After rebranding itself from DarkMarket to OpenBazaar, a company that allows a viable connection between two parties, supervised with a third-entity – an arbiter who/which issues the buyer’s fund in Bitcoin to seller upon the completion of the transaction, it has now received one million dollars in seed funding.
OpenBazaar aims to provide free trade for everyone, everywhere. In fact, the decentralized marketplace announced yesterday that the secured a $1 million round of seed funding will be used to further expand the vision and implement it on the ground. Though raising $1 million may not seem like big news, it definitely is a right step towards the right direction.
Interestingly, the company believes that as it is offering a new way to trade online where the network isn’t controlled or regulated in any way, meaning it requires no fees and remains free of censorship, Bitcoin supporters should come up to encourage it. It works using BitTorrent file-sharing software and Bitcoin, is attracting a great deal of attention.
Lead developer Brian Hoffman admitted that the Internet has decentralized communications, and Bitcoin has decentralized money; however, online commerce still relies on numerous intermediaries. He also admitted that his company removes the intermediaries and