplace should be. But it was released long before Crypto reached it’s prime.
Section I: Thoughts on OpenBazaar
Why it is Released before it’s Prime
OpenBazaar is literally a polar opposite to eBay. It’s decentralized via IPFS, uses Cryptocurrencies instead of PayPal (KYC/AML). No central authority to ban sellers or strong arm them off the platform. Escrow transaction system instead of Credit Card Companies almost always leaning on the side of the Buyer.
Crypto Adoption is less than 1% worldwide. Outside of a few third world counties being pushed for Bitcoin Cash (BCH), the demand is not there yet. You can’t just point the finger at OB1 if very few are buying with Crypto in the first place.
It’s hard to buy Crypto without KYC/AML. Crypto ATMs and centralized exchanges want that information. Once there is prepaid crypto cards and other means to evade KYC/AML for small amounts then Crypto Adoption will surge.
Where OpenBazaar Needs to Market itself?
Counties with the least repressive laws on eCommerce would be an ideal starting point. Small nations like Liechtenstein with many freedoms from government tyranny due to less bureaucracy.
Free Society Project
A few Bitcoin figures are mulling forming a Free Society, a state-less society were citizens rule themselves without government tyranny. AnCap believe that society will balance itself out without needing a centralized government system. Factions will form own police forces and court systems competing with other factions doing the same. OB1 Team should make this their main spots to market their application, a place were eCommerce is not restricted much at all.
Protocol Updates
OpenBazaar needs to switch to a name resolver to make remembering store names easier. The protocol itself needs improvements as the application seems somewhat sluggish to me, even on high specification computers. The network protocol system needs an overhaul if something better has come along. Chris Pacia has been talking about adding in QUIC protocol to OpenBazaar which would make data transfer work faster.
Coin Antagonist
It’s my belief that OpenBazaar is a direct opposite to Statist eCommerce therefore must take the opposite direction. OB1 Team should continue to promote freedom from coin monopoly and let the market decide which coins are the dominant ones.
Android?
There should eventually be an Android release so people can run OpenBazaar on little Raspberry Pi clones.
iOS
Cell phone application would be another good place to experiment reaching out to new prospective buyers and vendors.
Decentralized Encryption System
A counterpart of Secure Socket Layer (SSL) certificates with anonymity?
OpenBazaar.com Web Buying
No web buying and listing is a major disadvantage to OpenBazaar. Vendors are buying from other Vendors predominately. This is going to be addressed soon by OB1 Team.
Google’s Go Language
I’m a firm believer this programming language is greatly underrated. More of OpenBazaar’s code base should use it, including client side. Go Language has all the bells and whistles of C but complex enough without being too verbose. Much like hybrid Java or C++ like language.
Section II: OpenBazaar Review
Crypto Exchange Functionality
Their new Crypto Exchange supports many coins and helps users evade using risky centralized exchanges and KYC/AML. Personally I haven’t used their exchange but heard it’s popular and used very much. Perhaps even more than the marketplace.
Network Protocol
Marketplace runs on Interplanetary File System (IPFS), you run node a few hours a day and peers re-seed your listings. This a major jump in up-time instead of forcing sellers to host nodes 24/7.
Coin Support
OpenBazaar currently supports BTC, BCH and ZEC, but they a pushing out a small multi-wallet soon with Litecoin and Ethereum support as well. Sadly Lighting Network requires nodes to be online during payments, which defeats the purpose of the IPFS approach. Thus Lightning Network would need routing via another third party node.
Listing System
The listing system is great, you can make basic listings or go verbose. Network is pretty quick to add and remove listings. Supports physical goods, digital goods, cryptocurrency listings, and services.
Review System
However, the review system can be modified. Please double check reviews before buying from sellers. When possible do escrow transactions from stores with Verified Moderators (Gold Shield), which are vetted by OB1 Team.
In-App Screenshots
Closing Statement
Don’t look at OpenBazaar as an eBay killer for now, but rather as Marketplace to Beta Test or sell at as a Side Hustle. Become a Vendor or Moderator for the sake of being a guinea pig and building your brand there ahead of time. In the crypto world you gotta establish yourself before the sales rack in. Regardless of what marketplace you chose.
I believe OpenBazaar is not the best means of eCommerce in Statist nations for incorporated businesses or users that live off selling as sole income. The main founding principles of OpenBazaar make it most compatible with nations higher on the Freedom index.
But you really can’t complain much about OpenBazaar, it’s a free app after all. The developers are friendly and seem to have a passion for their project.
Image Sources:
[1] https://www.newsbtc.com/2016/04/05/openbazaar-not-average-bitcoin-marketplace/