OpenBazaar uses peer to peer software to create a distributed network of buyers and sellers, who offer their goods and services directly to each other for Bitcoin. Shops are hosted on nodes, much like the nodes that make up the decentralized Bitcoin network.
Unlike Ebay and Amazon, there are neither middlemen to charge fees nor settle disputes. The platform will include a robust reputation system for all parties and the ability for anyone to become a dispute arbiter and get tipped for their time.
“Join the world on a mission of freedom. Freedom to purchase, sell, and trade.”
The Open Source project was started in April 2014 by Brian Hoffman, who based the platform off the hackathon-winning DarkMarket code by Amir Taaki. Since then, the project has taken off dramatically, capturing the attention of over 1,500 developers worldwide, with about 100 developers contributing code to date. In their Proof of Concept they had 2500 stores setup with about 600 items for sale.
On June 11, OpenBazaar received $1 million in funding from angel investor William Mougayar, who also sits on the Board of Directors for the first third party provider for the platform, OB1, as well as Union Square Ventures and Andreessen Horowitz.
The funds are being used to further develop the OpenBazaar core platform, inline with the projects road map. The team have all left their previous jobs to dedicate themselves full-time to the project, and will be adding new functionality while strengthening the system for a mainstream-ready client version.
OpenBazaar and OB1 share the same team members and collaborate on both the Open Source and for profit efforts. They are: Brian Hoffman, Chris Pacia, Mike Wolf, Nikolas Korasidis, Sam
Originally appeared at: http://bravenewcoin.com/news/openbazaar-and-ob1-to-launch-by-thanksgiving-2015/