OpenBazaar, a decentralized peer-to-peer e-commerce portal for goods and service trading using Bitcoin, will soon release an updated version 2.0 that further improve users’ privacy and security on the internet.
The latest version will allow OpenBazaar to run on the Tor anonymizing network, which enables encrypted communication and help users defend against network surveillance. The company will also release Milestone 1, an application that allows OpenBazaar’s merchants to update the store information through installing the client and server from github.
OpenBazaar joined Bitcoin Black Friday on Nov. 25 for the first time since it opened business in April. Merchants at OpenBazaar had offered exclusive deals on products including apparels, vintage comic books and art works on the one-day event.
Founded in 2015, OpenBazaar provides a platform that connects buyers and sellers directly. Users can either choose direct payment or introduce an objective third party as a moderator to offer secure payment on individual transactions.
Unlike Silk Road, OpenBazaar does not run on a centralized server so there is less chance of it being attacked, shut down or seized by hostile agents. There isn’t any agent involved in the transactions so there isn’t commission involved and no one can censor the transactions.
OpenBazaar raised USD 1 million seed funding in June 2015 from venture capital firms Union Square Ventures, Andreessen Horowitz and the Ethereum Foundation board member William Mougayar.
First appeared at Fintechnews SG